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Chapter_10.pdf

Chapter_10

bluebreeze
2011-09-11 0人阅读 0 0 0 暂无简介 举报

简介:本文档为《Chapter_10pdf》,可适用于财会税务领域

ChapterPlantAssets,NaturalResources,andIntangiblesQUICKSTUDIESQuickStudy(minutes)Recordedcost=$,$,$,$,=$,Note:The$,repairchargeisanexpensebecauseitisnotanormalandreasonableexpenditurenecessarytogettheassetinplaceandreadyforitsintendeduseQuickStudy(minutes)Themaindifferencebetweenplantassetsandcurrentassetsisthatcurrentassetsareconsumedorconvertedintocashwithinashortperiodoftime,whileplantassetshaveausefullifeofmorethanoneaccountingperiodThemaindifferencebetweenplantassetsandinventoryisthatinventoryisheldforresaleandplantassetsarenotThemaindifferencebetweenplantassetsandlongterminvestmentsisthatplantassetsareusedintheprimaryoperationofthebusinessandinvestmentsarenotQuickStudy(minutes)Straightlinedepreciation($,$,)years=$,depreciationperyear©McGrawHillCompanies,SolutionsManual,ChapterQuickStudy(minutes)Unitsofproductiondepreciation($,$,)concerts=$depreciationperconcertxconcertsin$,depreciationinQuickStudy(minutes)$,Cost,Accumulateddepreciation(firstyear),Bookvalueatpointofrevision,Salvagevalue,Remainingdepreciablecost÷Yearsofliferemaining$,DepreciationperyearforyearsandQuickStudy(minutes)Note:Doubledecliningbalancerate=(years)x=Firstyear:$,,x=$,Secondyear:($,,$,)x=$,Thirdyear:($,,$,$,)x=$,**Totalaccumulateddepreciationof$,($,$,$,)doesnotexceedthedepreciablecostof$,,($,,$,)QuickStudy(minutes)(a)Capitalexpenditure(b)Revenueexpenditure(c)Revenueexpenditure(d)Capitalexpenditure©McGrawHillCompanies,FundamentalAccountingPrinciples,thEdition(a)Equipment,Cash,Torecordreplacementofcompressor(d)Building,Cash,TorecordadditiontobuildingQuickStudy(minutes)Bookvalueofoldmachine=$,$,=$,Cash,Accumulateddepreciation,Equipment,Gainonsaleofequipment*,Torecordthesaleofequipment*(Gain=$,$,)Cash,Accumulateddepreciation,Equipment,TorecordthesaleofequipmentCash,Accumulateddepreciation,Lossonsaleofequipment,Equipment,Torecordthesaleofequipment*(Loss=$,$,)QuickStudy(minutes)OreMine,,Cash,,Torecordcostoforemine($,,$,)Depletionperunit==$perton$,,$,,,tonsDepletionExpenseOreMine,AccumulatedDepletionOreMine,Torecorddepletionoforemine(,x$)©McGrawHillCompanies,SolutionsManual,ChapterQuickStudy(minutes)IntangibleAssets:b)Trademarkc)Leaseholdf)Copyrightg)FranchiseNaturalResources:a)Oilwelld)Goldmineh)TimberlandNote:BuildingisreportedunderplantassetsQuickStudy(minutes)JanLeaseholdImprovements,Cash,TorecordleaseholdimprovementsDecAmortizationExpense–LeaseholdImprovements,AccumulatedAmortizationLeaseholdImprovements,Torecordamortizationofleaseholdovertheremaininglifeofthelease**Amortization=$,yearleaseterm=$,peryearEXERCISESExercise(minutes)Invoicepriceofmachine$,Lessdiscount(x$,)()Netpurchaseprice,Freightcharges(transportationin)MountingandpowerconnectionsAssemblyMaterialsusedinadjustingTotalcosttoberecorded$,Note:The$repairchargeisanexpensebecauseitisnotanormalandreasonableexpenditurenecessarytogettheassetinplaceandreadyforitsintendeduse©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)CostoflandPurchasepriceforland$,Purchasepriceforoldbuilding,Demolitioncostsforoldbuilding,Coststofillandlevellot,Totalcostofland$,CostofnewbuildingandlandimprovementsCostofnewbuilding$,,Costoflandimprovements,Totalconstructioncosts$,,JournalentryLand,LandImprovements,Building,,Cash,,Torecordcostsofplantassets©McGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)Purchaseprice$,Closingcosts,Totalcostofacquisition$,AllocationoftotalcostAppraisedValuePercentofTotalApplyingtoCostApportionedCostLand$,$,x$,Landimprovements,$,x,Building,$,x,Totals$,$,JournalentryLand,LandImprovements,Building,Cash,TorecordcostsoflumpsumpurchaseExercise(minutes)Straightlinedepreciation:($,$,)years=$,peryearYearAnnualDepreciationYearEndBookValue$,$,,,,,,,,,Total$,©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)DoubledecliningbalancedepreciationDepreciationrate:(years)x=x=YearBeginningYearBookValueDepreciationRateAnnualDepreciationYearEndBookValue$,$,$,,,,,,,,,*,,,Total$,*Donotdepreciatemorethan$,inthefourthyearbecausethe$,salvagevalueisnotsubjecttodepreciationExercise(minutes)Originalcostofmachine$,