Question When computing depreciation expence of PPE bo toutle-decing e anoe depreciaion method produce the se OA aual book vatue of the asset. OR lotal depreciation expecse over the assete usetul e Oc amua depreciation expense of the assat OD. annual tax paid. MacBookk Pro

Question When computing depreciation expence of PPE bo toutle-decing e anoe depreciaion method produce the se OA aual book vatue of the asset. OR lotal depreciation expecse over the assete usetul e Oc amua depreciation expense of the assat OD. annual tax paid. MacBookk Pro

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Description: QuestionWhen computing depreciation expence of PE bo gtoutle-decing edepreciation method produce the semeOA aual book vatue of the assetOR lotal depreciation expecse over the assets usetul eOc amnua depreciation expense of the assat.OD. annual tax p

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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An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.
Consider the following data on an asset:Cost of the asset, I $38.000Useful life. N 6 yearsSalvage value. S $0Compute the annual depreciation allowances and the resulting book values by using the DOB method and then switching to the SL method.
A fixed asset with a cost of $31,365.00 and accumulated depreciation of $28,228.50 is sold for $5,332.05. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,136.50 loss $2,195.55 loss $2,195.55 gain $3,136.50 gain
For each of the following depreciable assets determine the missing amount abbreviations for depreciation methods or SL for straight line and DDB for double declining balance
From page 7-1 of the VLN, acquisition cost would NOT include: A. Purchase price. B. Transportation cost to get the asset ready to be used. C. Sales taxes. D. Cost incurred to operate the asset.
Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $42,600; terms: 2/10, n/30; paid within the discount period. 2. Transportation-in: $880. 3. Installation: $400. 4. Cost to repair damage during unloading: $630. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copier, Computer, and Scanner for $52,500 with Fair Market Values 1. Copier, $23,421. 2. Computer, $12,027. 3. Scanner, $27,852. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $83,800. 2. Demolition of building, $4,760. 3. Lumber sold from old building, $1,780. 4. Grading in preparation for new building, $7,900. 5. Construction of new building, $279,000.
When calculating depreciation expense using the straight line method, useful life is expressed as time dollars Units expected to be produced salvage value Next *
a fired aseet, uch ata computer, was purchaed un lanuary 1 for $1.419 wth an estimaned e aand a salvage or reiduv S11. e ouma ry tur the mat egenunder ti d OAcomlated Depredation Depredation Epene 212.57 212.57 Depredation Expense Accumulated Depreciation 1721 O Aocumulated Depredation 17.71 Deprecianion Expense 17.71 O Depredation Epense 212.57 Accumulatad Depredation 212.5
Required: Compute for the following: Gain or loss on sale of Asset P Total depreciation expense for 2021 Adjusted cost of PPE as of Dec. 31, 2021 Carrying amount of PPE as of Dec. 31, 2021
A fixed asset with a cost of $27,381 and accumulated depreciation of $24,642.90 is sold for $4,654.77. What is the amount of the gain or loss on disposal of the fixed asset? a.$1,916.67 loss b.$2,738.10 gain c.$1,916.67 gain d.$2,738.10 loss
Answer the following questions: Required: a-1. Find the discussion of Property, Plant, and Equipment and depreciation methods used by Campbell's. Use data from the Campbell Soup Company annual report O Straight-line method O Double declining method O Written down value method a-2. Why the particular method is used for the purpose described. Straight-line depreciation is used for financial reporting purposes because depreciation expense will be lower than under any of the accelerated depreciation methods. O Straight-line depreciation is used for financial reporting purposes because depreciation expense will be higher than under any of the accelerated depreciation methods. a-3. What method do you think the company uses for income tax purposes? O Accelerated depreciation using the MACRS rates is probably used for tax purposes to minimize taxes payable. O Straight line Method using the MACRS rates is probably used for tax purposes to minimize taxes payable. Written down value Method using…
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