Anonymous
Nov 16, 2023
Cost of equipment is 58000, accumulated depreciation is 19000,, later equipment is to be depreciated at 15percent per annum using straight line method,,, how do you record in a balance sheet?
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ChatGPT
Nov 16, 2023
To record the equipment and its accumulated depreciation on a balance sheet, you would follow these steps:
1. Create a "Property, Plant, and Equipment" (PPE) section on the balance sheet.
2. Under the PPE section, create a subheading for "Equipment."
3. Record the original cost of the equipment under the "Equipment" subheading. In this case, it would be $58,000.
4. Create a separate line item under the "Equipment" subheading for "Accumulated Depreciation."
5. Record the accumulated depreciation amount under the "Accumulated Depreciation" line item. In this case, it would be $19,000.
6. Calculate the net book value of the equipment by subtracting the accumulated depreciation from the original cost. In this case, it would be $58,000 - $19,000 = $39,000.
7. Create a line item under the "Equipment" subheading for "Net Book Value."
8. Record the net book value of the equipment under the "Net Book Value" line item. In this case, it would be $39,000.
9. If the equipment is to be depreciated further at 15% per annum using the straight-line method, you would need to update the accumulated depreciation and net book value each year accordingly.
Note: The above steps assume that this is the initial recording of the equipment on the balance sheet. If the equipment has been previously recorded and you are updating the balance sheet, you would need to adjust the accumulated depreciation and net book value based on the additional depreciation.
1. Create a "Property, Plant, and Equipment" (PPE) section on the balance sheet.
2. Under the PPE section, create a subheading for "Equipment."
3. Record the original cost of the equipment under the "Equipment" subheading. In this case, it would be $58,000.
4. Create a separate line item under the "Equipment" subheading for "Accumulated Depreciation."
5. Record the accumulated depreciation amount under the "Accumulated Depreciation" line item. In this case, it would be $19,000.
6. Calculate the net book value of the equipment by subtracting the accumulated depreciation from the original cost. In this case, it would be $58,000 - $19,000 = $39,000.
7. Create a line item under the "Equipment" subheading for "Net Book Value."
8. Record the net book value of the equipment under the "Net Book Value" line item. In this case, it would be $39,000.
9. If the equipment is to be depreciated further at 15% per annum using the straight-line method, you would need to update the accumulated depreciation and net book value each year accordingly.
Note: The above steps assume that this is the initial recording of the equipment on the balance sheet. If the equipment has been previously recorded and you are updating the balance sheet, you would need to adjust the accumulated depreciation and net book value based on the additional depreciation.
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Nov 16, 2023
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