Lesstwoyears'accumulateddepreciation($,$,)yearsxyears(,)Bookvalueatendofsecondyear$,Bookvalueatendofsecondyear$,Lessrevisedsalvagevalue(,)Remainingdepreciablecost$,Revisedannualdepreciation=$,years=$,©McGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)StraightlinedepreciationIncomebeforeDepreciationDepreciationExpense*NetIncomeYear$,$,$,Year,,,Year,,,Year,,,Year,,,Totals$,$,$,*($,$,)years=$,Exercise(minutes)DoubledecliningbalancedepreciationIncomebeforeDepreciationDepreciationExpense*NetIncomeYear$,$,$(,)Year,,,Year,,,Year,,,Year,,Totals$,$,$,Supportingcalculationsfordepreciationexpense*Note:(years)x=depreciationrateBeginningBookValueAnnualDepreciation(ofBookValue)AccumulatedDepreciationattheEndoftheYearEndingBookValue($,CostLessAccumulatedDepreciation)Year$,$,$,$,Year,,,,Year,,**,,Year,,***,,Year,,,Total$,**rounded***Mustnotuse$,insteadtakeonlyenoughdepreciationinYeartoreducebookvaluetothe$,salvagevalue©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)Annualdepreciation=$,years=$,peryearAgeofthebuilding=AccumulateddepreciationAnnualdepreciation=$,$,=yearsEntrytorecordtheextraordinaryrepairsBuilding,Cash,TorecordextraordinaryrepairsCostofbuildingBeforerepairs$,Addcostofrepairs,$,Lessaccumulateddepreciation,Revisedbookvalueofbuilding$,Revisedbookvalueofbuilding(part)$,Newestimateofusefullife()yearsRevisedannualdepreciation$,JournalentryDepreciationExpense,AccumulatedDepreciation–Building,TorecorddepreciationExercise(minutes)JulyDepreciationExpense,AccumulatedDepreciationMachinery,Torecordonehalfyeardepreciation**Annualdepreciation=$,years=$,Depreciationformonthsin=$,x=$,Soldfor$,cashJulyCash,AccumulatedDepreciationMachinery,GainonSaleofMachinery,Machinery,©McGrawHillCompanies,SolutionsManual,ChapterTorecordsaleofmachinery**Totalaccumulateddepreciationatdateofdisposal:Fouryears(x$,)$,Partialyear(x$,),Totalaccumulateddepreciation$,Bookvalueofmachinery=$,$,=$,Gainonsale=$,$,=$,Destroyedbyfirewith$,cashinsurancesettlementJulyCash,LossfromFire,AccumulatedDepreciationMachinery,Machinery,TorecorddisposalofmachineryfromfireLossonsale=$,$,=$(,)Exercise(minutes)JanCopyright,Cash,TorecordpurchaseofcopyrightDecAmortizationExpenseCopyright,AccumulatedAmortizationCopyright,Torecordamortizationofcopyright$,yearsExercise(minutes)Goodwill=$,,$,,=$,GoodwillisnotamortizedInstead,Jeffreymusttestthevalueofthegoodwilleachyear,andifthevalueisimpaired,itmustbewrittendownGoodwillisonlyrecordedwhenitispurchasedGoodwillisnotrecordedbythecompanythathascreatedit©McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionPROBLEMSETAProblemA(minutes)PartEstimatedMarketValuePercentofTotalApportionedCostBuilding$,$,Land,,Landimprovements,,Vehicles,,Total$,$,JanBuilding,Land,LandImprovements,Vehicles,Cash,TorecordassetpurchasesPartYearstraightlinedepreciationonbuilding($,$,)years=$,PartYeardoubledecliningbalancedepreciationonlandimprovements(years)x=rate$,x=$,PartAccelerateddepreciationdoesnotlowerthetotalamountoftaxespaidovertheasset'slifeInstead,itdefersorpostponestaxestothelateryearsofanasset’susefullifeThisisbecauseacceleratedmethodschargeahigherportionofassetcostsagainstrevenueinearlieryearsandalowerportioninlateryearsTheresultistoreducetaxableincomemoreinearlieryearsbutlessinlateryearsNote:Fromapresentvalueperspective,thereisataxsavingsfromuseofaccelerateddepreciationThecompanygetstousethetaxdeferredamountsforinvestmentpurposesuntiltheyaredue©McGrawHillCompanies,SolutionsManual,ChapterProblemA(minutes)JanEquipment,Cash,Torecordloadercosts($,$,$,)JanEquipment,Cash,TorecordbettermentofloaderDecDepreciationExpenseEquipment,*AccumulatedDepreciationEquipment,Torecorddepreciation*depreciationafterJanuaryrdbettermentTotaloriginalcost$,Pluscostofbetterment,Revisedcostofequipment,Lessrevisedsalvage($,$,),Costtobedepreciated,Annualdepreciation($,years)$,JanEquipment,Cash,TorecordextraordinaryrepaironloaderFebRepairsExpenseEquipment,Cash,TorecordordinaryrepaironloaderDecDepreciationExpenseEquipment,*AccumulatedDepreciationEquipment,Torecorddepreciation*depreciationafterJanuarystextraordinaryrepairTotalcost($,$,)$,Lessaccumulateddepreciation,Bookvalue,Lesssalvage

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