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

On June 15, 2024, Perfect Furniture discarded equipment that had a cost of $8,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Jun. 15 Accumulated Depreciation-Equipment Cash Depreciation Expense-Equipment Equipment Gain on Disposal Loss on Disposal Maintenance Expenses Debit Credit

H1.  Account

Compute the following: a. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Prepare the adjusting entry for the first year using the straightline depreciation method. Omit explanations. If an amount box does not require, leave it blank. Page: 1   DATE DESCRIPTION POST.REF. DEBIT CREDIT   1 a.     fill in the blank a56629fe4031fb0_2 fill in the blank a56629fe4031fb0_3 1 2       fill in the blank a56629fe4031fb0_5 fill in the blank a56629fe4031fb0_6 2 a. Carder & Company purchased equipment for $24,000 with a useful life of eight years and no expected salvage value. Compute the book value at the end of the second year of the equipment's life. Book Value $fill in the blank bd8c2300bf8af95_1 b. DAC Company pays its employees every Friday. On January 2, 20--, the Company paid $6,000 for the 5 days beginning the previous December 29. Prepare the adjusting entry on December 31. Omit…

Please help me find the accumulated depreciation . I got 150 but it's wrong apparently.

White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370, and assembly and setup amounted to $575. The shelves are expected to last for 9 years and have a scrap value of $700. Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving?   (b) What is the accumulated depreciation (in $) after the third year?   (c) What is the book value of the shelving (in $) after the fifth year?

"The Company records equipment at cost. Depreciation is recorded on a straight-line basis over the equipment's estimated useful life, which is currently estimated to be ten years." The equipment is computer, I want to know 10 years Depreciable Life is reasonable or not under GAAP, Are there any clear regulations?

I am using MACRS for depreciation. Purchase date: September 1st Cost: $650,000 Salvage:  $30,000 Life: 7 years What percent do I use to calculate depreciation for years 1-8?

Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation.     Debit Credit Dec 31 ? 40,000            ?   40,000

Prepare the journal entry to record TWO of the following scenarios. Please be sure to identify which scenarios you have selected.       (a) Discarding of Machine #1: Original cost, $25,000; accumulated depreciation, $20,000.       (b) Sale of Machine #2: Original cost, $50,000; accumulated depreciation, $35,000; sold for $18,000 cash.       (c) Sale of Machine #3: Original cost, $75,000; accumulated depreciation, $65,000; sold for $4,000 cash.