property‚ plant and equipment registers which show all relevant details over the projected life of the asset. Each asset must have two PPE registers prepared- one using straight line method of depreciation and the other using reducing balance method. This is done to assit with decision making about the best depreciation method to use. The purchase date of all three assets must be 1 September 2012. The assets that you are asked to research are: * Delivery van(commercial vehicle) used to delivery white
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Depreciation and depletion are two models of computing financial reports. These techniques are used as adjustments when preparing statements of cash flow within the direct or indirect method. This paper will identify and examine the methods of depreciation and depletion‚ describe the difference between the methods‚ and compare and contrast depreciation and depletion as well using scholarly references to support the points. Net income is reduced through depreciation and is an expense of the company
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| BE9 – 13 Spain CompanyPartial Balance Sheet31–Dec-11 | Property‚ plant‚ equipment | | | | Coal mine | 500‚000 | | | Less: Accumulated depletion | 108‚000 | 392‚000 | | Buildings | 1‚100‚000 | | | Less: Accumulated depreciation | 650‚000 | 450‚000 | | Total property‚ plant‚ and equipment | | | 842‚000 | Intangible assets | | | | Goodwill | | | 410‚000 | Do It 9-4 Intangible | Rights‚ privileges‚ and competitive advantages that result from
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2000 phones have been sold and remaining phones are in stock. The net realisable value of the remaining phones as at March 31‚ 2011 is Rs 1.20 lacs AS 6 a) Determine the depreciation cost of the following Machinery for the year 2011 in accordance with AS -6 Cost of the Machine – Rs 100‚000 Depreciation rate as per Schedule XIV of the Companies Act – 10.34% SLM Estimated life of the machine – 5 years. b) Assuming the data given above remains the same‚ in the year 2013 the
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Depreciation Accounting 1 Types of Long-Lived Assets y Tangible asset y Asset with physical substance y Property‚ plant‚ and equipment = fixed asset. y Intangible asset y Intellectual property. y No physical substance y Examples are patent rights‚ copyrights 2 Amortization y y View capital asset as bundle of services Similar to prepaid expenses‚ cost is expensed as company benefits from the services y y y y Land - no depreciation Plant and equipment - depreciation Natural
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Learning Task Number Four The Henry Furniture Co. is a new company and has numerous fixed assets that need to be depreciated. You can help Henry by determining the depreciation rates for the assets and the amount of depreciation for year one. The assets were purchased at various times during the year (hint: watch out for the dates). The following assets will be held by the company for at least the next two years (In other words‚ year two will be a full year for all of the assets). Please fill
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Purchase Invoice * Bills for purchased goods and services may not arrive in the correct fiscal period * However‚ it must follow the Matching Principle * To follow GAAP‚ accounts payable is used to cover for expenses * Adjusting for Depreciation: * Learned later on Journalizing * Beware of
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Week Three Exercises Fatma Miljkovic ACC/290 March 25‚ 2013 Professor: Tim Callaghan | BE4-1 | Transactions that affect earnings do not necessarily affect cash. | Hint: Identify impact of transactions on cash and net income.(SO 2‚ 9) | | | InstructionsIdentify the effect‚ if any‚ that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. | | | | | Cash | Net Income | (a) | Purchased $100
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Recognizing Differences Rita Godwin August 22nd‚ 2014 X/ACC 291 Shontell Chrisman What are the differences between valuation‚ depreciation‚ amortization‚ and depletion? Valuation‚ depreciation‚ amortization and depletion all have differences among them. Depreciation is the process of allocation to expense the cost of plant assets over the span of life when it is useful in a rational and systematic way. It is used on tangible assets such as equipment‚ land and
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Accounting Standards 6 and 10 on ‘Depreciation Accounting’ and ‘Accounting for Fixed Assets’ Accounting Assets Financial Audit Autonomous Bodies‚ AS 6 and AS Session 1.5 9 1 Session Coverage • AS-6 ‘Depreciation Accounting’; A i ’ • and d • AS 10 ‘Accounting for Fixed AS-10 Accounting Assets’ Financial Audit Autonomous Bodies‚ AS 6 and AS Session 1.5 9 2 Learning Objective • At the end of this session‚ the learner will be able to apply the concepts contained
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