Depreciation and correct answer
Accounting review: income statements and balance sheets 21 chapter overview although this is not exactly correct in terms of the definition depreciation expenses associated with production. Straight line depreciation method charges cost evenly throughout the useful life of a fixed asset straight line depreciation can be calculated using the following formula: ( cost - residual value) / useful life. Suggested answer claude frymark asked a question on 16 apr 2012 6:12 pm my client recently imported their fixed asset list the annual depreciation rate is correct but the period rate is closer to the daily rate and the daily rate is just pennies. 7-depreciation under federal income tax depreciation rules 149 problem 1: depreciation of 5-year propertyon june 1, 2012, dryco, which has a. Accumulated depreciation is what's known as a contra account, or more specifically, a contra-asset account contra accounts are used to offset other accounts.
Chapter 2 answers and solutions chapter 2 - page 2 chapter 2 - page 1 chapter 2 - page 26 the correct answer is statement a depreciation is an expense item found on the income statement and accrued wages are a current liability on the balance sheet. About this quiz: chapter: depreciation, impairments and depletion quiz type: multiple choice questions (mcqs) number of mcqs: 16 total points: 16. 1 answer to depreciation and accounting cash flow a firm in the third year of depreciating its only asset, which originally cost $180,000 and has a 5-year macrs recovery period, has gathered the following data relative to the current year's operations accruals $ 15,000 current assets 120,000 interest - 681277. Tb_chapter02 financial statements, cash flows and taxes - download as pdf file (pdf), text file (txt) or read online test bank test all of the statements above are correct changes in depreciation answer: d diff: e assume that a company currently depreciates its fixed assets over 7 years. Answered oct 2, 2016 author has 220 answers and 5157k answer views following this practice its helps you to calculate correct profit and loss for every year what is provision for depreciation on machinery.
It is probably correct turbotax uses the mathematical method of depreciation, rather than using th incorrect prior depreciation changes this year's depreciation be clear and state the answer right up front. I have previously provided such an answer for another case in the community on you can reverse depreciation for an asset by entering a target date that is before the date through which the asset book has then once it has been reversed do it the correct way for may and have it posted on. Solutions to study questions, problems, and cases 16 depreciation is a process of cost allocation, which requires estimation of useful life, salvage value date to correct the error these supposed one-time charges are usually. Calculate the straight-line depreciation of an asset or, the amount of depreciation for each period find the depreciation for a period or create a depreciation schedule for the straight line method includes formulas, example, depreciation schedule and partial year calculations.
Note: the answers arrived at using the formula versus the factor table engineering economics 4-6d depreciation book value the assumed value of the asset after j years the book value (bvj) therefore, (c) is correct. Depreciation recapture equals cost basis minus an asset's book value at the time of disposal apply the current tax rates and determine which of the following statements is correct the submit answers for grading feature requires scripting to function. Answer selected answer: the company's depreciation and amortization expenses declined correct answer: the company's depreciation and amortization expenses declined question 7 2 out of 2 points assume that congress recently passed a provision that will enable bev's beverages inc (bbi) to double its depreciation expense for the upcoming.
Depreciation and correct answer
Try the multiple choice questions below to test your knowledge of this chapter the balance sheet of brambilla & co showed motor vehicles at cost for € 20,000 and accumulated depreciation amounting to € 7,200 you must select all the correct answers. 5 answers answer this you can use as92 and correct the acc depreciation value feb and mar can i find a way to correct the period start accumulated depreciation in asset accounting now thanks answered sorry something went wrong on our end please try again.
Revenues for changes in accounts receivable ~your answer is correct decreases are added when using the direct method and deducted when using the indirect depreciation expense challenge ~your answer is correct ] ) the correct answer is shown. Enter the correct date in the asset worksheets for 2012, enter the prior depreciation on the prior depreciation line, and proseries will. Study 100 final exam flashcards from sally d on studyblue studyblue which of the following statements concerning depreciation expense is most correct a answers (a) and (b) are correct e answers (a) and (c. Gaap depreciation is a systematic and rational process of distributing the cost of tangible assets over the life of assets depreciation is a process of allocation. Estimates, (like depreciation or provisions for future obligations) but don't adversely affect cash, the balance sheet will not guarantee that your statement of cash flows is correct (as you may have.
Selected answer depreciation amortization and depletion allowance correct from fin 405 at strayer university, washington dc. The correct answer is shown the factors necessary to compute depreciation include (costjselling price/market value)cost, salvage value and useful life ~your answer is correct • reed about lhis. Bus475 answer guide - 2016 update section five april 18, 2016 posted by octotutor exams the depreciation of currency will: improve a country's comparative advantage we will answer, solve. Under the macrs system, depreciation is calculated by using the correct table, which contains a percentage rate for each year of the property's recovery period. Depreciation the value of fixed assets reduce after year because of usage and passage of time show answer next test your skills only 1 option is correct for each question this is a timed test after you have finished the test, press on the 'finish test' button to know your score and.