McGraw Hill Connect, Chapter 10 Accounting assignment includes:
CHAPTER 10 HOMEWORK and CHAPTER 10 QUIZ completed online through McGraw Hill Connect site with my credentials DUE NO LATER THAN Sunday, 04-28-2013
AS WELL AS:
Upload DOCUMENTS of Chapter 10 TEST submitted to me through homework market DUE NO LATER THAN Sunday 04-28-2013 —- SEE BELOW:
PROBLEM #1 – 4 points
Classify each of the following as A – ordinary maintenance and repairs, B – asset improvements, or
C – extraordinary repairs.
1.
Resurfacing a pool in an apartment building.
___________________
2.
Installing a new air conditioner in an old building. ___________________
3.
Exterior and interior painting. ___________________
4.
Fixing damage due to a car accident. ___________________
PROBLEM #2 – 14 points
Equipment acquired at a cost of $126,000 and has a book value of $42,000.
Journal
ize the disposal of equipment under the following independent assumptions. Identify each assumption by letter.
|
(a) |
The equipment had no market value and was discarded. |
|
(b) |
The equipment is sold for $53,000. |
|
(c) |
The equipment is sold for $27,000. |
|
(d) |
The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The exchange has no commercial substance.
|
Journal
|
Date |
Description |
Debit |
Credit |
PROBLEM #3 – 22 points
An asset was purchased January 1,
20XX
and the fiscal year ends December 31st. Calculate depreciation expense, accumulated depreciation, and net book value under the straight-line and the double declining balance methods. Round your answers to the nearest whole dollar.
Asset Cost = $200,000 Salvage Value = $25,000 Estimated Life = 8
Year
s
Straight-line method:
|
Depreciation Expense |
Accumulated Depreciation |
Net Book Value |
|||
|
20X1 |
|||||
|
20X2 |
|||||
|
20X3 |
|||||
|
20X4 |
|||||
|
20X5 |
|||||
|
20X6 |
|||||
|
20X7 |
Double Declining Balance method:
Year Depreciation Expense Accumulated Depreciation Net Book Value 20XX 20X1 20X2 20X3 20X4 20X5 20X6 20X7
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