07D IM WP F-4 Depreciation - Prn

07D IM WP F-4 Depreciation - Prn - beginning balance. JWP...

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Apple Blossom Cologne Company F-4 Depreciation Computation 1-27-04 12-31-03 JWP (Prepared by client) ================================================================================ 2003 Deprec. Asset Amount Rate Provision Totals ================================================================================ BUILDINGS: Held full year # 276263 3.33% 9209 R Additions @ -0- Retirements & -0- 9209 (F-1) Held full year # 540845 5.00% 27042 E Additions @ 513200 2.50% 12830 R Retirements & 39600 2.50% 990 R 40862 AUTOMOTIVE : (F-1) Held full year # 99425 25.00% 24856 R Additions @ -0- Retirements & -0- 24856 (F-1) Held full year # 106433 5.00% 5322 R Additions @ 8400 2.50% 210 R Retirements & -0- 5532 (F-1) Per client 80459 80459 ^ ^ Audit adjustments: (F-1) AJE # 13 (F-5) 156 AJE # 12 (F-4) (1980) AJE # 14 (F-6) 3740 Per audit 82375 NOTE Assets held for full year computed by deducting retirements from
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Unformatted text preview: beginning balance. JWP NOTE One-half year's depreciation is recorded for all additions and retirements regardless of date of acquisition or disposal. JWP NOTE Asset lives appear reasonable. JWP NOTE Depreciation rates agree with those used in prior year. JWP ^ Footed. R Recomputed mathematical operation. # Amounts traced to prior year's working papers. @ Amounts traced to working paper (F-2). & Amounts traced to working paper (F-3). E Error in calculating amount held a full year. Should subtract retirements. Correct amount is $501,245 (540,845 - 39,600) and correct depreciation is $25,062 ($501,245 x .05). Propose (AJE #12) to correct: Accumulated depn - M&E 231 1980 Depn expense 822 1980...
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