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Q. Show depreciation formula with example?
The depreciation formula (straight-line) to calculate straight-line depreciation for a one-year period is:
Annual deprecation = (Asset cost - Estimated residual value) / Estimated years of useful life
To exemplify the use of this formula recall that on December 1 Micro Train Company buy four small trucks at a cost of USD 40000 the journal entry was:
The approximate residual value for each truck was USD 1000 consequently Micro Train approximate the total residual value for all four trucks at USD 4000. The company approximate the useful life of each truck to be four years. By means of the straight-line depreciation formula Micro
Train calculated the annual depreciation on the trucks as follows
Annual deprecation = USD40000 -USD 4000 4 years = USD9000
The sum of depreciation expense for one month would be 1/12 of the annual amount. Therefore depreciation expense for December is USD 9000 ÷ 12 = USD 750.
Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by
Q. Show double-entry procedure or duality? In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we deb
nWhat is the implication of applying accounting concepts wrongly.imum 100 words accepted#
explain accounting standard 14
ABC's Product information Current Product Expansion Product (estimate) Selling Price $14.50 $ Units produced and expected to be sold 80,000 5,000 Machine Hours 40,000 5,00
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
What is the implication of applying accounting concepts wrongly
2 deprecation on equipment is calculated at 10% per annum on cost price new equipment for R400 was purchased on 1 December 2012 and has been recorded
Assorted fund, a U.K.-based globally diversified equity mutual fund, is considering adding Talisman Energy Inc. (Toronto Stock Exchange: TLM) to its portfolio. Talisman is an indep
Solve accounting income statement question in single step with given details.. The following are information for the Lotu Wo Company: Net Sales 5
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