Jebali Company reports gross income of $796,600 and other property-related expenses of $ 517,790 and uses a depletion rate of 19%. Calculate Jebali's depletion allowance for the current year. $fill in the blank 1 151, 354 is not correct
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- Blackpink has sold during the year a depreciable asset that cost P11,250 and had a carrying amount of P2,400 with a P3,600 selling price. The disposal was correctly recorded. Here are the balances of the accumulated depreciation during the year: Jan 1- P127,800 and Dec 31 - P133,050. What will be the amount of the adjusting entry for depreciation expense during the year-end?Due to an error in computing depreciation expense, Prewitt Corporation overstated accumulated depreciation by $6 million as of December 31, 2018. Prewitt has a tax rate of 30%. Prewitt's retained earnings as of December 31, 2018, would be (Round million answer to 2 decimal places.):Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
- Cullumber Co. purchased machinery that cost $3600000 on January 4, 2019. The entire cost was recorded as an expense. The machinery has a 9-year life and a $260000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations.Cullumber's income statement for the year ended December 31, 2021, should show the cumulative effect of this error in the amount of $0. $2857778. $2800000. $2420000.Sheridan Co. purchased machinery that cost $3250000 on January 4, 2019. The entire cost was recorded as an expense. The machinery has a 9-year life and a $225000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations.Sheridan's income statement for the year ended December 31, 2021, should show the cumulative effect of this error in the amount of $2577778. $2213889. $0. $2527778.B11. Exercise 8-28 (Algorithmic) (LO. 8) Jebali Company reports gross income of $560,000 and other property-related expenses of $364,000 and uses a depletion rate of 21%. Calculate Jebali's depletion allowance for the current year.
- During your examination of the 20x3 financial statements of Goyo Company, the following data were discovered. Give any correcting and adjusting entries called for by the information given. Disregard any effects on income tax. Write your answers in the space provided. Adjusting Entries, December 31, 20x3 1. An office equipment purchased on January 2, 20x2, at the cost of P44,000, having an estimated salvage value of P4,000 and an estimated useful life of five (5) years, is now estimated to have a total life of 10 years from January 2, 20x2. The estimated salvage value remains unchanged, the straight-line method of depreciation is used. 2. Interest deducted in advance on notes payable amounts to P10,000. The Interest Expense account has a debit balance of P15,000. The company failed to record interest deducted in advance at the end of 20x1, P6,000; and at the end of 20x2, P6,200. All original entries were made to the Interest Expense account. 3. Merchandise…On August 1 of year 0, Dirksen purchased a machine for $23,750 to use in its business. On December 4 of year 0, Dirksen sold the machine for $21,500. Use MACRS Table. Note: Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?Miller Co. discovered that in the prior year, it failed to report $40,000 of depreciation related to a newly constructed building. The depreciation was computed correctly for tax purposes. The tax rate for the current year was 40%. What was the impact of the error on Miller’s financial statements for the prior year? Understatement of net income of $24,000. Understatement of accumulated depreciation of $40,000. Understatement of depreciation expense of $24,000. Understatement of accumulated depreciation of $24,000.
- an assets book value is 19,400 on Dec 31, year 5. The asset has been depreciated at an annual rate of 4,400 on the straight-line method. assuming the asset is sold on Dec 31 year 5 for 16,400 the company should record?An asset's book value is $25,200 on January 1, Year 6. The asset is being depreciated $350 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $17,900, the company should record:On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $209,525 and has accumulated depreciation of $188,572.50. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a.Accumulated Depreciation, debit, $209,525 b.Gain on Disposal of Asset, credit, $20,952.50 c.Loss on Disposal of Asset, debit, $188,572.50 d.Equipment, credit, $209,525
