On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400.On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum.What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period?P 30,400P 34,000P 34,000P 32,400

Net book value of the assets = Total cost of the assets - Accumulated depreciation where,…

On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May additional furniture costing P 12,000 was bought. The furniture is depreciated at the rato 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? Oa P30,400 P 34,000 P 34,000 P 32,400

On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May additional furniture costing P 12,000 was bought. The furniture is depreciated at the rato 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? Oa P30,400 P 34,000 P 34,000 P 32,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Alaska Mining Co. acquired mineral rights for $24,696,000. The mineral deposit is estimated at…

A: Depletion Expenses per unit = (cost - salvage) / Estimated Production ($24696000 - $0) / 137200000…

Q: Adjustment for Depreciation LaGarde Company has a machine that it purchased for $130,100 on January…

A: In view of the question, we need to prepare the adjusting entries at the end of the year.…

Q: How much is the input tax in November from purchases in a month of fixed assets?

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Splish Industries presents you with the following information. Complete the table for the year ended…

A: For accounting purposes, when company purchase assets in the mid of the year then they have the…

Q: On 1 January 20X5 a company purchased some plant. The invoice showed $ Cost of plant 48,000…

A: Lets understand the basics.As per IAS 16 "Property plant and equipment", plant and machinery should…

Q: On January 1, the balance in the Equipment account was $20,695; on December 31, the balance was…

A: Solution: Cost of equipment sold = Equipment at beginning + cost of equipment purchased - Equipment…

Q: A machine can be purchased for $190,000 and used for five years, yielding the following income. This…

A: Payback period :— It is the period in years which is required to recover all the cash outflows made…

Q: QUIZ 2: 1. On January 1, 20x1 Buckle Co. purchased a machine that had a list price of P46,320.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A car was purchased by a newsagent business in May 20X0 for: $ Cost 10,000 150 Road tax Total 10,150…

A: We have the following information: Cost of the car: $10,000 Road Tax: $150 Traded Value of car:…

Q: Pioneer Company is incorporated and starts operations on July 1 of the current year. On October 1 of…

A: Goodwill is an asset for the company. It helps to comp[any increase the revenues. Goodwill is a part…

Q: Knowledge Check 01 On October 1, equipment costing $10,700, on which $7,070 of accumulated…

A: Lets understand the basics.When assets are sold then there can be either no profit no loss, profit…

Q: Q.5 P Ltd. made a profit of Rs.5,00,000 after considering the following items: Rs I. Preliminary…

A: Q.5 P Ltd.'s Profit = Rs.500000 These profit is made after considering the following items : I.…

Q: The Office building at cost account on 31th December, 20X1. before closing the account is as…

A: Under straight line depreciation method, depreciation on equipment is charged on cost of equipment…

Q: Desk purchased January 10 for $3,000; 8-year useful life; $600 salvage value. Calculate MACRS…

A: The practice of allocating the cost of a tangible or physical item over the course of that asset's…

Q: Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accun.…

A: A cash flow statement is a statement showing inflows and outflows of cash during a particular…

Q: Salo Enterprise which makes up its accounts to 30 June each year, has two types of fixed assets…

A: Depreciation, in the context of real estate and property, refers to the decrease in the value of a…

Q: A trader purchased a machinery for ~ 10,000 in Jan 2004. Depreciation is charged @ 25% diminishing…

A: Net book value at the end of 3rd year = cost of the machine x (1 -depreciation rate) x (1 -…

Q: Calculate the inventory depreciation expense for August using a 15% depreciation (in $000) Begin.…

A: Depreciation is the reduction in the value of the asset due the regular wear and tear of the asset.…

Q: Speedy Delivery Service, Inc. has always rented their delivery truck. Speedy decided to replace the…

A: Answer:Computation of Balance in "Accumulated Depreciation" -Truck after 18 months is as follows:

Q: 11. ABM company purchased 800,000 in supplies this year. Supplies account increased by ₱200,000…

A: The supplies expense is the amount of supplies used during the period.

Q: On January 1, YR1 Stevens CO, began construction of small building. The following expenditures were…

A: Avoidable interest is computed by multiplying the weighted amount of expenditures incurred with…

Q: Q1.The following balances appeared in the books of a company Machines 8000 Dollars Provision for…

A: The decreasing premium of depreciation indicates the declining method of charging depreciation after…

Q: Packages Limited bought a machinery for Rs. 975,000 from Pakistan Ltd. Its residual value is…

A: Bought machinery for RS 975000 Depreciation rate = 21.8 %. Annual depreciation = Book value of…

Q: A machine depreciates by 12% each year. The original cost is 8,500. Make out a schedule showing the…

A: Given: Cost of asset = 8,500 Depreciation rate = 12%

Q: Jokoy Company completed the following transactions and events involving its delivery trucks.…

A: Depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic…

Q: Complete the table for the year ended December 31, 2027. answers to 0 decimal places, e.g. 45,892.)

