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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After experiencing an equipment breakdown loss, Long Industries incurred various expenses. In Long's Equipment Breakdown Protection Coverage Form, expediting expenses include which one of the following? The cost for Long to rent another building in order to continue operations The costs of overnight shipping for Long to obtain a machine part The cost for Long to rent computer equipment Long's loss of net income
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I am stuck on how to calculate the accumulated depreciation for the last consolidation entry. the textbook says to "net pre-acquisition accumulated depreciation against the cost basis of corresponding assets', and I have tried everything I can think of and I am not getting the right answer. I am trying to figure it out so I can know how to do this properly for the project as well as get more points on the homework.
please solve all steps. dont use excel . dont provide the answer in hand writing. thanks.
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…
Question #5 b. What is the difference between User Specific Qualities and Primary Qualitative Characteristics? c. If I want to book one month depreciation of $270.12 for an asset, what is the journal entry? d. List the four importance of accounting standards. e. Please give the three things considered and posted when disposing of a fixed asset.
Choosing Appropriate Depreciation Method You are part of a team reviewing the financial statements of a new computer company. Looking over the fixed assets accounts, one long-term tangible asset sticks out. It is labeled “USB” and valued at $10,000. You ask the company’s accountant for more detail, and he explains that the asset is a USB drive that holds the original coding for a game the company developed during the year. The company expects the game to be fairly popular for the next few years, and then sales are expected to trail off. Because of this, they are planning on depreciating this asset over the next five years using the double-declining method. Does this recording seem appropriate, or is there a better way to categorize the asset? How should this asset be expensed over time?
24. Miller Company's allowance for doubtful accounts was P1,000,000 at the end 20XX and P900,000 at the end of 20XX-1. For the year ended December 31, 20XX, Mill reported doubtful accounts expense of P160,000 in its income statement. What amount did Mill debit to the appropriate account in 20XX to write off uncollectible accounts?
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…