Q1 On 1.1.2019 Dhofar company bought|the car for OMR 15000. The expecteduseful life of the car is 5 years. TheAdjusting entry of depreciation isSelect one:O a.Date ParticularsDebit Credit(OMR) (OMR)15000Depreciation12 Expense3115000Accumulateddepreciationb.Debit Credit(OMR) (OMR)15000Date Particulars31Accumulated12 depreciation15000DepreciationExpenseС.Debit Credit(OMR) (OMR)Date Particulars31Depreciation12 Expense30003000Accumulateddepreciationd.Debit Credit(OMR) (OMR)5000Date Particulars31Accumulated12 depreciation5000DepreciationExpense

Name: Q1 On 1.1.2019 Dhofar company bought|the car for OMR 15000. The expec
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Q1 On 1.1.2019 Dhofar company bought|the car for OMR 15000. The expecteduseful life of the car is 5 years. TheAdjusting entry of depreciation isSelect one:O a.Date ParticularsDebit Credit(OMR) (OMR)15000Depreciation12 Expense3115000Accumulateddeprec

Depreciation is the reduction in the value of an asset due to its erosion or obsolescence. An asset…

Business

Accounting

Q1 On 1.1.2019 Dhofar company bought the car for OMR 15000. The expected useful life of the car is 5 years. The Adjusting entry of depreciation is Select one: O a. Date Particulars Debit Credit |(OMR) (OMR) 15000 Depreciation 12 Expense 31 15000 Accumulated depreciation O b. Date Particulars Debit Credit (OMR) (OMR) 15000 Accumulated 12 depreciation 31 15000 Depreciation Expense С. Date Particulars Debit Credit (OMR) (OMR) 31 3000 Depreciation 12 Expense 3000 Accumulated depreciation d. Date Particulars Debit Credit (OMR) (OMR) 31 Accumulated 12 depreciation 5000 5000 Depreciation Expense

Q1 On 1.1.2019 Dhofar company bought the car for OMR 15000. The expected useful life of the car is 5 years. The Adjusting entry of depreciation is Select one: O a. Date Particulars Debit Credit |(OMR) (OMR) 15000 Depreciation 12 Expense 31 15000 Accumulated depreciation O b. Date Particulars Debit Credit (OMR) (OMR) 15000 Accumulated 12 depreciation 31 15000 Depreciation Expense С. Date Particulars Debit Credit (OMR) (OMR) 31 3000 Depreciation 12 Expense 3000 Accumulated depreciation d. Date Particulars Debit Credit (OMR) (OMR) 31 Accumulated 12 depreciation 5000 5000 Depreciation Expense

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

See similar textbooks

Similar questions

Q4 Dhofar LLC acquired an asset on 1st January 2019 for OMR 500,000 and the rate of depreciation is 10%p.a. Under Straight line method. Replacement cost of the asset on 31st December 2019 was OMR 700,000 and on 31st December 2020 was OMR 1,000,000. You are required to calculate for 2020 assuming switch year is made in the current year, the value of additional depreciation. a. OMR 15,000 b. None of these are correct c. OMR 50,000 d. OMR 35,000
Q42 Dhofar LLC acquired an asset on 1st January 2019 for OMR 500,000 and the rate of depreciation is 10%p.a. Under Straight line method. Replacement cost of the asset on 31st December 2019 was OMR 700,000 and on 31st December 2020 was OMR 1,000,000. You are required to calculate for 2020 assuming switch year is made in the current year, the value of Backlog depreciation. a. OMR 50,000 b. None of these are correct c. OMR 85,000 d. OMR 15,000
ncial Reporting and Analysis Jul22 Y1 S2 Chad Partners: Balances on 30 June 2021. Vehicles R300 000 Accumulated depreciation R50 000. Adjustment Depreciation is calculated at 10% on cost. An old vehicle was disposed on 01 January 2022 for R20 000 cash. The disposed vehicle originally costed R25 000 and the Accumulated depreciation is R 3 000. Profit/loss for the disposed vehicle is: OA. Profit/loss R3 000 B. Profit/loss R750 OC. Profit/loss R500 O D. Profit /loss R1 250 Clear my choice Tyne here to search 0 sage
Balance at the end of the financial year: 28 February 2022. Vehicles R600 000 Accumulated depreciation R250 000. Adjustment: Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2021 for R21 000 cash. The vehicle originally costed R25 000 and the Accumulated depreciation for previous years is R 3 000. Profit/loss for the disposed vehicle is: O A. Profit/loss R3 000 O B. Profit/loss R500 O C. Profit/loss R1 250 O D. Profit/loss R250
TB MC Qu. 08-117 An asset's book value... An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record:
Vehicles R300 000, Accumulated depreciation R50 000. Depreciation is calculated at 10%on cost. An old vehicle was disposed on 31 August 2019 at R20 000 cash.The vehicle originally costed R25 000 and the Accumulated depreciation is R 3 000.Depreciation for the disposed vehicle is________.A. R2 500B. R1 250C. R2 000D. R500
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
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?
28 February 2021 Vehicles R300000, Accumulated depreciation R50000. Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2020 at R2020 at R20000 cash. The vehicle originally costed R25000 and the Accumulated depreciation for previous years is R3000. What is the profit/loss for the disposed vehicle?
On 1st Jan 2020 the cost of furniture was OMR 15000 and depreciation is charged at 12% per year. Calculate the amount of depreciation Select one: a. 12% b. 1800 OMR c. 13200 OMR d. None Of These
D. On January 1, 2021, Mrs. Enjambre bought a machinery for P 325,000 with a estimated useful life of 8 years. Once fully depreciated, the machinery can be sold to a junk shop at P 5,000. I. Provide Adjusting Entry for the depreciation at Dec. 31, 2021 E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021 F. Wrong use of Account Title. The company bought an office table and chairs worth P 15,000 for cash but the bookkeeper recorded it as: Entry made. office Supplies 15,000 Cash 15,000 1 Provide a.) Should be entry and b.) Adjusting Entry to correct the entry made by the bookkeeper.
On 1st Jan 2020 the cost of furniture was OMR 15000 and depreciation is charged at 12% per year. Calculate the amount of depreciation Select one: a. 12% b. None Of These c. 1800 OMR d. 13200 OMR