?Need a little help for my a ccounting class. Prepare a monthly schedule of depr

Question

?Need a little help for my accounting class. Prepare a monthly schedule of depreciation for each of the seven assets for 2014 using 1) straight-line (first two photos) and 2) 200% DDB(second two photos). Remember that you are calculating monthly depreciation, not annual and adjust your depreciation rate. Carry your depreciation rate to four decimals and round the depreciation expense to two decimals. Bill has decided that equipment will be depreciated using straight-line and the building using 200% DDB.

1 Asset Information: Truck, $5,000 cost, 5 year life, $500 salvage value 2 End of Year Depreciable DeprecationD Depreciation Accumulated Book Rate 3 Month 4 6 8 10 May-14 Jun-14 Jul14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 12 13 Asset Information: Lawn Mower, $300 cost, 2 year life, $0 salvage value 14 Computation End of Year Depreciable Depreciation Depreciation Depreciation = Deprecia Accumulated Depreciation Book Rate 15 Month 16 May-14 17 18 19 Aug-14 20 21 Jun-14 Ju 14 Sep-14 Oct-14 Nov-14 Dec-14 23 24 25 Asset Information: Aerator, $500 cost, 2 year life, $0 salvage value 26 End of Year Depreciable DeprecationD Depreciation Accumulated Book Rate 27 Month 28 May-14 Jun-14 Jul14 31 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 29 30 32 34 35 General Journal Depreciation Schedules SL Depreciation Sc

Explanation / Answer

Truck $5000, 5 years life , $ 500 salvage value Month Depreciable cost Deprecaition Rate = Monthly Depreciation Expense Accumulated Depreciation Book Value May-14 4500 18% 75 75 4925 Jun-14 4500 18% 75 150 4850 Jul-14 4500 18% 75 225 4775 Aug-14 4500 18% 75 300 4700 Sep-14 4500 18% 75 375 4625 Oct-14 4500 18% 75 450 4550 Nov-14 4500 18% 75 525 4475 Dec-14 4500 18% 75 600 4400 Lawn Mower $300 cost, 2 yearslife, $0 salvage value Month Depreciable cost Depreciation rate = Monthly Depreciation Expense Accumulated Depreciation Book Value May-14 300 50% 12.5 12.5 287.5 Jun-14 300 50% 12.5 25 275 Jul-14 300 50% 12.5 37.5 262.5 Aug-14 300 50% 12.5 50 250 Sep-14 300 50% 12.5 62.5 237.5 Oct-14 300 50% 12.5 75 225 Nov-14 300 50% 12.5 87.5 212.5 Dec-14 300 50% 12.5 100 200 Aerator $ 500 cost, 2 years life, $0 salvage value Month Depreciable cost Deprecaition Rate = Monthly Depreciation Expense Accumulated Depreciation Book Value May-14 500 50% 20.83 20.83 479.17 Jun-14 500 50% 20.83 41.67 458.33 Jul-14 500 50% 20.83 62.50 437.50 Aug-14 500 50% 20.83 83.33 416.67 Sep-14 500 50% 20.83 104.17 395.83 Oct-14 500 50% 20.83 125.00 375.00 Nov-14 500 50% 20.83 145.83 354.17 Dec-14 500 50% 20.83 166.67 333.33 Building $ 37000 cost, 10yrs life, $5000 Salvage value Month Depreciable cost Deprecaition Rate = Monthly Depreciation Expense Accumulated Depreciation Book Value Jun-14 37000 20% 616.67 616.67 36383.33 Jul-14 37000 20% 606.39 1223.06 35776.94 Aug-14 37000 20% 596.28 1819.34 35180.66 Sep-14 37000 20% 586.34 2405.68 34594.32 Oct-14 37000 20% 576.57 2982.25 34017.75 Nov-14 37000 20% 566.96 3549.22 33450.78 Dec-14 37000 20% 557.51 4106.73 32893.27 Trailer $ 2300 cost, 5yrs life, $0 Salvage value Month Depreciable cost Deprecaition Rate = Monthly Depreciation Expense Accumulated Depreciation Book Value Jun-14 2300 20% 38.33 38.33 2261.67 Jul-14 2300 20% 38.33 76.67 2223.33 Aug-14 2300 20% 38.33 115.00 2185.00 Sep-14 2300 20% 38.33 153.33 2146.67 Oct-14 2300 20% 38.33 191.67 2108.33 Nov-14 2300 20% 38.33 230.00 2070.00 Dec-14 2300 20% 38.33 268.33 2031.67 Trimmer $ 1200 cost, 2yrs life, $0 Salvage value Month Depreciable cost Deprecaition Rate = Monthly Depreciation Expense Accumulated Depreciation Book Value Jun-14 1200 50% 50.00 50.00 1150.00 Jul-14 1200 50% 50.00 100.00 1100.00 Aug-14 1200 50% 50.00 150.00 1050.00 Sep-14 1200 50% 50.00 200.00 1000.00 Oct-14 1200 50% 50.00 250.00 950.00 Nov-14 1200 50% 50.00 300.00 900.00 Dec-14 1200 50% 50.00 350.00 850.00 Leaf Blower $ 1500 cost, 2yrs life, $0 Salvage value Month Depreciable cost Deprecaition Rate = Monthly Depreciation Expense Accumulated Depreciation Book Value Jun-14 1500 50% 62.50 62.50 1437.50 Jul-14 1500 50% 62.50 125.00 1375.00 Aug-14 1500 50% 62.50 187.50 1312.50 Sep-14 1500 50% 62.50 250.00 1250.00 Oct-14 1500 50% 62.50 312.50 1187.50 Nov-14 1500 50% 62.50 375.00 1125.00 Dec-14 1500 50% 62.50 437.50 1062.50

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