For the year ended December 31, 20- Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 25,300 Accounts Receivable 9,800 Merchandise Inventory 19,600 Prepaid Insurance 2,300 Store Equipment 18,600 Accumulated Depreciation- Store Equipment 7,300 Building 41,400 Accumulated Depreciation-Building 27,800 Land 25,600 Accounts Payable 11,800 Wages Payable 600 Mortgage Payable 31,600 Unearned Rental Revenue 1,800 M. Patton, Capital 79,000 M. Patton, Drawing 20,400 Income Summary 19,800 19,600
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- The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $385,500 and the balance in Accumulated Depreciation—Trucks is $115,400. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $78,500 $11,775 240,000 miles — 36,000 miles 2 114,500 13,740 320,000 $22,900 32,000 3 90,000 12,600 213,000 $72,000 21,300 4 102,500 12,300 370,000 $20,500 44,400 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck…Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $404,300 and the balance in Accumulated Depreciation—Trucks is $118,560. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $84,500 $12,675 230,000 miles — 34,500 miles 2 116,300 13,956 320,000 $23,260 32,000 3 91,000 12,740 200,000 $72,800 20,000 4 112,500 13,500 350,000 $22,500 42,000 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts.…
- Depreciation by Units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $296,900 and the balance in Accumulated Depreciation—Trucks is $99,740. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $80,000 $15,000 250,000 miles — 21,000 miles 2 54,000 6,000 300,000 $14,400 33,500 3 72,900 10,900 200,000 60,140 8,000 4 90,000 22,800 240,000 25,200 22,500 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Truck No. Rate per Mile - in cents Miles Operated…Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $408,000 and the balance in Accumulated Depreciation—Trucks is $126,200. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $86,000 $12,900 200,000 miles — 30,000 miles 2 119,000 14,280 360,000 $23,800 36,000 3 103,000 14,420 212,000 $82,400 21,200 4 100,000 12,000 260,000 $20,000 31,200 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No.…Prior to adjustment at the end of the year, the balance in Trucks is $437,500 and the balance in Accumulated Depreciation—Trucks is $133,000. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $84,500 $12,675 210,000 miles — 31,500 miles 2 119,000 14,280 330,000 miles $23,800 33,000 miles 3 104,000 14,560 219,000 miles 83,200 21,900 miles 4 130,000 15,600 350,000 miles 26,000 42,000 miles Question Content Area a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive…
- Prior to adjustment at the end of the year, the balance in Trucks is $437,500 and the balance in Accumulated Depreciation—Trucks is $133,000. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $84,500 $12,675 210,000 miles — 31,500 miles 2 119,000 14,280 330,000 miles $23,800 33,000 miles 3 104,000 14,560 219,000 miles 83,200 21,900 miles 4 130,000 15,600 350,000 miles 26,000 42,000 miles Question Content Area a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive…Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000Prior to adjustment at the end of the year, the balance in Trucks is $403,000 and the balance in Accumulated Depreciation—Trucks is $120,400. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $84,500 $12,675 220,000 miles — 33,000 miles 2 119,000 14,280 360,000 $23,800 36,000 3 94,500 13,230 210,000 $75,600 21,000 4 105,000 12,600 340,000 $21,000 40,800 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No. Rate per Mile(in cents)…
- Prior to adjustment at the end of the year, the balance in Trucks is $407,000 and the balance in Accumulated Depreciation—Trucks is $120,300. Details of the subsidiary ledger are as follows: TruckNo. Cost EstimatedResidualValue EstimatedUsefulLife AccumulatedDepreciationat Beginningof Year MilesOperatedDuringYear 1 $78,500 $11,775 200,000 miles — 30,000 miles 2 110,000 13,200 350,000 $22,000 35,000 3 91,000 12,740 210,000 $72,800 21,000 4 127,500 15,300 340,000 $25,500 40,800 a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Truck No. Rate per Mile(in cents)…1. The adjusting entry to correct the entry made on trade-in of Machine 3 will include aa. Debit to Accumulated Depreciation P67,500b. Debit to Loss on Exchange P58,500c. Credit to Production Machine P67,500d. Credit to Cash P192,000 2. The total depreciation for the year ended December 31, 2020 isa. P237,000 c. P233,250b. P232,500 d. P236,250 3. The carrying amount of production machine as of December 31, 2020 isa. P1,024,500 c. P1,069,500b. P1,029,000 d. P 990,750Using the following information: Cost of asset, $280,000 Accumulated depreciation, beginning of year, $95,000 Current year depreciation, $30,000 A. Make the December 31 adjusting journal entry for depreciation. If an amount box does not require an entry, leave it blank. December 31 B. Determine the net book value (NBV) of the asset on December 31.