Complete a depreciation schedule to enter fixed-asset data in an Excel table, calculate depreciation expense, and analyze the table data. (Chapter 6) Use this information, provided as of 1/31/2019, to create the depreciation schedule as of 1/31/2020 using appropriate headers and a table in which all pertinent information is displayed: Date of Salvage Useful Life Accumulated (years) 10 Fixed Asset Cost Value Acquisition 1/31/2014 Depreciation $15,000 Automobile Store Fixtures Office Equipment $32,000 $11,300 $6.900 $2,000 $1.300 $900 1/31/2018 $2.000 1/31/2015 6 $4.000 CratWorld, uses the straight-line method of depreciation. In addition to the fixed assets shown, the company acquired new furniture on 1/31/2019. It cost $3,100, has an estimated four-year useful life, and an estimated salvage value of $300. Create the table so each of the six categories shown above is displayed in a separate column (note that some figures may appear different in your 1/31/2020 table than in the 1/31/2019 chart). Include columns for the annual depreciation expense and year-end book value. Use a function to calculate depreciation expense and use structured references when calculating the year-end book value. Sort the table by accumulated depreciation in ascending order and include a total row to sum each column (except Salvage Value; display the average for that column). Filter the table to display only assets for which the cost is greater than $5,000. Last, use Quick Analysis to apply data bars to the figures in the Salvage Value column. (Hint: Begin by highlighting the figures for which you will display the data bars.)
Complete a depreciation schedule to enter fixed-asset data in an Excel table, calculate depreciation expense, and analyze the table data. (Chapter 6) Use this information, provided as of 1/31/2019, to create the depreciation schedule as of 1/31/2020 using appropriate headers and a table in which all pertinent information is displayed: Date of Salvage Useful Life Accumulated (years) 10 Fixed Asset Cost Value Acquisition 1/31/2014 Depreciation $15,000 Automobile Store Fixtures Office Equipment $32,000 $11,300 $6.900 $2,000 $1.300 $900 1/31/2018 $2.000 1/31/2015 6 $4.000 CratWorld, uses the straight-line method of depreciation. In addition to the fixed assets shown, the company acquired new furniture on 1/31/2019. It cost $3,100, has an estimated four-year useful life, and an estimated salvage value of $300. Create the table so each of the six categories shown above is displayed in a separate column (note that some figures may appear different in your 1/31/2020 table than in the 1/31/2019 chart). Include columns for the annual depreciation expense and year-end book value. Use a function to calculate depreciation expense and use structured references when calculating the year-end book value. Sort the table by accumulated depreciation in ascending order and include a total row to sum each column (except Salvage Value; display the average for that column). Filter the table to display only assets for which the cost is greater than $5,000. Last, use Quick Analysis to apply data bars to the figures in the Salvage Value column. (Hint: Begin by highlighting the figures for which you will display the data bars.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 19CE: Straight-Line Depreciation Refer to the information for Irons Delivery Inc. above. Irons uses the...
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Transcribed Image Text:Complete a depreciation schedule to enter fixed-asset data in an Excel table, calculate
depreciation expense, and analyze the table data. (Chapter 6) Use this information, provided as
of 1/31/2019, to create the depreciation schedule as of 1/31/2020 using appropriate headers and
a table in which all pertinent information is displayed:
Date of
Salvage Useful Life Accumulated
Value
$2,000
$1.300
$900
Fixed Asset
Cost
Acquisition
$32,000
$11.300
$6.900
(years) Depreciation
$15,000
$2.000
$4.000
Automobile
1/31/2014
10
Store Fixtures
1/31/2018
Office Equipment
1/31/2015
6
CraftWorld uses the straight-line method of depreciation. In addition to the fixed assets
shown, the company acquired new furniture on 1/31/2019. It cost $3,100, has an estimated
four-year useful life, and an estimated salvage value of $300.
Create the table so each of the six categories shown above is displayed in a separate column
(note that some figures may appear different in your 1/31/2020 table than in the 1/31/2019
chart). Include columns for the annual depreciation expense and year-end book value. Use a
function to calculate depreciation expense and use structured references when calculating the
year-end book value. Sort the table by accumulated depreciation in ascending order and
include a total row to sum each column (except Salvage Value; display the average for that
column). Filter the table to display only assets for which the cost is greater than $5,000. Last,
use Quick Analysis to apply data bars to the figures in the Salvage Value column. (Hint: Begin
by highlighting the figures for which you will display the data bars.)
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