Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oriole Company purchased equipment on March 27, 2018, Ma cost of $237,000. Management contemplating the ments of using the hug balance or units of production

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Oriole Company purchased equipment on March 27, 2018, Ma cost of $237,000. Management contemplating the ments of using the hug balance or units of production method of depreciation instead of the straight line method, which it currently uses for other equipment. The new equipment has an d residual of $8,000 and an estimated use of other four years or 80,000 units. Demand for the products produced by the equipment is sporadic so the equipment will be used more in some years w hen the produce the following number of units each yew: 14,200 units in 2018; 20,400 units in 2019, 20,400 in 2020; 20,000 units in 2021, 5000 units in 2022. Ocasa December yer and lar a r las to decimal places . 275.) Prepare separate depreciation schedules for the We of the moment using (Hound deation per we dec Straight- method: De Derection Ac t ed Carrying Do u ng-boce method: Double-diminishing-balance method: Opening Carrying Amount Depreciation Accumulated Expense Depreciation Carrying Amount Year 2018 $ 2019 2020 2021 2022 H uge Student/mainrun 2021 2022 Units-of-production method: Depreciation Accumulated Year Units-of-Production Expense Depreciation Carrying Amount 2018 2019 2020 2021 2022 Red Theatre ha ach and operate a machine that both located the theatre bered . The roof There we a re one works from 1pm to 5pm the other top The cash receive cash from customers and the machine by the theatre manager at the beging of each cather's shift Mer purchasing at which costs a t amount depending on the day of the week and the customer's age group the states the bett e r toned at the entrance to the theatre by a few metres from the ther's booth. The whereas the b a ll the customer and returns the best to the customer. The hardes the other half of the tito a locked box At the end of each cashier's shit the theatre manager remove the ticket rolls from the machine and makes a cash count. The sho w ed by the cash. At the end of the day, the manager deposits the recept na bakht deposit slot in addition, the manager of the deposit ipdthew ed cash count where the head casier for verification and to the accounting department for comparison with sales records. Recept from the truth are stored in a safe located in the manager's office Identify the control activities a t the polication to cash receipts at the theatre Control Activities Application to Cash Receipts Only cashers are authorized to sell tits. Only the manager and cashier can handle cash. Only ushers authorize entrance The duties and customers we assigned to the cashier and to the doorperson. The manager man content records the The prebere sh e wand Depots are prepared and the company r Cashs depo Ch ed to the machine by the manager and the machine stores y comowe made by the head cashed ting department of the a debyh recorded a ndach w Oriole Company purchased equipment on March 27, 2018, Ma cost of $237,000. Management contemplating the ments of using the hug balance or units of production method of depreciation instead of the straight line method, which it currently uses for other equipment. The new equipment has an d residual of $8,000 and an estimated use of other four years or 80,000 units. Demand for the products produced by the equipment is sporadic so the equipment will be used more in some years w hen the produce the following number of units each yew: 14,200 units in 2018; 20,400 units in 2019, 20,400 in 2020; 20,000 units in 2021, 5000 units in 2022. Ocasa December yer and lar a r las to decimal places . 275.) Prepare separate depreciation schedules for the We of the moment using (Hound deation per we dec Straight- method: De Derection Ac t ed Carrying Do u ng-boce method: Double-diminishing-balance method: Opening Carrying Amount Depreciation Accumulated Expense Depreciation Carrying Amount Year 2018 $ 2019 2020 2021 2022 H uge Student/mainrun 2021 2022 Units-of-production method: Depreciation Accumulated Year Units-of-Production Expense Depreciation Carrying Amount 2018 2019 2020 2021 2022 Red Theatre ha ach and operate a machine that both located the theatre bered . The roof There we a re one works from 1pm to 5pm the other top The cash receive cash from customers and the machine by the theatre manager at the beging of each cather's shift Mer purchasing at which costs a t amount depending on the day of the week and the customer's age group the states the bett e r toned at the entrance to the theatre by a few metres from the ther's booth. The whereas the b a ll the customer and returns the best to the customer. The hardes the other half of the tito a locked box At the end of each cashier's shit the theatre manager remove the ticket rolls from the machine and makes a cash count. The sho w ed by the cash. At the end of the day, the manager deposits the recept na bakht deposit slot in addition, the manager of the deposit ipdthew ed cash count where the head casier for verification and to the accounting department for comparison with sales records. Recept from the truth are stored in a safe located in the manager's office Identify the control activities a t the polication to cash receipts at the theatre Control Activities Application to Cash Receipts Only cashers are authorized to sell tits. Only the manager and cashier can handle cash. Only ushers authorize entrance The duties and customers we assigned to the cashier and to the doorperson. The manager man content records the The prebere sh e wand Depots are prepared and the company r Cashs depo Ch ed to the machine by the manager and the machine stores y comowe made by the head cashed ting department of the a debyh recorded a ndach w

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

Introductory Accounting Finance And Auditing For Lawyers

Authors: Lawrence Cunningham

7th Edition

1634604105, 9781634604109

More Books

Students also viewed these Accounting questions

Question

Compare and contrast verbal and nonverbal codes

Answered: 1 week ago

Question

Define and discuss the nature of ethnocentrism and racism

Answered: 1 week ago

Question

Define and discuss racial and ethnic stereotypes across cultures

Answered: 1 week ago