Depreciation continues to be one of the most controversial, difficult and important areas of accounting. Elias purchased a computer for business use at his establishment. He asked your assistance for the requirements for depreciation. Advise Elias on which one of the below is required or are requirements for calculating depreciation. O a. O b. C. O d. Estimating the useful life All of those listed. Choosing a depreciation method Establishing the depreciation base

Depreciation continues to be one of the most controversial, difficult and important areas of accounting. Elias purchased a computer for business use at his establishment. He asked your assistance for the requirements for depreciation. Advise Elias on which one of the below is required or are requirements for calculating depreciation. O a. O b. C. O d. Estimating the useful life All of those listed. Choosing a depreciation method Establishing the depreciation base

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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Ethics and depreciation Issues you are auditing the financial records of a company and are reviewing the depreciation computations.Included in the assets are two buildning and numerous machine in each building.One of the building is used to, amnufacture components of toys and the other for assembly and packing,using the manufactured componenets as well as others purchased from suppliers.You see that the company uses straight-line depreciation over 40 years for the buildings and 20 years for the machinaery.You decide to ask the CFO about these calculatons,and he replies,"we use 40 years for the buildings because it is close to the 39 we use for tax.And our best guess is that we will replace the machines twice while we use the building.And the method is easy to use and most comapnies use it,don't they?Or have things changed that much since I was in college?" you feel as if you have annoyed the CFO with ypur questions,so you decide to leave.As you back to your office,you recall from…
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Assume that you are the accountant for Computer Consultants. Prior to this year, Computer Consultants operated out of a leased office. However, the company purchased its own office building this year. The building is in an area where real estate values have been increasing an average of 6 percent per year. The owner of Computer Consultants has asked why you recorded depreciation on the building if real estate values are appreciating. Write a response to the owner explaining why depreciation must be recorded on the company’s accounting records.
Several expenditures are listed below. Indicate whether or not each expenditure would be included in the cost of acquisition for each item below. The answer box provides two options, Yes (if the expenditure would be included ) or No, (if the expenditure would not be included.) Cost testing materials and labor in testing a purchased machine Yes before use Compensation for injury to No construction worker Cost of overhaul to a used Yes machine purchased before initial use Cost of tearing down a building Yes on newly acquired land Repairs to a new machine Yes damaged while moving it into > > > > >
Am currently doing an assignment but not sure how the calculation was done for this question am not sure where the person got the last part 10/12 can u explain where it came from? Can u explain how the calculation was done? The computer equipment was acquired on March 1, 2018 and is being depreciated over 10 years on the double-declining method of depreciation, down to a residue of $60,000.
Jones Co. recently sold a piece of equipment. Which of the following journal entries would be most appropriate for recording the sale? O Debit to cash O Credit to Loss on Sale O Credit to Accumulated Depreciation O Debit to Equipment
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please try to answer it correctly. The other picture is an example of same question but diffrent numbers. Use it to have correct answer.
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
I am having an problem with the attached question. How do I calculate the full depreciation on a house in the question that was bought in 1978 and rented out for 12months? Thanks in advance for your help. Tymesha
We will continue our discussion from Module 6 on depreciation. Please read the article: Bumblauskas, D., Igou, A, Bumblauskas, P., Vaske, B., & Hahn, K. (2021). The Fixed Asset Life Cycle ChallengeLinks to an external site.. SF Magazine.com. Select ONE talking point from the article that you found interesting. Support your position by stating why you believe your point is relevant to accounting for depreciation.
Hi Tutor, I have already done question 1. I would ask you to provide me the solution of 2 and 3. I have attached the file that have question. Thank you for the support.