FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Filing Federal Income Tax Return
A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations rega…
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Calculate A,B,C,D and E
King Manufacturing Company purchaseda machine on January 1, 2016 at a cost of $60,000. The comnpany estimates that the useful life of the machine is 5 years and the salvage value is $5,00O. The company uses the Double Declining Balance Method of depreciation and prepares its financial statements annually at year-end. Book Value Depreciation Accumulated Book Value Year DDB Rate (Year Start) Еxpense Depreciation (Year End) 2016 (A) 40% (В) $24,000 $36,000 2017 (C) 40% 14,400 38,400 21,600 2018 21.600 40% 8,640 47,040 12,960 2019 12,960 40% 5,184 52,224 7.776 2020 7.776 40% (D) 55,000 (E)
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Transcribed Image Text:King Manufacturing Company purchaseda machine on January 1, 2016 at a cost of $60,000. The comnpany estimates that the useful life of the machine is 5 years and the salvage value is $5,00O. The company uses the Double Declining Balance Method of depreciation and prepares its financial statements annually at year-end. Book Value Depreciation Accumulated Book Value Year DDB Rate (Year Start) Еxpense Depreciation (Year End) 2016 (A) 40% (В) $24,000 $36,000 2017 (C) 40% 14,400 38,400 21,600 2018 21.600 40% 8,640 47,040 12,960 2019 12,960 40% 5,184 52,224 7.776 2020 7.776 40% (D) 55,000 (E)
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