Mike Devereaux Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. Equipment 2021     2021     Jan. 1.1 Balance 134,750 June 30 cost of equipment sold Aug. 10 Purchases 32,000    (purchased prior to 2021) 23,000 Aug..12 Freight on equipment purchased 700     Aug..25 Installation costs 2,700     Nov. 10 Repairs 500       Instructions a.   Prepare any correcting entries necessary. b.   Assuming that depreciation is to be charged for a full year on the ending balance in the asset account, compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019.   1. Straight-line.  2. Sum-of-the-years’-digits.

The following is the trial balance relates to the business of Sam a sole trader as at31 December 2021: Sam Trial Balance as at 31 December 2021 Land and Buildings Motor Vehicles Depreciation of motor vehicles Sales Sales return Capital Machinery Carriage inwards Depreciation of Machinery Purchases Purchases Returns Inventory 1 January 2021 Selling Expenses Wages and salaries Miscellaneous expenses Loan from NCB Receivables and Payables Bank Account Rent Received DR Drawings $ Administration expenses 150,000 700,000 400,000 15,000 750,000 6,000 950,000 165,000 260,000 78,000 56,000 246,000 120,000 370,000 4,266,000 CR $ 60,000 3,100,000 600,000 70,000 20,000 230,000 160,000 26,000 4,266,000

A company began operations on January 1, 2019. Purchases of property, plant and equipment during 2019 was as follows: Cost Residual Value Jan 1, 2019 Land 1 3,000,000 7,000,000 3,000,000 700,000 Building 1 February 28, 2019 Land 2 1,500,000 1,500,000 Building 2 Equipment 1 Equipment 2 4,500,000 400,000 500,000 40,000 Мау 30, 2019 600,000 100,000 Buildings are being depreciated on a straight-line basis over an estimated useful life of 40 years and equipment is being depreciated using the diminishing balance method at the rate of 20% per year. The following transactions took place during 2020: Purchased Equipment 3 on March 31, 2020 for $645,000. There is no residual value. For this piece of equipment, it was determined due to the nature of the equipment to depreciate straight line over 15 years. Sold equipment 1 for $300,000 on May 1, 2020. The bookkeeper was unsure how to handle the transaction and credited the proceeds to the equipment account. At December 31, 2020, the company…

Question 13?

The following data relate to the Machinery account of Wildhorse, Inc. at December 31, 2025. Original cost Year purchased Useful life Salvage value Depreciation method Accum. depr. through 2025* a. Cash A Machinery (Machine A) $54,280 2020 15,340 10 years $3,658 Sum-of-the-years'-digits $36,816 B 15,340 $60,180 2021 Machinery 15,000 hours $3,540 Activity $41,536 C $94,400 2022 15 years $5,900 Straight-line $17,700 D $94,400 *In the year an asset is purchased, Wildhorse, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Wildhorse, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2026. 2024 10 years $5,900 On May 5, Machine A was sold for $15,340 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Double-declining balance $18,880

Proper net income computation

answer in text form please (without image)

Instructions Chart of Accounts General Journal Instructions Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.) Required: Journalize the following entries: a. Record the depreciation for the one-half year prior to the sale, using the straight-line method. b. Record the sale of the equipment.* C. Assuming that the equipment had been sold for $25,000 cash, prepare the entry to record the sale.* *Refer to the Chart of Accounts for exact wording of account titles. Previous Next

A machine was purchased on 1 January 2021 and the other details of the machine are:-                         Cost of machine N$324 000 Depreciation rate 5 % Determine the amount of deprecation as at 31 December 2021

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?