What amount should the company report as depreciation expense for 2021

Q: On April 1, 2021, DG Corporation purchased an equipment with cost of P150,000. The company estimate…

A: From April 1, 2021 to December 31, 2021 = 9 months Depreciation on equipment will be charged for 9…

Q: Citi Company purchased factory equipment on March 10, 2019. The company accountant revealed the…

A: Depreciation is a demunition [reduction] in the value of an asset on account…

Q: The company’s building was appraised at the start of 2021.  The report of the actuary indicated the…

A: Adjusting Entry: It is the entry  to adjust correct  amount of revenue and expenses to each…

Q: The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts…

A: Retained Earnings: The amount of profit that company decides to retain in the company after paying…

Q: At the half of the year 2021, Rosary Co. reported the following information: Equipment t cost…

A: Revaluation surplus is the amount which is reported at the year-end after computing the surplus by…

Q: The December 31, 2020 and 2019 comparative financial statements of Park Dong Chun Company showed…

A: Cost of equipment sold = Beginning balance of equipment - Ending balance of equipment + cost of…

Q: 00:35:23 Remaining Multiple Choice On July 1, 2019, an entity purchased the rights to a mine for…

A: Depreciation is the wear and tear of the asset. It occurs due to: Passage of time Usage…

Q: The December 31, 2021 and 2020 comparative financial statements of ABC Company showed equipment with…

A: Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated…

Q: The following data relate to store equipment of the Company for 2021: ·       Store Equipment,…

A: Here in this question, we are required to calculate depreciation expense of the store equipment for…

Q: 1. Which depreciation method is the company using in each example? 2. Compute the depreciation…

A: (1). N Company purchased as asset for $17,000 on January 2, 2021. The asset has an expected residual…

Q: Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated…

A: Depreciation is an expense which is charged on depreciable assets. Depreciation is the reduction in…

Q: Global Positioning Net purchased equipment on January 1, 2018, for $15,233. Suppose Global…

A:

Q: The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances…

A: CHANGES IN PLANT ASSETS Plant assets, like all assets, are reported on your balance sheet, where…

Q: Fogg Corporation's comparative balance sheet at December 31, 2020 and 2019 reported accumulated…

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

Q: Berman Company sold equipment on July 1, 2019 for $50,000. The equipment had cost $140,000 and had…

A: Berman Company sold equipment on July 1, 2019 for $50,000. The equipment had cost $140,000 and had…

Q: net income before taxes and depreciation

A: Any company has to file taxes as specified by the income tax act. However, there might be…

Q: At December 31, 2020, the following existed on the records of Chogiwa Co.:  Fixed Assets: $860,000…

A: Accumulated Depreciation on assets sold = originally cost - written down value = $80,000 - $37,000 =…

Q: n September 30, 2021, Shamille Company purchased machinery for P7,600,000. Residual value was…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: What amount was reported on the statement of cash flows as “cash flow from sale of equipment”

A: Here,  Book value of disposals of Equipment = $20700 Accumulated Depreciation on disposed equipment…

Q: On July 1, 2021, RJ Components had an equipment with cost of P5,000,000 and accumulated depreciation…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: In 2020, Geiger Co. sold equipment that had cost P294,000 for P176,400. This resulted in a gain of…

A: Net book value of equipment sold = Sales value - gain on sale = P176,400 - P12,900 = P163,500…

Q: The balance sheets of Tully Corp. showed the following at December 31, 2020, and 2019: December 31,…

A: The accumulated depreciation is the amount of depreciation charged on fixed assets till date. The…

Q: At December 31, 2021, the following existed on the records of Chai Co..:  Accumulated Depreciation:…

A: Answer Fixed assets purchased during the year cost = $1,800,000. Depreciation = 10% rate on a…

Q: The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at…

A: Formula to calculate cash flow from sale of equipment:

Q: The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On December 31, 2020, the statement of financial position of ABC Company showed the following…

A: Deprecition is diminition in the value of an asset on account…

Q: need to know how to calculate the gain on the equipment sold in part C The balance sheets of HiROE…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: The Nickle Company purchased an asset for P17,000 on January 2, 2021. The asset has an expected…

A: (1). N Company purchased as asset for $17,000 on January 2, 2021. The asset has an expected residual…

Q: On June 30, 2020, Happy Corporation reported the following information: Equipment at cost…

A: On June 30 2020   Cost  30000000 Accumulated Depreciation 10500000     On Dec 31 2020…

Q: The December 31, 2020 and 2019 comparative financial statements of ABC Company showed equipment with…

A: Cost of Equipment on December 31, 2019 P3,44,000 Add: Cost of equipment purchase during 2020…

Q: The information that follows relates to equipment owned by Pearl Limited at December 31, 2020: Cost…

A: Computation of Impairment loss: Since we only answer up to 3 sub-parts, we’ll answer the first 3.…

Q: Astro Company sold equipment on July 1, 2021 for $75,000. The equipment had cost $210,000 and had…

A: Depreciation is charged to record reduction in value of asset over the period of time. It can be…

Q: Lucky Mae Company incurred research and development costs in 2020 as follows: Equipment acquired for…

A: An income statement generally known as a profit and loss statement or statement of income and…

Q: Pina Colada Corp's statement of financial position at the end of 2019 included the following items:…

A: Balance sheetBalance sheet stands for the statement and information that shows the assets and…

Q: Accumulated depreciation-Equipment of JAD Company at December 31, 2019 and December 31, 2020 were…

A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.