Financial Statements

Prince shouldn't be capitalized in this sentence. It should only be capitalized if it directly precedes the name of the prince.

Yes, "Fahrenheit" and "Celsius" should be capitalized because they are named after individuals (Gabriel Fahrenheit and Anders Celsius) who developed temperature scales.

Yes, "Indigenous Australian" should be capitalized as it refers to the Aboriginal and Torres Strait Islander peoples of Australia. This shows respect and acknowledges the cultural significance of their identity.

In legal writing, specific terms like "Contract," "Plaintiff," "Defendant," or "Deed" are usually capitalized when they refer to a particular document or party in a case. These capitalizations help provide clarity and specificity in legal documents.

No, "frisbee" should not be capitalized unless it is at the beginning of a sentence or part of a title.

You should capitalize the word "Rugby" when referring to the sport or the specific Rugby Football Union.

Yes, days of the week are capitalized in modern Greek.

Capitalisation is a rule of grammar that determines when to use uppercase letters at the beginning of a sentence, for proper nouns, and sometimes for emphasis. It is not considered a part of spelling but rather a convention in written language.

Capitalization in texts is used to signify importance, emphasis, or proper nouns. It can also convey tone, such as yelling or excitement. In formal writing, capitalization follows specific rules for proper nouns, the beginning of sentences, and titles.

Industrial and Commercial Bank of China Ltd (ICBC) is the largest bank in the world by both profit and Market Capitalization. It has a market capitalization of over 200,000 billion USD. The only other banks that have a market capitalization in this range (of course lower than ICBC) are China Construction Bank, HSBC, Citigroup and Bank of America.

Prior period adjustments are reported as an adjustment to the retained earnings account in the statement of retained earnings. This is done to correct errors in the financial statements that occurred in previous periods.

nope because its not a name brand anything

The diminishing balance method of depreciation is generally considered less conservative than the straight-line method as it results in higher depreciation expenses in the earlier years of an asset's life. This reflects a more aggressive approach in recognizing depreciation compared to the straight-line method, which spreads depreciation evenly over the useful life of the asset.

Yes, job titles are typically capitalized when used as a title before a person's name or when the title is used in place of the person's name. For example: "Dr. Smith will present the findings," or "The CEO is attending the conference."

The annual depreciation for the refrigerator using the straight-line method would be calculated as follows: (Cost of the refrigerator - Estimated salvage value) / Useful life = ($198,500 - $30,500) / 15 years = $168,000 / 15 years = $11,200 per year.

The annual depreciation expense for the delivery van would be calculated as (Cost - Salvage Value) / Useful Life.

In this case, the annual depreciation expense would be (23000 - 3000) / 5 = 4000.

For December, you would have incurred 4/12 of the annual depreciation expense, which equals 1333.33.

Annual depreciation = 6000 - 400 / 7 = 800

Annual depreciation for 3.5 years = 2800

Journal entry for sale of asset

Debit Accumulated Depreciation 2800

Debit Cash 450

[Debit] Loss on sale of asset 2750

Credit Asset 6000

The double declining balance method depreciates the asset at twice the straight-line rate. To calculate the annual depreciation expense, you first find the straight-line depreciation rate by dividing the depreciable cost (original cost - salvage value) by the useful life. In this case, the depreciable cost is $33,000 - $3,000 = $30,000. The straight-line rate is $30,000 / 5 years = $6,000 per year. Double that rate to get the double declining rate of $12,000 per year. Therefore, the depreciation for the first year would be $12,000.

A theoretical statement is a proposition or idea that is based on theory rather than actual observation or experimentation. It represents a hypothesis or theoretical framework that guides research and investigation in a particular field.

yes, it is the name of an official title, making it a proper noun

The car would depreciate by $179,080 (895400 * 0.20) in the first year, making its value $716,320 after one year.

i have an asset worth £500,000. It has a life span of 4 years. The depreciation rate will be 15%pa (per Annam/year) using straight line method.

500,000 / 100 x 15 = 75,000

Year 1 dep = 75,000

Year 2 dep = 75,000

Year 3 dep = 75,000

Year 4 dep = 75,000

I have an asset worth £500,000, it has a life span of 4 years. The depreciation rate will be 15% pa (per Annam/year) using NBV method. NBV = net book value

500,000/100 x 15 = 75,000

Year 1 dep = 75,000 NBV of asset now = 425,000

Year 2 dep = 425,000/100 x 15 = 63,750 NBV of asset now = 361,250

Year 3 dep = 361,250/100 x 15 =54,187.50 NBV of asset now = 307,062.50

year 4 dep = 307,062.50/100 x 15 = 46,059.36 NBV of asset now = 261003.14

I hope this will help you with your understanding of deprecation values.

The statement suggests that the doctrine of equity has evolved over time to adapt and respond to changing circumstances, much like a child grows and matures in different environments. This comparison is valid as equity principles have indeed developed to address new social, economic, and legal challenges as they arise, aiming to achieve fairness and justice in an ever-changing society.

Useful Life • Useful Life or Economic Life is the time period for machine is expected to operate efficiently. • It is the life for which a machine is estimated to provide more benefit than the cost to run it. Grouping of Fixed Assets Major groups of Fixed Assets: • Land • Building • Plant and Machinery • Furniture and Fixtures • Office Equipment • Vehicles No depreciation is charged for 'Land'. In case of 'Leased Asset/Lease Hold Land' the amount paid for it is charged over the life of the lease and is called Amortization. Methods of calculating Depreciation There are several methods for calculating depreciation. At this stage, we will discuss only two of them namely: • Straight line method or Original cost method or Fixed installment method • Reducing balance method or Diminishing balance method or written down method.Straight Line Method Under this method, a fixed amount is calculated by a formula. That fixed amount is charged every year irrespective of the written down value of the asset. The formula for calculating the depreciation is givenbelow: Depreciation = (cost - Residual value) / Expected useful life of the asset Residual value is the cost of the asset after the expiry of its useful life. Under this method, at the expiry of asset's useful life, its written down value will become zero. Consider the following example:• Cost of the Asset = Rs.100,000 • Life of the Asset = 5 years • Annual Depreciation = 20 % of cost or Rs.20,000Written down value method • Cost of the Asset = Rs. 100,000 • Annual Depreciation = 20% ? Year 1 Depreciation = 20 % of 100,000 = 20,000 ? Year 1 WDV = 100,000 - 20,000 = 80,000 ? Year 2 Depreciation = 20 % of 80,000 = 16,000 ? Year 2 WDV = 80,000 - 16,000 = 64,000 Illustration: Cost of an asset: Rs. 120,000 Residual value: Rs. 20,000 Expected life: Rs. 5 years Financial Statement Analysis-FIN621 VUCopyright© Virtual University of Pakistan 82 Calculate depreciation and the written down value of the asset for five years. Solution Straight line methodDepreciation = (120,000 - 20,000) / 5 = Rs. 20,000Particulars Depreciation (Rs) WrittenDown Value (Rs.) Depreciable costDep. Of the 1st year Dep. Of the 2nd year Dep. Of the 3rdyear Dep. Of the 4th year Dep. Of the 5th year (20,000) (20,000)(20,000) (20,000) (20,000) 100,00080,000 60,000 40,000 20,000 0Reducing Balance Method Under this method, depreciation is calculated on written down value. In the first year, depreciation is calculated on cost. Afterwards written down value is calculated by deducting accumulated depreciationfrom the cost of that asset(cost - accumulated depreciation) and depreciation is charged on that value. In this method, the value of asset never becomes zero. Consider the following example: Cost of an asset Rs. 100,000 Expected life Rs. 5 years Depreciation rate 20% SolutionParticulars Depreciation (Rs) AccumulatedDepreciation (Rs.) Written DownValue (Rs.) Depreciable cost Dep. Of the 1st year 100,000 x 20% Dep. Of the 2nd year 80,000 x 20% Dep. Of the 3rd year 64,000 x 20% Dep. Of the 4th year 51,200 x 20% Dep. Of the 5th year 40,960 x 20% 20,00016,000 12,800 10,240 8,19220,000 36,000 48,800 59,04067,232 100,000 80,000 64,00051,200 40,960 32,768 You see, at the end of five years, WDV of the asset is Rs. 32,768, not zero. But in case of straight line method, the WDV, after five years was zero. So, in the opinion of some people, reducing balance