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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.
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
decrease in assat & decrease in capital
In earlier times in history, wealthy people utilized 'stewards' to direct their property. These stewards made an account of their stewardship to their owners periodically. This ide
Q. Describe about Net sales? Sales -- amounts received or due for services or goods sold to customers. Gross sales aretotal sales before any returns or adjustments. Net sales a
Present value -- a notion that compares the value of money available in the future with thevalue of money in hand today. For instance $78.35 invested today in a 5% savings accountw
on..
A supplier to the electric utility industry produces power generators. The Transportation costs are high. One market area includes the lower part of the Great Lakes region
Part 1 (a) Name and describe the three concepts that form the basis of double entry bookkeeping, and explain how they form the basis of double entry bookkeeping. (b) How doe
Problems: Please show all calculations. Claudette, Inc., provides warranties for many of its products. The January 1, 2014, balance of the Estimated Warranty Liability account
nWhat is the implication of applying accounting concepts wrongly.imum 100 words accepted#
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