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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.
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I am trying to figure out FIFO LIFO and AVERAGE COST of the ending inventory and the cost of goods sold.
Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Carrying amounts of merchandise materials as well as supplies inventories are generally determined on a moving average cost basis and are stated at the lower of cost or market.
Is there nay depreciation needed to perform when the revaluation model is applied to the asset?
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