Pharoah company has delivery equipment that costs $49,800 and has been depreciated $23,000. Prepare a tabulat summary to record the disposal under the following assumptions. A. Its was scrapped as having no value. It was scrapped as having no value. Decreases in assets, liablilitles, or stockholders' equilty require a negative slgn or parentheses. Increases in expenses and losses require a negative sign or parentheses. Increases in Accumulated Depreclation require a negative sign or parentheses. Decreases in Accumulated Depreclation are entered as postive amounts.

Pharoah company has delivery equipment that costs $49,800 and has been depreciated $23,000. Prepare a tabulat summary to record the disposal under the following assumptions. A. Its was scrapped as having no value. It was scrapped as having no value. Decreases in assets, liablilitles, or stockholders' equilty require a negative slgn or parentheses. Increases in expenses and losses require a negative sign or parentheses. Increases in Accumulated Depreclation require a negative sign or parentheses. Decreases in Accumulated Depreclation are entered as postive amounts.

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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The information provided to you is as follows: Purchase of machinery (!/9/2019) instead of € 32,400 with cash was registered as a purchase of different materials of equal value. The result of the error was to calculate and recognize the consumption of the various materials (theentire amount of the various materials) and not to calculate the depreciation of the machines (annual depreciation 3.240 €). Correction of accounting error is carried out 1/1/2020. The correction record is requested a) if the error was found in the fiscal year (2020) and b) if the error was found in the next financial year (2021) i.e. the error while the correction entry was made in 2020 takes place on 1/1/2021.
I'm having difficulty with this question, by getting the rest of the values from the given prices, as well as understanding where to place some of the prices.
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Novak Corp., a small company that follows ASPE, owns machinery that cost $925,000 and has accumulated depreciation of $385,000. The undiscounted future net cash flows from the use of the asset are expected to be $513,000. The equipment's fair value is $440,000. Using the cost recovery impairment model, prepare the journal entry, if any, to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
XYZ Ltd. is a manufacturing company that produces specialized machinery. The company has been in business for the last 10 years and has always used the straight-line method of depreciation to calculate the depreciation expense for its machinery. However, the company's financial controller has recently proposed that they switch to the double- declining balance method instead. The financial controller argues that this method would result in a more accurate depreciation expense calculation and better reflect the actual usage of the machinery over time. Questions: 1. What is the straight-line method of depreciation? 2. What is the double-declining balance method of depreciation? 3. What are the advantages and disadvantages of using the straight-line method? 4. What are the advantages and disadvantages of using the double-declining balance method? 5. Should XYZ Ltd. switch to the double-declining balance method of depreciation? Why or why not?
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answer this with the correct accounts and numbers Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.