Asset Cost Salvage Value Units of Useful Life Depreciation per Unit ($) Automobile $27,500 $3,500 40,000 miles $ what is the depreciation
Q: Light Inc. had the following activities during the current year: Acquired 4,000 shares of Dark Inc.…
A: Cash inflows from operating activities mean the cash received in respect of carrying out the daily…
Q: Nike uses a job order cost system and applies factory overhead to production orders on the basis of…
A: Total manufacturing cost indicates the sum of the direct and indirect costs related to the…
Q: Fabienne Talent Agency has a beginning capital amounting P 1,250,000, an additional investment of P…
A: Formula: Ending capital = Beginning capital + Additional investment + net income - withdrawals
Q: During the year ended December 31, 2021, Samar Company revealed the following events: a) a counting…
A: Prior period error are omission or misstatement in the financial statement for prior periods.
Q: s and obligation assertion when auditing payables and contrast this with the audit of asset…
A: An auditor is a person or a company hired by a company to conduct an audit. A person must be…
Q: Heinz Company began operations on January 1, 2019, and uses the FIFO method in costing its raw…
A: Change in Inventory Valuation Method: A change in the technique of calculating inventory costs is…
Q: 3. System requirements are features that must be included in the new information systems to satisfy…
A: There are different types of requirements, generally confused to differentiate between business…
Q: 2021. The lease term is for ten (10) years with equal annual rental payments of $8,000 at the…
A: Lease Accounting Recognition of lease liability and Journal Entries
Q: solve balance sheet, statement of retained earnings, income statement, and trial balance. Sandhill…
A: The financial statement reflects the financial performance and position of the company in the…
Q: It is a well-established principle that the contents of the bylaws that contravene the Constitution…
A: In case any contradiction between the provisions of bylaws that conventene rhe constitution is viod.…
Q: A company purchased land for $350000 cash. The real estate brokers' commission was $15000 and $61000…
A: The cost of land includes all the expenses that make the land ready to use. It includes expenses…
Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…
A: Journals: Recording of a business transactions in a chronological order. First step in the…
Q: Part 1 On April 1, 2020. Shelter Bay Inc. has available for issue S00,000 honds due in four years…
A: Valuation of Bond
Q: On January 1, 20x1 Plaka Co. acquired goods for sale in the ordinary course of business for…
A: Given information, Purchase price = P250,000 Refundable purchase taxes included in above = 5000…
Q: Cash collected from customers during the year ended December 31, 2019 amounted to $314,000, and…
A: The account receivables represents the balance due to be received from the customers of the…
Q: Haver Company currently pays an outside supplier $19 per unit for a part for one of its products.…
A: The question is based on the concept of Cost Management. When any method or project is to be…
Q: On June 30, the check register balance is $391.04. The service charge is $4.10, and interest earned…
A: A bank Reconciliation statement is a report that is prepared to know the differences between…
Q: The actual information pertains to the third quarter. As part of the budgeting process, the Duck…
A: Static budget of variable cost for 19000 units = $185,000
Q: Splish Brothers Ltd. is a publicly listed company following IFRS. Assume that on December 31. 2020.…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Use the following to answer questions 23 - 26 I.T Corporation was organized on January 3, firm was…
A: Retained earnings The concept of retained earnings in accounting is critical. The term refers to a…
Q: Discus the relationship between a good energy accounting system and an effective energy management…
A: Good energy accounting system is the system in which it is recorded about the energy costs and its…
Q: By looking at these real life samples of Financial Statements prepared in accordance to PAS/IAS:,…
A: Biological assets are living assets like plants and animals owned by the business. For example,…
Q: Sports-Reps, Inc., represents professional athletes and movie and television stars. The agencyhad…
A: Answer 1) Calculation of Contribution margin ratio Contribution margin ratio = Contribution margin/…
Q: According to the producer price index database maintained by the Bureau of Labor Statistics, the…
A: Times interest earned ratio is an accounting metric which measures the number of times operating…
Q: Explain briefly why each activity has value added or non-value added. Activity Classification a.…
A: Inventory Control - Non-Value Added Transportation of finished goods from the production area into…
Q: Data table December 31, 2023, account balances: Requirements Cash $ 28,000 Accounts Receivable…
A: Budgets are the quantitative summaries prepared to estimate in advance the receipts and payments to…
Q: $4 equity on December 31st. 12. Compute ending stockholders
A: Common stock is the ordinary stock issued by the company that gives the stakeholders ownership of…
Q: Explain why each activity has value added or non-value added. Activity Classification a. Inventory…
A: Value Added Activities are the activities done to provide benefits to the customers. These are the…
Q: D00. Ta aible fo
A: Introduction Additional refundable tax is computed as 1023% of the lesser of the following:…
Q: 18. The appropriate WACC of a firm is 6.43%. With risk-free rate of 4%, market return of 8%…
A: GIVEN The appropriate WACC of a firm is 6.43% With risk-free rate of 4 % market return of 8%…
Q: By looking at these real life samples of Financial Statements prepared in accordance to PAS/IAS:…
A: Answer:- Biological assets definition:- Biological assets are those assets which are live assets,…
Q: question 4. On June 10, Dzeko Co. Sold 10 shoes for $1,700 cash. Date Accounts titles Debit Credit…
A: The journal entries are prepared to record daily transactions of the business.
