Accounting assignment
Accounting assignment
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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. Journalize 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 Years
Straight-line method:
| Year | Depreciation Expense | Accumulated Depreciation | Net Book Value | |||
| 20XX | ||||||
| 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 |
