On January 2, 2023, Once Again Clothing Consignments purchased showroom fixtures for $19,000 cash, expecting the fixtures to remain in service for five years. Once Again has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2024, Once Again sold the fixtures for $8,000 cash. Record both depreciation expense for 2024 and sale of the fixtures on October 31, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2023 depreciation was recorded and posted in 2023.) Begin by recording the depreciation expense for January 1, 2024 through October 31, 2024. Accounts and Explanation Date Oct. 31 Debit Credit

Q: Can subparts 4 and 5 be answered on this problem

A: Net present value is used to calculate the current total value of future payments. It is the…

Q: Define three forms of EMH

A: Following are the three forms of EMH: Weak Form EMH: Recommends estimating all prior knowledge is…

Q: Give 3 examples of application controls

A: please like the answer your response matters Examples of Application Control:Application controls…

Q: In which document would you find the MD&A? O A. Form 8-K O B. Form 10-K O C. Both A and B O D.…

A: Paid-in Capital Paid-in capital is that the total quantity cash equivalents contributed to a company…

Q: What is Single stage-Two envelopes procedure and Two stage-Two envelopes procedure?

A: When a company wants to auction its product or assets to other party for the purpose of obtaining…

Q: is the target of data flow. Select one: O a. Destination O b. Pass O c. Source O d. Stores

A: Which is the target of data flow as follows:-

Q: Hello, I would need guidance with A-F, if possible.

A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…

Q: Explain the purpose of each of the layers in the OSI protocol model.

A:

Q: Give an example of each.

A: Cost standard example: The estimation to regulate the entire direct material cost standard and…

Q: e for e

A: Interest is a concept which arises when the money borrowed by the borrower has to be [aid along with…

Q: List four types of information intermediaries.

A: The objective of the question is to identify and describe four types of information intermediaries.…

Q: Explain the three authorized controls

A:

Q: Found 3 accounting system controls.

A: An accounting system is a set of interconnected accounting procedures and controls. The goal of an…

Q: Name three components of a Transaction Processing System.

A: A Transaction Processing System is a set of information that processes the transaction data in the…

Q: Show me the function

A: Nominal Return: It is the rate of return earned on an investment prior to any deductions regarding…

Q: Define Single-step format

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define each of the following terms:f. White knight; proxy fight

A: A white knight is hostile acquisition security by which a 'friendliness' person or business who…

Q: Give three examples of a transaction processing system.

A:

Q: Four types of frquently used software licenses

A: answer

Q: Can you help with the second part?

A: Cost of goods sold is the cost of the value of the inventory which has been sold during the period…

Q: 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for…

A:

Q: The first amount was inccorect

A: Solution:- When equal amount is paid each period at end of period, it is called ordinary annuity.…

Q: Name the two types of journals.

A:

Q: Describe a three-way match.

A: Accounting Information System (AIS):   The system which helps to gather, store and process the…

Q: two questions

A: Prepare an income statement.

Q: What are the four major groups of providers and users? For eachgroup, state whether it is a net…

A: Four major groups of providers and users :

Q: List the steps involved in view integration.

A: View Integration: Single model which is created for integrating multiple REA diagrams to provide a…

Q: Describe the elements of an e-mail address.

A: Internet:   Internet is the means of communication which connects one smart device with any other…

Q: subject:accunting information system. Q5: DFD SYMBOLS AND DESIGN CONSIDERATIONS explain each symbol…

A: DFD: It is the data flow diagram which uses four types of symbols to flow the information into…

Q: I need exact interest

A: Solution:Exact interest method is based on 365 days in a year.As per exact interest method,Interest…

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.