A: Depreciation is the amount which reduces the value of an asset over its useful life.Depreciation is…

Question

100%

On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400.
On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum.
What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period?
P 30,400
P 34,000
P 34,000
P 32,400

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step 5

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

for a motor vehicle which cost $12000 was bought on credit from trucks ltd on 1 January 20X9. financial statements are prepared annually to 31 December and depreciation of vehicle is provided at 25% per annum under the reducing balance method. prepare the motor vehicle account and the accumulated provision for depreciation on motor vehicles account for the first 2 years of the motor vehicle's working life
27600 -12 750 14 850 ACTIVITY 2.17 The information below was taken from the books of Pat Traders. The business provides for depreciation on vehicles at 20 %% per annum on the diminished balance. The accounting period ends on 30 June each year. Sept 20.5. INSTRUCTIONS: ly20 Complete the three accounts in full (including folio references) for the period 1 September 20.3 to 30 June 20.6. Show your workings. Grade 11 Learners book New Generation Accounting Grade 11
18- Ghazi Textiles bought a conveyor belt that is classified as 3-year asset for MACRS.The conveyor belt cost $100,000.What is the amount of the book value at the end of year 3? Year Depreciation Allowance % 1 33.00 2 45.00 3 15.00 4 7.00 19- Temecula Motors bought a car washing machine, that is classified as 3-year asset for MACRS.The machine cost $9,800. What is the book value at the end of year 3? Year Depreciation Allowance 1 33.33% 2 44.45% 3 14.81% 4 7.41%
FE7The net book value of furniture and fixtures at October 1, 20X1, was $20,976, Depreciation isexpensed on the diminishing balance basis at 15% per annum. Original cost of the machine was$50,000 having a salvage value of $5,000 with an estimated life of 10 years.To the nearest dollar, what is the depreciation expense per diminishing method for the year endedSeptember 30, 20X2?a) $4,500b) $5,000c) $3,146.40d) $3,054.60
Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
Composite rate- 9.30% Composite life- 10.56 years The company receives P40,000 upon retirement of the machinery at the end of 5th year, debited to accumulated depreciation is P2,510,000 (P2,550,000-40,000). Question:How much is the total carrying amount of the assets at the end of the 6th year?
Only Ex 9-19 please and thank you!
A business with a reporting period of the 12 months ended 30 June buys a non-current asset on 1 July 20X3 for £200,000. Depreciation is charged at 15% per annum on the reducing balance basis. On 30 June 20X5 the asset was sold for £54,800. What was the loss on sale of the asset?
On 1 June 20X9 a machine was sold which cost $20,000 on 31 July 20X5. Sale proceeds were $5,500 and the profit on disposal was $1,500. The depreciation policy for machinery is straight line with a full year being charged in the year of acquisition and none in the year of sale.What is the depreciation rate?
A car was purchased by a newsagent business in May 20X0 for: $ Cost 10,000 Road tax 150 Total 10,150 The business adopts a date of 31 December as its year end. The car was traded in for a replacement vehicle in August 20X3 at an agreed value of $5,000. It has been depreciated at 25% per annum on the reducing balance method, charging a full year's depreciation in the year of purchase and none in the year of sale. What was the profit or loss on disposal of the vehicle during the year ended December 20X3?
was depreciated by the straight line method at 2% per year, assumine a 50-vear life and ni Tes walue. The building was re-valued to $2,250,000 on 1 January 20x6. The useful life was not ten The excess depreciation charge will be transferred from the revaluation surplus to retained earnings each year. The company's financial year ends on 31 December. What is the balance on the revaluation surplus at 31 December 20X6? %24 42 8.19 Banter Co an on 1 January 20X1. The cost was and ths
An asset's book value is $36,000 on January 1, Year 6. The asset is being depreciated $500 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $25,000, the company should record: Multiple Choice O O O Neither a gain or loss is recognized on this type of transaction. A gain on sale of $2,000. A loss on sale of $1,000. A gain on sale of $1,000. A loss on sale of $2,000.