Comprehensive review of fixed assets and depreciation records

conduct a comprehensive review of fixed assets and depreciation records, tracing previous depreciation and creating a new roll-forward depreciation schedule.

Instructions:

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.
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.
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.

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