Fixed Assets and Deprciaton Schedule

 Objective: Your task is to conduct a comprehensive review of fixed assets and depreciation records, tracing previous depreciation and creating a new roll-forward depreciation schedule.

Instructions:

  1. Depreciation Tracing:
    • Access and audit the provided files pertaining to fixed assets and depreciation.
    • Trace the history of depreciation taken from the records.
    • Identify the methods, rates, and periods used for depreciation.
  2. Creating a Roll Forward Depreciation Schedule:
    • Develop a new depreciation schedule starting from January 1, 2020.
    • The schedule must include the following:
      • Year-to-Date (YTD) Depreciation.
      • Any additions, disposals, or sales of fixed assets.
      • There should be no activity reflected in the schedule.
  3. Utilizing Previous Journal Entries (JE):
    • Refer to the Journal Entries made by previous accountants as a guide.
    • Incorporate relevant information from previous JEs into your analysis and schedule.

Submission Requirements:

  1. Depreciation Tracing Report:
    • Detail the process of tracing previous depreciation.
    • Include findings regarding depreciation methods, rates, and periods used historically.
  2. Roll Forward Depreciation Schedule:
    • Clearly present a new schedule starting from January 1, 2020.
    • Include YTD Depreciation, additions, disposals, sales, and any necessary explanations or notes.
  3. References to Previous Journal Entries (JE):
    • Highlight and refer to specific JEs made by previous accountants that informed your analysis.

Guidelines:

  • Ensure accuracy and thoroughness in your review and schedule creation.
  • Provide clear references and explanations for your findings.
  • Use the provided files and information as a foundation but aim to create an updated and comprehensive schedule.

Additional Notes:

  • If you encounter discrepancies or irregularities, make note of these in your report.
  • In case of any uncertainties or need for further information, do not hesitate to seek clarification.

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