Clear Copy Co.WorksheetFor month ended December 31, 2021Unadjusted TrialBalanceAccount| Adjusted Trial BalanceAdjustmentsDebitIncome StatementBalance SheetNo101 Cash102 |Store Supplies| 103 Prepaid Insurance|104 Copy Equipment105 Accumulated Depreciation201 Accounts Payable202 Salaries Payable203 Unearned Copy Services Revenue301 Terry Dow, Capital302 Terry Dow, Withdrawals| 401 Copy Services Revenue501 Depreciation Expense502 Salaries Expense503 Insurance Expense504 Rent Expense505 Store Supplies Expense506 Utilities ExpenseTitleDebitCreditCreditDebitCreditDebitCreditDebitCredit7,950.003,720.002,400.0026,000.006,200.003,000.0030,000.00400.003,900.001,400.001,000.00230.00Totals43,100.0043,100,000.000.000.000.000.000.000.000.00Net Income0.000.00 506 Utilities ExpenseTotals230.0043,100.0043,100.000.000.000.000.000.000.000.000.00(1.000.00Net Income0.00Totals0.000.000.00Adjustment Data :a.) Unexpired insurance is P 800.b.) Store supplies used is P1,500,c.) Depreciation on copy equipment is 5% of cost.d.) Accrued Salaries is P 200.e.) 2/3 of the unearned copy services revenue is unearned.Directions:1.) Prepare adjusting entries and write the entries below.2.) Complete the worksheet.Adjusting EntriesDebitCredita.b.)c.)d.)

Name: Clear Copy Co.WorksheetFor month ended December 31, 2021Unadjusted Tr
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Description: Clear Copy Co.WorksheetFor month ended December 31, 2021Unadjusted TrialBalanceAccount| Adjusted Trial BalanceAdjustmentsDebitIncome StatementBalance SheetNo101 Cash102 |Store Supplies| 103 Prepaid Insurance|104 Copy Equipment105 Accumulated Depreci

Adjusting entries are entries that are passed at the end of accounting period in order to properly…

Business

Accounting

Totals 43,100.00 43,100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 Net Income 0.00 L00 Totals 0.00 0.00 0.00 0.0 Adjustment Data : a.) Unexpired insurance is P 800. b.) Store supplies used is P 1,500. c.) Depreciation on copy equipment is 5% of cost. d.) Accrued Salaries is P 200. e.) 2/3 of the unearned copy services revenue is unearned. Directions: 1.) Prepare adjusting entries and write the entries below. 2.) Complete the worksheet. Adjusting Entries Debit Credit a.) b.)

Totals 43,100.00 43,100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 Net Income 0.00 L00 Totals 0.00 0.00 0.00 0.0 Adjustment Data : a.) Unexpired insurance is P 800. b.) Store supplies used is P 1,500. c.) Depreciation on copy equipment is 5% of cost. d.) Accrued Salaries is P 200. e.) 2/3 of the unearned copy services revenue is unearned. Directions: 1.) Prepare adjusting entries and write the entries below. 2.) Complete the worksheet. Adjusting Entries Debit Credit a.) b.)

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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A. Br1,600 B. Br2,000 C. Br5.600 D. Br14,400 6. On July 1. 20X1, Clem Company purchased lactory equipment for br50,000, Residual value was estimated to be br2.000. The equipment will be depreciated over ten years using the sum-of- the-years'-digits depreciation method. Clem has a December 31 year-end, and during 20X1, one- half of a year's depreciation expense was recorded. How much depreciation expense should be recorded for 20X2? (round computations to the pearest dollar) A. Br7,855 do00 B. Br8,291 C. Br8,636 D, Br8,727 7. Which of the following expenditures incurred in connection with the acquisition of equipment is not a proper charge to the asset account? A) Freight or transportation costs. B) Cost of test runs to ready the machine for operation C) Taxes and tariffs D) Cost of vandalism E) B and D 8. If the Double-declining depreciations rate of a plant asset is 50%, then its estimated life will be: A. 50 years. B) 10 years C) 5 years D) 4 years E) None of the above Part II:…
Required information Problem 11-42 (LO 11-3, LO 11-4) (Algo) [The following information applies to the questions displayed below.] On August 1 of year 0, Dirksen purchased a machine for $29,250 to use in its business. On December 4 of year 0, Dirksen sold the machine for $23,750. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.. Problem 11-42 Part-b (Algo) b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount
Please answer iv,v and vi. Thanks
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?
Please Solve In 20mins I will Thumbs-up promise
MACRS Depreciation Rate Year 0 20.00% OA. $19,104 OB. $11,520 OC. $1,896 OD. $9,480 Year 1 32.00% Year 2 19.20% Year 3 Year 4 11.52% 11.52% Year 5 5.76% A bakery invests $40,000 in a light delivery truck. This was depreciated using the five-year MACRS schedule shown above. If the company sold it immediately after the end of year 2 for $21,000, what would be the after-tax cash flow from the sale of this asset, given a tax rate of 20%?
a fired aseet, uch ata computer, was purchaed un lanuary 1 for $1.419 wth an estimaned e aand a salvage or reiduv S11. e ouma ry tur the mat egenunder ti d OAcomlated Depredation Depredation Epene 212.57 212.57 Depredation Expense Accumulated Depreciation 1721 O Aocumulated Depredation 17.71 Deprecianion Expense 17.71 O Depredation Epense 212.57 Accumulatad Depredation 212.5
Example Problem 3: Re-work Example 1 using SYD METHOD + ΕΟΥ, k Number of SYD dk BVk dk* Depreciation Factor year in reverse order (digits 1 10 0.1818 727.27 2 9. 654.55 0.1636 0.1455 3 8 581.82 4 0.1273 509.09 1527.27 2472.73 0.1091 436.36 5 0.0909 363.64 4 0.0727 290.91 3 0.0545 218.18 9. 0.0364 145.45 10 1 0.0182 72.73 Sum of 55 Digits
A filing cabinet valued at 4,750 depreciates to 410 after useful life of 9 years. Find the 5th year depreciation (Sum of years digits method) O A. 771.56 О в. 675.11 О с. 578.67 D. 482.22
B11. Exercise 8-28 (Algorithmic) (LO. 8) Jebali Company reports gross income of $560,000 and other property-related expenses of $364,000 and uses a depletion rate of 21%. Calculate Jebali's depletion allowance for the current year.
QUESTION 1.4 I could only attach 2 pictures, the last picture has only 1 column "Cash and cash equivalent at the end of the year R36000" Question: Explain why depreciation is added to the operating profit
Data for adjustments: • Annual depreciation: Office equipment - 20% Furniture & Fixtures - 10%