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Thread: Accounting Experts Needed

  1. #1
    Registered User Brown Eyes's Avatar Brown Eyes is offline
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    Accounting Experts Needed

    [updated:LAST EDITED ON Jun-20-02 AT 03:04 PM (EST)]I have been given the task of gathering inventory information for the group I manage and to calculate the depreciation value of the equipment....

    PROBLEM: I have NEVER done this before...And in a department as large as this..no one kept the information.....How is depreciation calculated....

    HELP.....Thx...
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  2. #2
    Senior Member topclassbubbla is offline
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    RE: Financial Experts Needed

    Sorry, I am not that kind of Financial Expert...maybe you should edit the title of your post to say Accounting -- I think those are the people who handle depreciation...

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    The Baddest Ever TheExecutive2k7 is offline
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    RE: Financial Experts Needed

    Hmm to calculate depreciation. I maybe could go home and think about it but I need some info. What is the life expectancy of the merchandise? Does your firm use the Cash-basis or accrual method? I could make up an example then get back to you.

  4. #4
    Member bagokid is offline
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    RE: Financial Experts Needed

    [font face=verdana color=red size=4]
    What is your rate of Depreciation?

    [font color=darkgreen size=4 face=verdana]
    Depreciation is calculated by:
    [font color=darkblue size=4 face=verdana]
    Determine the life expectancy of the item (usually in years)

    For each year the item is in use it's worth reduces towards Zero

    [font color=darkgreen size=4 face=tahoma]
    You have Straight Line Depreciation, reduces by the exact same amount each year until Zero,
    [font color=red size=4 face=verdana]
    OR
    [font color=darkgreen size=4 face=tahoma]
    Fixed percentage, reduces by the exact same perceentage rate of the current value for that year.

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    The Baddest Ever TheExecutive2k7 is offline
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    RE: could you guys help me?


  6. #6
    Registered User Brown Eyes's Avatar Brown Eyes is offline
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    RE: Financial Experts Needed

    I was able to find an online calculator that I can plug figures into..But there is 1 missing piece - The depreciation rate.

    Is there a standard rate across the board or it's individual based upon the company and their books?

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  7. #7
    Registered User Brown Eyes's Avatar Brown Eyes is offline
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    RE: Financial Experts Needed

    hmmm..No idea...they have not told me any of that...

    Don't you just love getting projects with immediate deadlines and no info....
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  8. #8
    The Baddest Ever TheExecutive2k7 is offline
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    RE: Financial Experts Needed

    Yeah that's it I believe you have to know which method is good based on how you do your accounting or your company structure or what type of asset you are depreciating (tangible or intangible). Interesting but I would have to refresh my memory.

  9. #9
    Registered User Brown Eyes's Avatar Brown Eyes is offline
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    RE: Financial Experts Needed

    Thanks Bagokid and Executive...now I can go back and ask the proper questions...

    “Don't ever settle for less than your heart's desire!”


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