Q: On March 1, your checkbook balance is $565.02, and the bank statement balance is $464.07. An…
A: Bank Reconcilation: It is the method involved with matching the balance in bank balance as per…
Q: A strategic systems plan is a major output of the steering committee and 2. professional's in-charge…
A: The Strategic Systems Planning methodology or SSP is applicable to any type of organizations. It…
Q: Crusty Enterprise Trial Balance as at Dec 31, 2020 did not balance as the debit side is greater than…
A: The suspense account is created to record the error (Omission) in trial balance and make the trial…
Q: QUESTION 1 Ava Consulting issued 1430 shares of previously unissued common stock with a par value of…
A: The debit to cash will be amount received on issue of shares
Q: accounsts recievable less allowance for bad debts is called what
A: Allowance for bad debt accounts is a contra asset account that decreases the value of the account…
Q: Depreciation Method
A: In this question, we have to calculate depreciation by three method straight-line, production method…
Q: Dicksen Company’s income statement for the year ended December 31, 2022 reported profit of P360,000.…
A: Net cash provided by operating activities means net cash inflow from normal activities of an entity.…
Q: a. Sold merchandise for cash (cost of merchandise $28,797). b. Received merchandise returned by…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Excadrill Mining Company's prime costs total P8,172,500 and its conversion costs total P9,750,250.…
A: Solution...
Q: Pat Company uses activity-based costing. The company has two products: A and B. The annual…
A: Cost per unit of Product B under activity-based = Allocation of total cost to product B / No. of…
Q: On a corporate income statement, income from continuing operations a. will exceed net income. b.…
A: Income from continued operations is the income which is calculated after subtracting operating and…
Q: TB MC Qu. 18-56 (Static) The balanced scorecard is particularly . The balanced scorecard is…
A: In the context of the given question, we have the question is about why does the balanced scorecard…
Q: 2019 2020 Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax…
A: Inventory:- The items and supplies that a firm retains for the purpose of resale, manufacturing, or…
Q: In December 2021, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…
A: Given information, Tax on ordinary taxable income = $8,005 Long term capital gains above $80,800 =…
Q: Bramble Corp. sold $3,730,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1,…
A: Proceeds on sales of bonds at 97 =$3730, 000×97% = $3,618, 100
Q: a restructuring of an 8% P6,000,000 note payable to Second management, Tagaytay Highlands Company…
A: Debt Restructuring The term debt restructuring which are utilized by the organization to meet the…
Q: Quarters for 2020 3 2 4 9,500 10,000 8,500 units. Management desires an ending inventory eac" first…
A: Production budget calculates the no of units to be produced for a specific period. It depends on…
Q: Required information Exercise 7-24 (Algo) Central Station Enterprise Fund (LO 7-5] [The following…
A: Journal entry is the primary step to record the transaction in the books of account. The nominal…
| Asset | Cost | Salvage Value |
Units of Useful Life |
per Unit ($) |
|---|---|---|---|---|
| Automobile | $27,500 | $3,500 | 40,000 miles | $ |
what is the depreciation
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?A fixed asset with a cost of $30,192 and accumulated depreciation of $27,172.80 is sold for $5,132.64. What is the amount of the gain or loss on disposal of the fixed asset? a.$2,113.44 loss b.$3,019.20 gain c.$3,019.20 loss d.$2,113.44 gain
- A fixed asset with a cost of $27,381 and accumulated depreciation of $24,642.90 is sold for $4,654.77. What is the amount of the gain or loss on disposal of the fixed asset? a.$1,916.67 loss b.$2,738.10 gain c.$1,916.67 gain d.$2,738.10 lossA fixed asset with a cost of $28,567 and accumulated depreciation of $25,710.30 is sold for $4,856.39. What is the amount of the gain or loss on disposal of the fixed asset? a.$2,856.70 gain b.$2,856.70 loss c.$1,999.69 loss d.$1,999.69 gainA fixed asset with a cost of $31,365.00 and accumulated depreciation of $28,228.50 is sold for $5,332.05. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,136.50 loss $2,195.55 loss $2,195.55 gain $3,136.50 gain
- onsider the following data on an asset:Cost of the asset, I $235,000Useful life, N 5 yearsSalvage value, S $ 60,000Compute the annual depreciation allowances and theresulting book values, using(a) The straight-line depreciation method.(b) The double-declining-balance methodA fixed asset with a cost of $34,571 and accumulated depreciation of $31,113.90 is sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed asset? Oa. $3,457.10 loss Ob. $3,457.10 gain Oc. $2,419.97 gain Od. $2,419.97 lossProblem 1. a:Consider the following data on an asset: Cost of the asset, I Useful life, N Salvage value, S $130,000 5 years $5,000 Compute the annual depreciation allowance using the straight-line depreciation method.
- A fixed asset with a cost of $32,167.00 and accumulated depreciation of $28,950.30 is sold for $5,468.39. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. A. $2,251.69 loss B. $2,251.69 gain C. $3,216.70 gain D. $3,216.70 loss9.9 Consider the following data on an asset: Cost of the asset, / Useful life, N Salvage value, S $123,000 7 years $13,000 Compute the annual depreciation allowances and the resulting book values, initially using the DDB and then switching to SL.A fixed asset with a cost of $31,021 and accumulated depreciation of $27,918.90 is sold for $5,273.57. What is the amount of the gain or loss on disposal of the fixed asset? Oa. S2,171.47 loss Ob. $3,102.10 loss Oc. S2,171.47 gain Od. S3,102.10 gain
