Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

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Answer 1

Question

Chapter 10, Problem 9DQ

(a)

To determine

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

(b)

To determine

Explain accounting treatment for removing the cost and the accumulated depreciation from the accounts.

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Sometimes, for the fixed assets of certain businesses, the balance in Accumulated Depreciation is equal to the cost of the asset. a. Can one record additional depreciation on the assets if the assets are still useful to the business? b. Why? Explain: c. Also, when can such a business make an entry to remove the cost and accumulated depreciation of the fixed assets from the account?

Which of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.

Question: What is the purpose of depreciation in accounting? a. Increase asset value b. Allocate the cost of an asset over its useful life c. Reduce liabilities d. Determine net income

Answer 2

Question

Chapter 10, Problem 9DQ

(a)

To determine

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

(b)

To determine

Explain accounting treatment for removing the cost and the accumulated depreciation from the accounts.

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Answer 3

Question

Chapter 10, Problem 9DQ

(a)

To determine

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

(b)

To determine

Explain accounting treatment for removing the cost and the accumulated depreciation from the accounts.

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Answer 4

Question

Chapter 10, Problem 9DQ

(a)

To determine

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

(b)

To determine

Explain accounting treatment for removing the cost and the accumulated depreciation from the accounts.

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Answer 5

Chapter 10, Problem 9DQ

(a)

To determine

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

(b)

To determine

Explain accounting treatment for removing the cost and the accumulated depreciation from the accounts.

Answer 6

Chapter 10, Problem 9DQ

(a)

To determine

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

Answer 7

Chapter 10, Problem 9DQ

(a)

To determine

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

Answer 8

(b)

To determine

Explain accounting treatment for removing the cost and the accumulated depreciation from the accounts.

Answer 9

(b)

To determine

Explain accounting treatment for removing the cost and the accumulated depreciation from the accounts.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 10 - ONeil Office Supplies has a fleet of automobiles...Ch. 10 - Prob. 2DQ Ch. 10 - Prob. 3DQ Ch. 10 - Keyser Company purchased a machine that has a...Ch. 10 - Is it necessary for a business to use the same...Ch. 10 - a. Under what conditions is the use of the...Ch. 10 - Prob. 7DQ Ch. 10 - Immediately after a used truck is acquired, a new...Ch. 10 - Prob. 9DQ Ch. 10 - Prob. 10DQ

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

Solution Summary: The author explains that it is not permissible to record additional depreciation on the assets if they are still useful in the business.

Explain whether it is permissible to record additional depreciation on the assets if they are still useful in the business.

Explain accounting treatment for removing the cost and the accumulated depreciation from the accounts.

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