User Account

All Pages

Prepare a Depreciation Worksheet for the period

Assignment Help Accounting Basics
Reference no: EM132762026

Question - On 30th April 2016, Shelley purchased a new motor vehicle from Steven Motors for $49,500 ($45,000 + $4,500 GST). The estimated life is four years with an estimated residual value of $8,800 ($8,000 + $800 GST). Depreciation is 22% p.a. on Diminishing Balance method.

On 1st August 2020 the motor vehicle was traded in for $19,800 ($18,000 + $1,800 GST) on a new motor vehicle purchased on credit.

Required -

a) Prepare a Depreciation Worksheet for the period that the motor vehicle is owned.

b) Complete the following ledger accounts for the years ended 30 June 2016 and 2017

i. Motor Vehicle Account

iii. Depreciation - Motor Vehicle

iii. Accumulated Depreciation - Motor Vehicle

c) Prepare General Journal entries to record the sale and any gain or loss on sale of the motor vehicle.

Reference no: EM132762026

Questions Cloud

Subcontractor can take to ensure copyright violation occurs : Discuss what options the subcontractor can take to ensure no copyright violation occurs?
Explain the influence of information accessibility : This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand.
What are the major similarities between gaap and ifrs : What are the major similarities and differences between GAAP and IFRS. Why is it important to have one set of international accounting
How the services and products are financed or paid for : Identify emerging roles associated with the health care service provider (slide 5). Explain how the services and products are financed or paid for (slide 6).
Prepare a Depreciation Worksheet for the period : On 30th April 2016, Shelley purchased a new motor vehicle from Steven Motors for $49,500. Prepare a Depreciation Worksheet for the period
What would be the increase in residual income : Assuming corporate has a minimum required ROI of 9%, what would be the increase (decrease) in residual income if the manager accepts the project?
How organizational structure affects project management : Imagine you are the HR director of a growing international staffing organization that services both North America and South America. The CEO and Board.
Organizational communication skills : Many people believe that organizational communication skills should come naturally and are not difficult to obtain.
Provide all of the required journal entries for Gelly Sales : Provide all of the required journal entries for Gelly Sales for 2018 and 2019, and, for Kath Ltd. the 2018 required journal entries

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd