26. The company in this question uses the double diminishing-balance method. The

Question

26. The company in this question uses the double diminishing-balance method. The asset has an estimated life of 8 years and a residual value of $5,000. Compute the depreciation expense for 2019 Depreciation Expense Accumulated Depreciation $49,034.94 Carrying amount $5,965.06 Year 2018 $1,988.3.5 (a) S3976.71 (b) $1491.27 (c) $965.06 (d) $497.09 (e) None of the above. 27. For the month of April Yandeau Corporation's Gross salaries were $19,500. Salaries are paid on the first day of the following month. The following deductions were made: CPP Income taxes...$4200 Medical insurance. EI ..$965 675 S 347 Union dues S 324 Debit $19,500 Credit Gross Salaries Expense CPP Payable Income Tax Payable El Payable Medical Insurance Payable Union Dues Payable $965 $4,200 S347 $675 $324 Debit S19,500 Credit Gross Salaries Expense CPP Payable Income Tax Payable El Payable Medical Insurance Payable Union Dues Payable Salaries Payable $965 $4,200 $347 $675 $324 $12,989 Debit $19,500 Credit Gross Salaries Expense CPP Payable Income Tax Payable El Payable Medical Insurance Payable $965 $4,200 $347 $675

Explanation / Answer

26 Depreciation expense for 2019 = 5965.06-5000 = $965.06 Depreciation expense is restricted to the extent of residual value Option C is correct 27 Gross salaries expense 19500       CPP payable 965       Income taxes payable 4200       EI payable 347       Medical Insurance payable 675       Union dues payable 324       Salaries payable 12989 Option B is correct

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.