For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal
Question:
(a) Is it permissible to record additional depreciation on the assets if they are still useful to the business? Explain.
(b) When should an entry be made to remove the cost and the accumulated depreciation from the accounts?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (16 reviews)
Depreciation a No it is not permissible to record additional depre...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
For some of the long-term assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the...
-
The accompanying table gives ages for some of the students in two statistics classes. One class met at noon and the other at 5 p.m. a. Is the format for the data set stacked or unstacked? b. If you...
-
Accounting 2. 0/10 pont Regarding one of the fixed assets of an entity you have the following information: The initial cost of the assetI need help to calculate, please show the calculations too not...
-
Find the coordinates of the midpoint of the segment with the given endpoints. P(4, -1) and Q(-2, 3)
-
When testing m or the difference of means 1 2 from independent populations, how do we decide whether to use the standard normal distribution or a Students t distribution?
-
The trial balance for Mackle Fitness, shown below, does not balance. The following errors were detected: a. The cash balance is overstated by $6,000. b. Rent expense of $3,000 was posted as a credit...
-
Construct a 15to1-line multiplexer with two 8to1-line multiplexers. Interconnect the two multiplexers and label the inputs such that any added logic required to have selection codes 0000 through 1110...
-
The balance sheet for Fogelberg Company reports the following information on July 1, 2014. Fogelberg decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to...
-
In an ARIMA(p, d, q) process, which equation represents the autoregressive component of the model? O a. Y = +Y-1 + O b. Y = +0Y-1 + Et Oc. Y = +Y-1 + 06-1 + 6 O d. Y = +06-1 +
-
You are the audit senior for the 2015 yearend audit of Vision Quest (VQ), a publicly traded Canadian company that is one of the largest and fastest online vision care providers in the world. Because...
-
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: (a) Timber rights on a tract of land were purchased for $1,170,000 on...
-
(a) Over what period of time should the cost of a patent acquired by purchase be amortized? (b) In general, what is the required accounting treatment for research and development costs? (c) How...
-
Indicate whether each of the following items should be classified as an operating, investing, or financing activity on the statement of cash flows. If an item does not belong on the statement,...
-
S.. To place a copy Suppose we want to replicate a file over a collection of n servers, labeled S, S, of the file at server si results in a placement cost of i, for an integer ; > 0. Now, if a user...
-
1. Determine whether the relation represented by these zero-one matrice is asymmetric? 10 1010 0101 1010 0 1 0 1
-
288x-x +288 Find the value of x that maximizes the revenue and find the maximum revenue. A company's revenue for selling x (thousand) items is given by R(x)= x= maximum revenue is $
-
(a) Identify the data dependencies in the following code (RAW, WAW, WAR). Show how register renaming can be used to remove some of the dependencies (Assume registers r8 and r9 are available). [6 pts]...
-
A centrifugal compressor impeller has 17 radial vanes of tip diameter 165 mm. it rotates at 46,000 rpm and the air mass flow rate is 0.6 kg/s with no whirl at inlet. At inlet to the impeller, the tip...
-
(A) Vanillin is a natural constituent of vanilla. It is also manufactured for use in artificial vanilla flavoring. The combustion of 1.013 g of vanillin, C 8 H 8 O 3 , in the same bomb calorimeter as...
-
Problem 3.5 (4 points). We will prove, in steps, that rank (L) = rank(LT) for any LE Rnxm (a) Prove that rank (L) = rank (LTL). (Hint: use Problem 3.4.) (b) Use part (a) to deduce that that rank(L) =...
-
Exhibit 7.4 lists essential skills for big data project managers. Think of (and list) three to five additional skills that would assist project managers when dealing with big data projects. Explain...
-
A corporation issued $2,000,000 of common stock in exchange for $2,000,000 of fixed assets. Where would this transaction be reported on the statement of cash flows?
-
If salaries payable was $100,000 at the beginning of the year and $75,000 at the end of the year, should $25,000 be added to or deducted from income to determine the amount of cash flows from...
-
If salaries payable was $100,000 at the beginning of the year and $75,000 at the end of the year, should $25,000 be added to or deducted from income to determine the amount of cash flows from...
-
Imagine you are a therapist in training and a 24-year-old woman named Sally presents to your office for treatment. Sally presents advising that she needs a few therapy sessions due to an upcoming...
-
What evidence suggests that people misperceive the time when they made a conscious decision?Explain
-
According to the bottom-up theories of well-being mentioned, what is the relationship between happiness and fulfilled needs?Explain
Study smarter with the SolutionInn App