low are the balances for a given company as of November 30, 2017 26,000 Bank Bal

Question

low are the balances for a given company as of November 30, 2017 26,000 Bank Balance Outstanding Checks: $3,100 Bank Fees Outstanding Deposits: $6,200 Company Balance: $29,275 $175 1) What is the adjusted bank balance as of November 30, 2017 (please show your work in the space above)? A company purchased a new machine, below are the details. Please complete (1) Beginning Accumulated Depreciation for each year (2) Current Year Deprecation Expense for each year (3) Ending Accumulated Depreciation for each year Please use the straight-line deprecation method for this asset. No proration of expense is required for year one. Please show work in order to receive full credit. Cost of Machine: Residual Value: Useful Life: $3,250,000 $175,000 5 Years Beginning Accumulated Depreciation Current Depreciation Ending Accumulated Expense Depreciation Year 4

Explanation / Answer

1 Bank balance 26000 Add: Outstanding deposits 6200 Less: Outstanding checks 3100 Adjusted bank balance 29100 2 Depreciable cost =3250000-175000= 3075000 Annual depreciation = 3075000/5= 615000 Year Beginning Accumulated depreciation Current depreciation Ending Accumulated depreciation 1 0 615000 615000 2 615000 615000 1230000 3 1230000 615000 1845000 4 1845000 615000 2460000 5 2460000 615000 3075000

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