Question

Anhar Shbaita ACCG 70017 Financial Accounting 2: ACCG70017 Financial Accounting 2 Winter 2019 SRodgers Module 1...

Anhar Shbaita

ACCG 70017 Financial Accounting 2: ACCG70017 Financial Accounting 2 Winter 2019 SRodgers

Module 1 Assignment

instructions | help

Question 1 (of 6)Question 2 (of 6)Question 3 (of 6)Question 4 (of 6)Question 5 (of 6)Question 6 (of 6)  Save & ExitSubmit

  Time remaining: 4:08:28  

4.

value:
10.00 points

At December 31, 2017, Halifax Servicing's balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole month.

Required:
Complete the schedule. (Do not round intermediate calculations. Round the final answers to the nearest whole dollars.)


1 There have been no disposals or subsequent capital expenditures since the date of purchase.
2 Actual kilometres driven were: 2017, 14,000; 2018, 68,000.

description

Date of purchase

Method

cost

residual

Life

Balance of Accum. Deprec. Dec 31 2017

Depreciation Expense for 2018

Deprec

Dec. 31, 2018

Office Equip

March 27/14   

Straight-line

$84,000

$14,000        

10 yr.

Machinery             

June 4/14

Double-declining-balance

315,000

34,000          

6yr

Truck

            Nov. 13/17

Units-of-production             

174,000

28,000

400,000 sq.

Homework Answers

Answer #1

office equipment

straight line

balance of accumulated depreciation Dec 31 , 2017 = $28,000

depreciation expenses for 2018 = $7000

depreciation Dec 31,2018 = $ 35,000

MACHINE

DOUBLE DECLINING BALANCE METHOD

balance of accumulated depreciation Dec 31 2017 = $ 252,803

depreciation expenses for 2018 = $ 20,736

​​​​​​depreciation Dec 31 2018 = $ 273,539

TRUCK

UNITS OF PRODUCTION METHOD

balance of accumulated depreciation Dec 31,2017 = $ 5110

depreciation expenses for 2018 = $ 24,820

depreciation Dec 31,2018 =$ 29,930

all explanation is given below are

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
2) Equipment was purchased at the beginning of 2019 for $900,000. At the time of its...
2) Equipment was purchased at the beginning of 2019 for $900,000. At the time of its purchase, the equipment was estimated to have a useful life of five years and a salvage value of $100,000. The equipment was depreciated using the straight-line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of seven years and the expected salvage value was changed to $42,500. The amount to be recorded...
The Pyramid Company has used the LIFO method of accounting for inventory during its first two...
The Pyramid Company has used the LIFO method of accounting for inventory during its first two years of operation, 2016 and 2017. At the beginning of 2018, Pyramid decided to change to the average cost method for both tax and financial reporting purposes. The following table presents information concerning the change for 2016–2018. The income tax rate for all years is 40%. Income before Income Tax Average Cost Method LIFO Method Difference Income Difference Tax Effect after Tax 2016 92,400...
1. Prior to 2017, taxable income and pretax financial inomce were identical 2.Pretax financial income is...
1. Prior to 2017, taxable income and pretax financial inomce were identical 2.Pretax financial income is $1,700,000 in 2017 and $1,400,000 in 2018 3. On January 1, 2017, equipment costing $1,200,000 is purchased. It is to be depreciated on a straight-line method basis over 5 years for tax purposes and over 8 years for financial reporting purposes. 4. Interest of $60,000 was earned on tax-exempt municipal obligations in 2018. 5. Included in 2018 pretax financial income is a gain on...
6. Selected financial statement information for Textile Co. appears below: Balance Sheet accounts Jan. 1, 2017...
6. Selected financial statement information for Textile Co. appears below: Balance Sheet accounts Jan. 1, 2017 Dec. 31, 2017 Inventory $210,000 $340,000 Accounts Receivable $85,000 $43,000 Income Statement (partial) For the year ended Dec. 31, 2017 Sales $824,000 Cost of Goods Sold ($658,000) Gross Profit $166,000 (1). Calculate the amount of cash collected from customers. (2). Calculate the amount of cash spent on inventory for 2017 by Textile Co.
Required financial statements (for questions 1 and 2): Verizon Communications (FYE: December 31, 2017) 1.       The...
Required financial statements (for questions 1 and 2): Verizon Communications (FYE: December 31, 2017) 1.       The allowance for doubtful account balance made up what percentage of Verizon’s accounts receivable (gross) on the December 31,         2017 balance sheet? The estimated percentage (in 1 above) increased to 5%:              a)      What would be the new allowance for doubtful accounts and accounts receivable (net of allowance) on the December 31, 2017 balance sheet? b)      What impact would the change in percentage have on bad...
Sherrod, Inc., reported pretax accounting income of $74 million for 2018. The following information relates to...
Sherrod, Inc., reported pretax accounting income of $74 million for 2018. The following information relates to differences between pretax accounting income and taxable income: Income from installment sales of properties included in pretax accounting income in 2018 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end had a balance of $8 million (representing portions of 2017 and 2018 installment sales), expected to be collected equally in 2019 and 2020. Sherrod was assessed a penalty...
Chapter 10 Question 2: On November 1, 2017, Norwood borrows $410,000 cash from a bank by...
Chapter 10 Question 2: On November 1, 2017, Norwood borrows $410,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal payments of $105,407 each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31,...
Sherrod, Inc., reported pretax accounting income of $88 million for 2018. The following information relates to...
Sherrod, Inc., reported pretax accounting income of $88 million for 2018. The following information relates to differences between pretax accounting income and taxable income: Income from installment sales of properties included in pretax accounting income in 2018 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end had a balance of $8 million (representing portions of 2017 and 2018 installment sales), expected to be collected equally in 2019 and 2020. Sherrod was assessed a penalty...
Samberg Inc. had the following transactions. Oct. 1 – Sold $14,000 of merchandise on account, 2/10,...
Samberg Inc. had the following transactions. Oct. 1 – Sold $14,000 of merchandise on account, 2/10, n/30 to McCormick Industries. Nov. 1 – Received a $14,000, 90-day, 11% note from McCormick Industries to settle its $14,000 unpaid balance. Dec. 31 – Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) Jan. 31 – Received the interest on the note’s maturity date. Jan. 31 – Received the principal on the note’s maturity date. (Round your answer...
Following are transactions of The Barnett Company:     2017 Dec. 16 Accepted a $22,000, 60-day, 5%...
Following are transactions of The Barnett Company:     2017 Dec. 16 Accepted a $22,000, 60-day, 5% note dated this day in granting Carmel Karuthers a time extension on her past-due account. Dec. 31 Made an adjusting entry to record the accrued interest on the Karuthers note. Dec. 31 Closed the Interest income account.      2018 Feb. 14 Received Karuthers’ payment for the principal and interest on the note dated December 16. Mar.    2 Accepted an $8,000, 4%, 90-day note dated...