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

Carol Keene, corporate comptroller for Dumaine Industries, is trying to decide how to present “Property, plant, and equipment” in the balance sheet. She realizes that the statement of cash flows will show that the company made a significant investment in purchasing new equipment this year, but overall she knows the company’s plant assets are rather old. She feels that she can disclose one figure titled “Property, plant, and equipment, net of depreciation,” and the result will be a low figure. However, it will not disclose the age of the assets. If she chooses to show the cost less accumulated depreciation, the age of the assets will be apparent. She proposes the following. Property, plant, and equipment, net of depreciation    $10,000,000 rather than   Property, plant, and equipment $50,000,000 Less: Accumulated depreciation  40,000,000 Net book value $10,000,000 Instructions Answer the following questions. a.    What are the ethical issues involved? b.    What should…

Please see attached information.  Is there a way to show the breakout of the straight line depreciation method in Excel? And any other assistance is much appreciated.

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Claudia is learning about depreciation and she is getting a little frustrated with the idea of accumulated depreciation. "Why can’t you just debit depreciation expense and credit equipment?" She complains. "It would be so much easier that way!" (1) What type of account is accumulated depreciation and why does it get used in the depreciation of fixed assets instead of doing it Claudia's way? (2) Does accumulated depreciation have a debit balance or a credit balance?   Part II Benny, an inexperienced accountant at Ace Plus, is about to post the monthly depreciation entries for the company's fixed assets. The depreciation amounts have already been calculated on a spreadsheet by the owner, who is not very knowledgeable in accounting. Benny's instructions are to post the following depreciation amounts for the month: Building - $1,100 Land - 500 Equipment - 800   What will Benny's journal entries look like if they are done correctly? Can each item "share" an accumulated depreciation account…

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…

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.

You are an accountant at a large research university. The controller is considering switching its accounting policy so that it is in line with other universities. The current policy requires all assets be depreciated on a straight-line basis with no salvage value and a full year of depreciation taken in the year of acquisition regardless of the acquisition date. The proposed policy would require all asset depreciated on a straight-line basis with no salvage value and depreciation taken based on the nearest full month from the acquisition date. The data provided shows all assets that are in use even though some assets have already been fully depreciated. The controller has provided a dashboard visualization that shows the differences between the two depreciation policies for the period ending December 31, 2018 and asks you to answer the questions below. Click here to view the data in Tableau, and here to view it in Power BI. (The Tableau and Power BI files contain the same data; you can…

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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