The Baker's Talent Inc. Unadjusted Trial Balance, December 31, 2020 Account name Debit CADS Credit CADS 423,177 137,000 5,400 149,000 Cash Accounts receivable Prepaid insurance Inventory Machinery Accumulated depreciation – Machinery 53,000 25,864 Furniture and Fixtures 123,000 Accumulated depreciation – Furniture and Fixtures Computer equipment Accounts payable Dividends payable Contributed capital Retained earnings 30,750 4,650 45,000 10,000 75,000 140,386 Revenue 2,630,000 606,800 1,281,913 16,000 18,370 96,000 18,250 14,440 Purchases Salaries and wages expense Advertising expense Repairs and maintenance Rent expense Laundry expense Utilities expense Administrative expense 10,000 $2,957,000 $2,957,000
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- a fired aseet, uch ata computer, was purchaed un lanuary 1 for $1.419 wth an estimaned e aand a salvage or reiduv S11. e ouma ry tur the mat egenunder ti d OAcomlated Depredation Depredation Epene 212.57 212.57 Depredation Expense Accumulated Depreciation 1721 O Aocumulated Depredation 17.71 Deprecianion Expense 17.71 O Depredation Epense 212.57 Accumulatad Depredation 212.5ent-player/index.html?launchId=5e8570d9-7885-4557-a756-8a59bb69135c#/question Question 6 of 9 View Policies Current Attempt in Progress (a1) At the end of its first year, the trial balance of Blossom Company shows Equipment $23,100 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,700. Date Prepare the annual adjusting entry for depreciation at December 31. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dec. 31 WP NWP Assessment Player Ul Ap X + Account Titles and Explanation eTextbook and Medial List of Accounts Save for Later -/15 : Debit Credit Attempts: 0 of 3 used (a2) The parts of this question must be completed in order. This part will be available when you complete the part above. (a3) The parts of this question…The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…
- help me Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020.JulianaTrial Balance as at 31 December 2020RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases 516,000Returns inwards 47,000Discount allowed 4,000Capital at 1st January 2020 230,000Drawings 14,000Provision for doubtful debts at 1 January 2020 23,000Salaries Expense 44,000Administration costs 38,000Bank 75,000Bad debts written off 77,000Inventory at 1 January 2020 84,0001,164,000 1,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciationon office equipment is charged at 20% per annum using the reducingbalance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The…Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC Company based on straight line method of depreciation: Acquisition Salvage Est. Asset Cost Depreciation Date Value Life Furniture Feb 28, 2019 P90,000 P3,000 LO 5Balance Sheet and Notes Listed here in random order are Wicks Construction Limiteds balance sheet accounts and related ending balances as of December 31, 2019: Additional information: 1. The company reports on the balance sheet the total amount for inventories and the net book value of property, plant, and equipment, with the related details for each account disclosed in notes. 2. The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. A breakdown of property, plant, and equipment shows the following: land at a cost of 32,000, buildings at a cost of 182,400 and a net book value of 120,200, machinery at a cost of 63,900, and related accumulated depreciation of 18,600, and equipment (40% depreciated) at a cost of 53,000. 3. Patents are amortized on a straight line basis directly to the Patent account. 4. Inventories are listed at the lower of cost or market value using an average cost. The inventories include raw-materials, 22,200; work in process, 34,700; and finished goods, 41,600. 5. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. 6. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. 7. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. 8. Short-term investments in marketable securities were purchased at year-end. 9. The bonds payable mature on December 31, 2024. 10. The company attaches a 1-year warranty on all the products it sells. Required: 1. Prepare Wicks Constructions December 31, 2019, balance sheet (including appropriate parenthetical notations). 2. Prepare notes to accompany the balance sheet that itemize company accounting policies; inventories; and property, plant, and equipment. 3. Next Level Compute the current ratio and the quick ratio. How do these two ratios provide different information about the companys liquidity? Why are these ratios useful?
- y Home CengageNOWv2 | Online teachin x takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogressfalse eBook Show Me How Calculator Print Item Partial-Year Depreciation Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 %24 6,200 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Depreciation Year 1 Year 2 Feedback TCheck My Work Asset cost minus residual value equals depreciable cost Book value is the asset cost minus accumulated depreciation. If an asset is used for only part of a year the depreciation is prorated based on the number of months the asset is in service.…1. The total depreciation for the year ended December 31, 2020 isa. P237,000 c. P233,250b. P232,500 d. P236,250 2. The carrying amount of production machine as of December 31, 2020 isa. P1,024,500 c. P1,069,500b. P1,029,000 d. P 990,750CengageNOWv2 | Online teachin x + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=... A Print Item A Determining Fixed Asset's Book Value The balance in the equipment account is $3,240,000, and the balance in the accumulated depreciation-equipment account is $2,134,000. a. What is the book value of the equipment? X b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $2,134,000? ✓, because depreciation is an allocation of the cost No of the equipment to the periods benefiting from its use. E 00
- On December 31, 2019, Human subjected to impairment test a piece of equipment. Data pertinent to the equipment as of December 31, 2019 follows: Original cost 2,400,000Adjusted Accumulated depreciation 600,000Selling price 1,400,000Estimated cost to make the sale 200,000Value in use 1,100,000Remaining useful life 6 yearsMethod of depreciation Straight lineOn December 31, 2021, the asset is found to have a recoverable amount of P1,300,000. QUESTIONS:Based on the information above and your analysis, answer the following: 1) How much loss impairment is recognized in 2019? A. 400,000 C. 600,000 B. 500,000 D. 700,000 2) How much is the depreciation expense recognized in 2020? A. 200,000 C. 300,000 B. 216,667 D. 333,333 3) How much gain on recovery is recognized in 2021? A. 500,000 C. 300,000 B. 400,000 D. 200,000 4) How much much is the depreciation expense recognized in 2022 under the cost model? A. 325,000 C. 250,000 B. 300,000 D. 200,000 5) How much is the depreciation expense recognized…* CengageNOW2 | Online teachin x + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ SU login O Digital University |.. Tenant Portal - Login 围 eBook Show Me How E Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $93,600 has an estimated residual value of $3,600 and an estimated useful life of 10 years. Determine the following: a. The depreciable cost 90,000 10 b. The straight-line rate c. The annual straight-line depreciation 90,000 X Feedback V Check My Work ifference betwee the asset's initial cost and its residual value. The residual value is the estimated value at Depreciable cost is the the end of the useful life. Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. 10:22 PM 46% -2°F 12/16/2021 F11 F10 F8 F7 1%/ 6. 4. R. * CO 5O Bookmarks < O 9.0 eBook Window Help ACCT-2010-DEM01 a. What was the depreciation fo e first year? $ Cash Show Me How Feedback v2.cengagenow.com Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $33,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $640. b. Assuming the equipment was sold at the end of year 2 for $8,130, determine the gain or loss on the sale of the equipment. Loss Check My Work 7 more Check My Work uses remaining. APR 4 . G C CengageNOWv2 | Online teaching and learning resourc... ? O All work saved. Check My Work Be sure to record the selling price of the fixed asset. If the company no longer has the fixed asset what account(s) would need to be eliminated? Was or a loss on the sale? tv Ⓒệa 20 Tue Apr 4 Email Instructor Save and…