E9-18 (Algo) Part 1Required:1. Indicate the effects (accounts, amounts, and + for increase and for decrease) of the 2021 adjustment for depreciation of themanufacturing equipment, assuming no change in the estimated life or residual value. (Do not round intermediate calculations.Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)DateDecember 31,2021AssetsAccumulated Depreciation-Equipment✓(14,350) X =Answer is complete but not entirely correct.LiabilitiesStockholders' EquityDepreciation Expense✓(14,350) × !Required informationE9-18 (Algo) (Supplement 9B) Determining Financial Statement Effects of a Change in Estimate [LO 9-S2][The following information applies to the questions displayed below.]Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showedthe following balances:EquipmentAccumulated Depreciation (beginning of the year)During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance:Routine maintenance and repairs on the equipmentMajor overhaul of the equipment that improved efficiency$ 310,000143,500E9-18 (Algo) Part 1$ 3,15037,000The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $23,000 estimatedresidual value. The annual accounting period ends on December 31.

Name: E9-18 (Algo) Part 1Required:1. Indicate the effects (accounts, amount
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Description: E9-18 (Algo) Part 1Required:1. Indicate the effects (accounts, amounts, and + for increase and for decrease) of the 2021 adjustment for depreciation of themanufacturing equipment, assuming no change in the estimated life or residual value. (Do not r

The depreciation of fixed assets is cost by the wear and tear of that asset through its useful life,…

Business

Accounting

Required: 1. Indicate the effects (accounts, amounts, and + for increase and for decrease) of the 2021 adjustment for depreciation of the manufacturing equipment, assuming no change in the estimated life or residual value. (Do not round intermediate calculations. Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date December 31, 2021 Assets Accumulated Depreciation-Equipment (14,350) = Answer is complete but not entirely correct. Liabilities + Stockholders' Equity Depreciation Expense (14,350) X

Required: 1. Indicate the effects (accounts, amounts, and + for increase and for decrease) of the 2021 adjustment for depreciation of the manufacturing equipment, assuming no change in the estimated life or residual value. (Do not round intermediate calculations. Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date December 31, 2021 Assets Accumulated Depreciation-Equipment (14,350) = Answer is complete but not entirely correct. Liabilities + Stockholders' Equity Depreciation Expense (14,350) X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hannam Co. decided to change from the declining-balance method of depreciation to the straight-line method effective 1 January 20X7. The following information was provided: Year 20X3* 20X4 20X5 20X6 Net Income as Reported $(31,800) 35,600 22,800 53,200 Excess of Declining-Balance Depreciation over straight- Line Depreciation $ 5,100 15,300 12,800 7,100 *First year of operations. The company has a 31 December year-end. The tax rate is 20%. No dividends were declared until 20X7; $10,300 of dividends were declared and paid in December 20X7. Income for 20X7, calculated using the new accounting policy, was $54,100. Required: Assuming that the change in policy was implemented retrospectively, present the retained earnings reconciliation that would appear in Hannam's 20X7 statement of changes in equity. (Negative amounts should be indicated by a minus sign.) Hannam Company Statement of Changes in Shareholder's Equity Retained Earnings Section Year Ended 31 December 20X7 Retained earnings, 1…
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
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71. Subject :- Accounting
B. If Flint prepares financial statements in accordance with ASPE, what is the recoverable amount of the equipment at November 30, 2023? Recoverable amount $
At 30 June 2020, Harry Ltd has reported the following assets. Asset Carrying Amount ($) Useful Life Machine (Original cost = $300,000) 210,000 10 years Vehicle (Original cost = $280,000) 168,000 5 years Both assets are measured using the cost model and depreciated on a straight-line basis over their expected useful lives. On 31 December 2020, the company decided to change the basis of measuring the two assets from the cost model to the revaluation model. Machine was revalued to $250,000 with a new expected useful life of 10 years. Vehicle was revalued to $140,000 with a new expected useful life of 4 years. On 30 June 2021, Machine was revalued to $145,000. The tax rate is 30%. Required: Prepare the journal entries at 31 December 2020 and 30 June 2021 in relation to Machine and Vehicle. Template for journal entries: Date Particulars Debit Credit FO
Hello Below is my answers to a deminishing balance method question: My Answer: Depreciation of Vehicles(672000-384000)=288000*20%=57600 Question: Provide depreciation on vehicles at 20% p.a. using the diminishing balance method, Vehicles at Cost 672 000, Accumulated Depreciation on Vehicles 384 000 from PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020. Note: there are no other information concerning prvious years depreciation required.
Montblanc Company started its business operation on June 1, 2019 and showed the following data regarding the Fixed Assets as of December 31, 2020. - Office Equipment bought for P 120,000 on August 1, 2019, estimated useful life 6 years with no salvage value • Delivery Equipment with a depreciable cost of P 240,000, salvage value of P 30,000, with estimated useful life of 8 years. This was purchased on May 31, 2020. The company has a calendar year accounting period and uses the straight line method for depreciation to all its Fixed Assets. How much is the adjusted balance of the accumulated depreciation of the Delivery Equipment as at December 31, 2022?
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E8-7 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 (The following information applies to the questions displayed below) Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances: Hanufacturing equipnent Accumulated depreciation through 2019 $ 150, 100 48, 300 During 2020, the following expenditures were incurred for the equipment Major overhaul of the equipment on January 2, 2800, that inproved efficiency Routine malntenance and repairs on the equipnent $ 15,000 1, 00 The equipment is being depreciated on a straight-ane basis over an estimated ife of 19 years with a $19.000 estimated residual value. The annual accounting period ends on December 31 E8-7 Part 3 Required: 3. Prepare the journal entries to record the two expenditures during 2020. (f no entry is required for a transaction/event, select "No journal entry…