Question Content Area Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of $111,600 has an estimated residual value of $6,000 and an estimated useful life of 20 years. a. Determine the amount of annual depreciation by the straight-line method. fill in the blank 1 of 1$ b. Determine the amount of depreciation for the first and second years computed by the double - declining - balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar. Year Depreciation Year 1 fill in the blank 1 of 2$ Year 2 fill in the blank 2 of 2$

Q: Horizontal analysis is often referred to as the simplest approach of analyzing information. True…

A: Horozontal analysis also known as trend analysis is used to analyse and compare the data present in…

Q: Why are we going for commutative filters in DBMS?

A: Thais question explained about  why are we going for commutative filters in DBMS:

Q: will you please show solution without excel step by step

A: As per the given information: Initial salary is $40,000 Salary rise after first year to $44,200…

Q: Describe the differences between a formula and a function?

A: A formula is an equation or expression that, when entered into a spreadsheet or other application,…

Q: Explain Anti-dilutive Security

A: Explanation to Securities Securities are referred to as the tradeable financial instruments which…

Q: Natarajan, Inc. had the following operating segments, with the in Segment Expenses $ 650,000…

A: We must contrast the segment revenues with the sum of the revenues of all other segments in order to…

Q: Explain Destination principle in relation to VAT.

A: The destination principle is a principle in Value Added Tax (VAT) that determines the taxation of…

Q: Which of the following is true of structured data? Select answer from the options below Structured…

A: The objective of the question is to identify the correct statement about structured data from the…

Q: don't provide AI written solution.

A: IntroductionIn the realm of capital budgeting, both Net Present Value (NPV) and Internal Rate of…

Q: How XBRL is different from inline XBRL? What challenges do you see in the implementation of XBRL?

A: XBRL: In short, XBRL stands for extensible Business Reporting Language, and it is a software…

Q: Explain the drawbacks of IRR over MIRR with example?

A: Capital budgeting is part of investment decisions. Business firms consider capital budgeting in…

Q: Explain red herring

A: Red herring It is an introductory prospectus recorded with the Securities and Exchange Commission…

Q: Explain the limitations of ABC system.

A: ABC System is a method of costing i.e. Activity Based Costing. This is a costing method that assigns…

Q: Give an explanation about this statement: Why does control or internal control fails?

A: Internal control refers to the process of implementing and exercising the various mechanisms, rules,…

Q: Manual Computation

A: The value of the investment is the sum of the downpayment and PV of deferred annuity. A deferred…

Q: Communication is the process of Select one: a. writing messages. b. transferring information ahd…

A: The communication is an important role of accounting so as to communicate the final reports of the…

Q: What formula is being used if not using excel?

A: The concept of the time value of money determines that the worth of money gets depreciated over a…

Q: . What is linear programming? Briefly explain the usefulness of the model.

A: A mathematical optimization technique called linear programming is used to determine the optimal…

Q: What is the meaning of incoterms

A: International chamber of commerce is the supervisor of international trading, and try to provide…

Q: Explain an example of faithful representation.

A:

Q: Explain what is meant by the term “system”. How do subsystems, systems and systems of systems…

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: Choose the term that best describes static data? O Static data does not change once it is created. O…

A: static data does not change once it is createdThe best describes static data does not change once it…

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: How does the Representational faithfulness is enhanced if information is free from error?

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

Q: Explain the limitations of CAPM.

A: A mathematical model that describes the link between a security's expected return and risk is…

Q: solution cannot be understand, please show a clearer one.

A: Here, Required Amount (FV) is P2,500,000 Time Period (n) is 40 years Interest Rate (r) is 9%…

Q: Identify the minimum cardinality of any REA diagram relationship. O or 1. O or N. 1 or N. None of…

A: Cardinality describes the nature of the relationship between two entities. It refers to the number…

Q: Which one is not an example of input to a mathematical model?  a. Uncontrollable or environmental…

A: Solution: Project result is not an example of input to a mathematical model because it is an example…

Q: Most systems do not consist of subsystems. true O Error

A: A system comprises of two or more components which are related to each other  in order to reach…

Q: How do CDOs differ from CMBSs?

A: Difference between CDO and CMBS is that CMBS is a subset of CDO. In CMBS the underlying assets are…

Q: Please mention Why remaining optios are not correct

A: 1) when market interest rates decreases  when market interest rates decreases bond price will…

Q: Describe the steps taken to Switch from the DB method to the SL method?

A: Depreciation:- Depreciation is allocating the value of the fixed (long lived) assets over the period…

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.