Asset Cost:Less: Residual ValueDepreciable AmountDepreciationmethodDepreciation p.a:Date30/06/201830/06/201930/06/2020Computers Depreciation Worksheet - Snow Lake Pty Ltd$66,000$ N/A$66,000Reducing Balance(Diminishing Balance)30%Asset Cost$66,00046,20032,340Depreciation$19,80013,8609,702AccumulatedDepreciation$19,80033,66043,362Carrying Amount atthe end$46,20032,34022,6382020142015142001444 Using the information from your worksheet above, prepare appropriate journal entries to record the sale ofthe computers on 28 February 2021 for $19,800 cash (inclusive of GST). Please check your textbook toprovide the correct procedure of the journal entries for disposal.Answer:DateGeneral JournalParticularsIDebitCredit

Depreciation Depreciation is the method that involves taking the whole cost of something pricey you…

Using the information from your worksheet above, prepare appropriate journal entries to record the sale of the computers on 28 February 2021 for $19,800 cash (inclusive of GST). Please check your textbook to provide the correct procedure of the journal entries for disposal. Answer: Date General Journal Particulars Debit Credit

Using the information from your worksheet above, prepare appropriate journal entries to record the sale of the computers on 28 February 2021 for $19,800 cash (inclusive of GST). Please check your textbook to provide the correct procedure of the journal entries for disposal. Answer: Date General Journal Particulars Debit Credit

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.4MBA

See similar textbooks

Similar questions

Question When computing depreciation expence of PE bo g toutle-decing e depreciation method produce the seme OA aual book vatue of the asset OR lotal depreciation expecse over the assets usetul e Oc amnua depreciation expense of the assat. OD. annual tax paid. MacBookk Pro
A fixed asset with a cost of $34,571 and accumulated depreciation of $31,113.90 is sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed asset? Oa. $3,457.10 loss Ob. $3,457.10 gain Oc. $2,419.97 gain Od. $2,419.97 loss
A fixed asset with a cost of $30,192 and accumulated depreciation of $27,172.80 is sold for $5,132.64. What is the amount of the gain or loss on disposal of the fixed asset? a.$2,113.44 loss b.$3,019.20 gain c.$3,019.20 loss d.$2,113.44 gain
Note: Double Declining Balance = 200% Declining Balance A. How much is the depreciation for year 3? Select one: o a. P158,203.13 o b. P150,000 o c. P210,937.50 o d. P187,500 В. How much is the total depreciation as of year three using DDB method? C. What is the equipment's book value at the end of year three?
A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420. What is the amount of the gain or loss on the sale of the fixed asset? Oa. $2,600 loss Ob. $2,600 gain Oc. $1.820 loss Od. $1,820 gain Previous Next 7:04 PM 12/11/2020 18 a
Land Acquisition date 1 Jan 2016 Cost Price (RM) 500,000 Residual Value (RM) Useful Life indefinite Basis of Measurement Revaluation model Depreciation method Not applicable 31 December 2020 fair value of the land is RM480,000. It was revalued to RM530,000 last year. Annual revaluation is necessary. Balance in the revaluation reserve account on 1 January 2020 was RM40,000 (credit). Accounting year end 31 December every year Determine the value of the land that should appear in the Statement of Financial Position as at 31 December 2020 Select one: a. RM570.000 O b. RM490,000 Oc. RM530.000 d. RM480.000
onsider the following data on an asset:Cost of the asset, I $235,000Useful life, N 5 yearsSalvage value, S $ 60,000Compute the annual depreciation allowances and theresulting book values, using(a) The straight-line depreciation method.(b) The double-declining-balance method
Cost basis of the assetCO = BD 52314Useful Life – 5 yearsEstimated Salvage Value, CL = BD 778 ?Compute the annual depreciation allowances and the resulting book values using DDB.
Land and buildings: Cost (including ¢60m land). ¢380000 Accumulated depreciation at 1/1/2020 ¢64000 The company decided to change its accounting policy with respect to its 10 year old land and buildings from the cost model to the revaluation model. The revalued amounts at 1 January 2020 were GH¢800m (including GH¢100m for the land). No further revaluation was necessary at 31 December 2020. The company wishes to treat the revaluation surplus as being realised over the life of the asset. Your are required to account for the above information.
Find the book value for the asset shown in the accompanying table, assuming that MACRS depresiing is being used: View the table attached: Asset Installed Cost Recovery Period (Years) Elapsed time since purchase (Years) A $902,000 5 3
Computing Partial Period Depreciation under Multiple Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following information is provided. Cost and residual value Estimated service life Acquisition cost $62,500 Years 5 Residual value $2,500 Service hours 50,000 Productive output (units) 120,000 d. Sum-of-the-years’-digits method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 2025 Answer Answer Answer Answer Answer Answer e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 2025 Answer Answer Answer Answer Answer Answer Required Compute the annual depreciation using each of the following methods assuming that the asset was purchased on August 1, 2020.
A18-5 Depreciation Period: Page 1305 Consider the following independent cases: Case 1 Case 2 Case 3 6 years 5 years 4 years Lease term, including renewals 10 years 7 years 5 years Economic life 8 years 6 years 3 years Useful life No Yes Yes Title transfer expected S10,000 $5,000 $2,000 Residual value Each of the above cases uses straight-line depreciation. Required: For each of the above cases, determine the depreciation term and the residual value used in computing the depreciable amount (original cost less residual value).