On January ​2, 2023​, Thrifty Clothing Consignments purchased showroom fixtures for $11,000 ​cash, expecting the fixtures to remain in service for five years. Thrifty has depreciated the fixtures on a​ double-declining-balance basis, with zero residual value. On October 31, 2024​, Thrifty sold the fixtures for $5,000 cash. Record both depreciation expense for 2024 and sale of the fixtures on October 31​, 2024. ​(Record debits​ first, then credits. Select the explanation on the last line of the journal entry table. Note that 2023 depreciation was recorded and posted in 2023​.)

Q: On March 2, 2021, HABIBIYUCK bought an equipment costing P1,200,000. Itis the company’s policy to…

A: Formula: Depreciation rate = ( 100 / Useful life ) x 2

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A: Depreciation: Decreasing value of fixed assets over its useful life period.

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A: Double-declining-balance method: It is an accelerated method of depreciation under which the…

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A: Under Double declining balance method, depreciation is charged at an accelerated rate in the initial…

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A: Lets understand the basics. In double declining balance method, depreciation is calculated at double…

Q: ABC Company purchased equipment on January 1, 2018 for ₱9,000,000. The equipment had a useful life…

A: Working Note;

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A: Depreciation is the systematic reduction of a fixed asset's reported cost until the asset's value is…

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A: SLM depreciation = (cost - salvage value)/life = (180000-40000)/10 = 14000 SLM rate = SLM…

Q: On September 30, 2018, Bricker Enterprises purchased a machine for OMR 11,000. The estimated service…

A: Depreciation is the decrease in value of an asset due to various reasons like wear and tear,…

Q: double-declining-balance method of depreciation

A: Payments of annual insurance policy and motor vehicle license are not part of cost to bring the…

Q: HH purchased new shelving for its store on April 1, 2018. The shelving is expected to have a 20-year…

A: Since, we only answer upto 3 sub-parts, we'll answer the first 3.Please resubmit the question and…

Q: McKnight depreciated the shelving on a​ double-declining-balance basis, with $1,500 estimated…

A: Account Title and Explanation Debit Credit Depreciation expense $   Accumulated…

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A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

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A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: Wardell Company purchased a mini computer on Jan 1, 2019 at a cost of $48,500. The computer has been…

A: Depreciation: It is an expense for the company incurred when assets get uses in the business…

Q: Rayya Co. purchases and installs a machine on January 1, 2017, at a total cost of $134,400.…

A: Straight-line depreciation: Straight-line depreciation is one of the common methods of depreciation…

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A: Depreciation: Depreciation is a method that reallocates the cost of a tangible asset over its useful…

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A: Depreciation expense under the straight-line method will be calculated by dividing the difference…

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A: Journal entry in the books of Novak Cole Inc a). Equipment Date     Particulars…

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A: Depreciation is the decrease in value of asset due to wear and tear.

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A: Depreciation  = cost - residual value/ useful life

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A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

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A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/10 years) x 2 = 20%

Q: company purchased several pieces of equipment for a total of $ 60,000 on January 1, 2019, which is…

A: Net Book Value of Asset: The value at which a firm reports an asset on its balance sheet is referred…

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A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear. There are…

Q: Rayya Company purchases a machine for $151,200 on January 1, 2021. Straight-line depreciation is…

A: Formulas: Gain (loss) on sale of machinery = Sales value of the machinery - Net book value of the…

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A: The numerical has covered the concept of Depreciation Accounting Under Double Declining Method.In…

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A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

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A: Given that, cost of the equipment = $120000 Residual value of equipment = $10000 Useful life of…

Q: Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse…

A: Here discuss about the topic of Amount Realized on the sale of assets and any kind of amount…

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A: Accumulated Depreciation: The contra assets account which is used for accumulating all those…

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A: Depreciation means allocation of cost of asset over the useful life of the asset.

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A: Depreciation is considered a reduction in the value of assets due to use of that asset. We can…

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A: Compute depreciation for the first two years i.e. 2016 and 2017 with double declining method as…

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A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/4 years) x 2 = 50%

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A: Wear and tear: It is the ordinary degradation of an asset from continuing usage, even when it is…

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A: DEPRECIATION CHARGE :  = ( COST OF ASSET - ESTIMATED RESIDUAL VALUE ) / ESTIMATED USEFUL LIFE OF…

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A: Depreciation is the allocation of cost of asset over the useful life of the asset. It can be charged…

Q: ) Kathleen Cole Inc. acquired the following assets in January of 2018. Equipment, estimated…

A:

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A: Depreciation is an expense account that is considered as a reduction in the value of an asset due to…

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A: Solution: Sum of years digits = 10+9+8+7+6+5+4+3+2+1 = 55

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A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

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A: Formula to calculate depreciation rate: