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All of the depreciation tables are wrong and I am so confused. Please help. Need to figure out the office depreciation, the building depreciation, and
All of the depreciation tables are wrong and I am so confused. Please help. Need to figure out the office depreciation, the building depreciation, and the delivery equipment depreciation.
KTZFIG Consulting and Sales Inc Post Closing Trial Balance June 30, 2021 4 5 Cash 6 Accounts Receivable 7 Allowance for Uncollectible Accounts 8 Supplies 9 Inventory 0 Prepaid Insurance 1 Land 12 Building 3 Accumulated Depr- Building 4 Office Equipment 15 Accumulated Depr- Office Equip L6 Computer Equipment 17 Accumulated Depr - Computer Equip 18 Accounts Pavable 19 Utilities Payable 0 Wages Payable 21 Short Term Note Payable 2 Long term Note Payable 3 Mortgage Payable 24 Common Stock ($1 par, 1,000,000, 5 shares authorized, 500.000 issued 26 and outstanding) 7 Retained Earnings 28 9 198,600 75,580 4,690 56,500 58,596 57,890 160,000 459,600 19,356 785,600 45,600 978,500 1,379,160 debt 1,349,500 equity 32,560 56,560 16,850 58,950 250,000 490,000 506,800 500,000 849,500 2,830,866 $ 2,830,866 Building Depreciation Schedule Depreciation for the Year Asset Cost Depreciation Ac cumulated Depreciation Book Value basis Expense 14985.00 450000.00 7/1/2021 490500.00 6/30/2022 6130/2023 490500.00 6/30/2024490500.00 6130/2025 490500.00 14985.00 475515.00 29970.00 44955.00 59940.00 74925.00 490500.00 450000.00 450000.00 450000.00 450000.00 14985.00 14985.00 14985.00 14985.00 460530.00 445545.00 430560.00 415575.00 Office Equipment Depreciation Schedule Depreciation for the Year Asset Depreciation Ac cumulated Depreciation Book Value basis Expense 154845.00 154845.00 154845.00 154845.00 154845.00 465000.00 11/1/2021 479500.00 6/30/2022 6130/2023 479500.00 6130/2024 479500.00 6130/2025 479500.00 33.30 154845.00 324755.00 479500.00 465000.00 465000.00 465000.00 465000.00 33.30 33.30 33.30 33.30 309690.00 464535.00 619380.00 774225.00 169810.00 14965.00 -139880.00 294725.00 Delivery Equipment Depreciation Schedule Depreciation for the Year Depreciation Asset Units of Depreciation Ac cumulated Depreciation Book Value er unit Production Expense 2/1/2022 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026 550,000 550000 550,000 550,000 550,000 550,000 PLANNED ASSET ACQUISITIONS 4 Reminder that the company's fiscal year is July 1 through June 30 Asset Useful life Salvage Depreciation Purchase Date Value Method NIA Land Buildin Office Equipment Delivery 500,000 NIA 490 500 479,500 NIA 40,500 Straight line 14,500 Straight line 30 1-Nov-21 550,000 20,000 production 1-Feb-22 o Equipment 1 2 4 5 Additional information related to the $550,000 delivery equipment purchase: It is ESTIMATED that the equipment will be ABLE TO DRIVE 250,000 total miles over its lifetime. To complete the depreciation schedule, PRESUME that the actual miles driven for its useful life are as indicated below. Also, round depreciation expense per unit to the nearest cent and depreciation expense to 6 the nearest dollar 0 1 2 Year 1 Year 2 Year 3 Year 4 Year 5 32,500 56,800 55,950 52,600 56,500Step by Step Solution
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