Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hello i need your help in this question about fixed assets data Reduced cost Accumulated depreciation cost Date of purchase and operation section (1) 136,000

hello i need your help in this question about fixed assets

data

Reduced cost

Accumulated depreciation

cost

Date of purchase and operation

section

(1)

136,000

64,000

?

1/1/17

equipment

(2)

?

?

100,000

1/7/18

Machines

(3),(4)

285,000

?

?

1/4/18

Vehicles

Company Ltd. (hereinafter - the Company) was established on 1/1/17

The following are the balances of the Company's fixed assets as of31/12/18:

data:

1. The equipment is reduced by the straight-line method. The value of the equipment is estimated by the company's management at 40000$

2. The machines are reduced by the method of The sum of the years' digits depreciation , over 6 years. According to management, the company will not succeed

Sell the machines after they are no longer used. Due to the production workers' strike on November 19, the company stopped

Use machines this month only.

3. The vehicles are reduced by the straight-line method, over 4 years. The value of the vehicle is estimated by the company's management at $25,000 of

4.On January1/1/20, the vehicles were sold $250000 which were received in cash.

Required:

A. Complete the table data.

B. View journal orders for the depreciation of the Company's fixed assets for 2019.

third. View journal orders for the sale of fixed assets on 1/1/20.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Auditing Using A System Perspective Premier Reference Source

Authors: Robert Elliot Davis

1st Edition

1799855481, 978-1799855484

More Books

Students also viewed these Accounting questions