What is the journal entry for bad debts recovered?

What is the residual value on a lease?

In 1993, Herman Moore Company completed the construction of a building at a cost of $2,000,000 and first occupied it in January 1994. It was estimated that the building will have a useful life of 40 years and a salvage value of$60,000 at the end of that time.

Early in 2004, an addition to the building was constructed at a cost of $500,000. At that time, it was estimated that the remaining life of the building would be, as originally estimated, an additional 30 years. and that the addition would have a life of 30 years and a salvage value of$20,000.

In 2022, it is determined that the probable life of the building and addition will extend to the end of 2053, or 20 years beyond the original estimate.

Instructions

a. Using the straight-line method, compute the annual depreciation that would have been charged from 1994 through 2003.

b. Compute the annual depreciation that would have been charged from 2004 through 2021.

c. Prepare the entry, if necessary, to adjust the account balances because of the revision of the estimated life in 2022,

d. Compute the annual depreciation to be charged, beginning with 2022.

Amy Tanner purchased renter's insurance with the following coverage: $100,000 liability for lawsuits and medical;$20,000 replacement cost for personal property, $500 deductible. One night, Amy left a candle burning that ended up causing a fire and destroying all of her personal belongings. The original cost of the belongings was$32,000.

1. How much did the insurance company pay for this claim?

To whom does the Sarbanes-Oxley act apply?

job order costing vs activity based costing

If A7X Co. has an ROA of 7.6 percent and a payout ratio of 25 percent, what is its internal growth rate?

What is the accounting entry for provision for bad and doubtful debts?

How to reconcile sales tax payable in QuickBooks?

Bank reconciliation statement is prepared by the auditors.

Where does bad debts recovered go in the income statement?

difference between accrued expenses and accounts payable

What are the two types of adjusting entries?

is accumulated depreciation closed at the end of the year