using hte information from the photos, can you please help me prepare the appropriate schedules to calculate any depreciation/amortization for 2020 Rissot Enterprises has invested in numerous capital assets recently. The organization operates invarious industries throughout northern Ontario, mainly in natural resources and production. Thecompany was founded in the second half of 2018 and the calendar year is its fiscal year. Thecompany's management has almost no knowledge of bookkeeping and accounting and has asked youto advise it on preparing the Capital Assets section of its balance sheet for 2020. A previousaccountant did prepare the 2019 Capital Assets section although that accountant has moved toanother country and took the records with her. The management of Rissot has also mis-placed thesame records.A description of some of the investments include:Useful lifeDepreciation/Applicabledepreciationfrom theAsset TypeDate of purchaseCostAmortizationdate ofmethodratepurchaseLandDecember 1, 2018AdvisemanagementBuilding$1,200,000 40 yearsDecliningbalanceDecember 1, 20185%Parking lotDecember 1, 201810 yearsStraight-lineEquipmentJanuary 1, 2019$300,0003,000 unitsUnits of activityProductJuly 1, 2019$150,00015 years?PatentsTimber tractOctober 1, 2019$1,400,000 1,400 sq.Units of activitykmsDelivery van 2 April 1, 20196 yearsDecliningbalance$23,00020% Additional information was also made available to you including:The December 31st, 2020 cash balance was $324,800.The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the landat $1,000,000, the building at $400,000 and the parking lot at $100,000.• In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life.• Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq.kms of useful life was left after 2020.• Shortly after the patents were acquired the organization successfully defended the patent in court. Thiscost the organization $25,000.Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000.Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which readRissot soon after its purchase.

Name: using hte information from the photos, can you please help me prepare
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Description: using hte information from the photos, can you please help me prepare the appropriate schedules to calculate any depreciation/amortization for 2020 Rissot Enterprises has invested in numerous capital assets recently. The organization operates invario

Depreciation The purpose of providing the depreciation cost to know the actual values which are…

Answered: using hte information from the photos,…

Business

Accounting

using hte information from the photos, can you please help me prepare the appropriate schedules to calculate any depreciation/amortization for 2020

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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Concept explainers

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.

Topic Video

Question

using hte information from the photos, can you please help me prepare the appropriate schedules to calculate any depreciation/amortization for 2020

Rissot Enterprises has invested in numerous capital assets recently. The organization operates in
various industries throughout northern Ontario, mainly in natural resources and production. The
company was founded in the second half of 2018 and the calendar year is its fiscal year. The
company's management has almost no knowledge of bookkeeping and accounting and has asked you
to advise it on preparing the Capital Assets section of its balance sheet for 2020. A previous
accountant did prepare the 2019 Capital Assets section although that accountant has moved to
another country and took the records with her. The management of Rissot has also mis-placed the
same records.
A description of some of the investments include:
Useful life
Depreciation/
Applicable
depreciation
from the
Asset Type
Date of purchase
Cost
Amortization
date of
method
rate
purchase
Land
December 1, 2018
Advise
management
Building
$1,200,000 40 years
Declining
balance
December 1, 2018
5%
Parking lot
December 1, 2018
10 years
Straight-line
Equipment
January 1, 2019
$300,000
3,000 units
Units of activity
Product
July 1, 2019
$150,000
15 years
?
Patents
Timber tract
October 1, 2019
$1,400,000 1,400 sq.
Units of activity
kms
Delivery van 2 April 1, 2019
6 years
Declining
balance
$23,000
20%

Additional information was also made available to you including:
The December 31st, 2020 cash balance was $324,800.
The Land, Building and Parking Lot were a basket purchase. An independent expert has valued the land
at $1,000,000, the building at $400,000 and the parking lot at $100,000.
• In 2020 Rissot's equipment produced 400 units and it ended the year with 2200 units of useful life.
• Its timber tract will cost $150,000 to restore and 200 sq. kms of the tract were used in 2020 and 700 sq.
kms of useful life was left after 2020.
• Shortly after the patents were acquired the organization successfully defended the patent in court. This
cost the organization $25,000.
Delivery van 1 was disposed of on December 31, 2020 for $12,000. The van's NBV was $9,000.
Delivery van 2 had $350 worth of lettering added to the driver's and passenger's side doors which read
Rissot soon after its purchase.

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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please help tables https://cxp.cengage.com/contentservice/assets/T=1618167328102/whitf38h/images/ch08/tables_8-2_8-3_8-5.html Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) Calculate the following: Click here to access the various depreciation tables. If required, round your final answers to the nearest dollar. If your answer is zero, enter "0". a. The first year of depreciation on a residential rental building costing $250,000 purchased June 2, 2019. b. The second year (2020) of depreciation on a computer costing $5,000 purchased in May 2019, using the half-year convention and accelerated depreciation considering any bonus depreciation taken.
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Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine 5027 Date of Depreciation purchane Jan. 12/10 Jan. 12/18 Rat. Cost $ 62,000 40,000 16,200 Component Single metal housing Methode Reaidual Ent.tife SL. $8,000 15 yra Motor DDB 6,000 10 yrs Blade Jan. 12/18 SL 1,400 s yrs $118,200 *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $13,200 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of filve years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be Increased to a total of 18 years instead of 15 years and that the residual value should be increased to $10,000. Required: 1. Prepare the entry to record the purchase of the replacement…
At December 31, 2025, Martinez Corporation reported the following plant assets. Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets Apr. 1 Purchased land for $2,774.200. May June 1 July 1 Dec. 31 $26,590,000 11.965,500 1 50,440,000 During 2026, the following selected cash transactions occurred. 6,305,000 $ 3,783,000 14,624,500 44,135.000 $62,542,500 Sold equipment that cost $756,600 when purchased on January 1, 2019. The equipment was sold for $214,370. Sold land for $2,017,600. The land cost $1.261.000. Purchased equipment for $1,387,100. Retired equipment that cost $882.700 when purchased on December 31, 2016. No salvage value was received.
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