ACC 308 Mod 5 Notes to the Financial Statements2 (1)

Connect: Cha... 6 Table 9.7 Modified ACRS depreciation allowances Saved Help Save & Exit Submit Property Class Year 3-Year 5-Year 7-Year Check my work 1 33.33% 20.00% 14.29% 2 44.45 32.00 24.49 3 14.81 19.20 17.49 4 7.41 11.52 12.49 An asset used in a four-year project falls in the five-year MACRS class (MACRS schedule) for tax purposes. The asset has an acquisition cost of $7,200,000 and will be sold for $1,620,000 at the end of the project. If the tax rate is 24 percent, what is the aftertax salvage value of the asset? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. 7 5 11.52 8.93 6 5.76 8.92 8.93 8 4.46 Aftertax salvage value

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Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

A Cost 49, 300, # Computer System purchased by Jones Company Using the MACRS method Caleviate depreciation at the the accumulated 3. (Round all Dollar amounts. to A 35, 101.60 B 33, 345.54 C 40 780.9 و ما ان ها ,45 D 87 Abswer ky end of year newest Cent)

Question #5 b. What is the difference between User Specific Qualities and Primary Qualitative Characteristics? c. If I want to book one month depreciation of $270.12 for an asset, what is the journal entry? d. List the four importance of accounting standards. e. Please give the three things considered and posted when disposing of a fixed asset.

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Using Excel to prepare depreciation schedules Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.corri/Horngren. The Fraser River Corporation has purchased a new piece of factory equipment on January 1, 2018, and wishes to compare three depreciation methods, straight-line, double-declining-balance, and units-of-production. The equipment costs $400,000 and has an estimated useful life of four years, or 8,000 hours. At the end of four years, the equipment is estimated to have a residual value of $20,000. Requirements Use Excel to prepare depreciation schedules for straight-line, double-declining-balance, and units-of-production methods. Use cell references from the Data table. Prepare a second depreciation schedule for double-declining-balance method, using the Excel function DDB. The DDB function cannot be used in the last year of the asset's useful life. At December 31, 2018, Fraser River is trying to determine if it should sell the…

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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $257,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $24,00O. Exercise 8-8 Double-declining-balance depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation. (Enter all amounts positive values.) Depreciation for the Period End of Period

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ng Objective 1 S10-1 Determining the cost of an asset Highland Clothing purchased land, paying $96,000 cash and signing a $300,000 note payable. In addition, Highland paid delinquent property tax of $1,100, title insurance costing $600, and $4,600 to level the land and remove an unwanted building. Record the journal entry for purchase of the land.

Your answer is partially correct Compute the amount of accumulated depreciation on each machine at December 31, 2026 Accumulated depreciation at December 31 eTextbook and Media Save for Later 5 MACHINE 1 MACHINE 2 MACHINE 3 12880 Attempts: 1 of 3 used Submit Amet

CengageNOWv2 | Online teaching and learning resource from Cengage Learning Calculator Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $612,500. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $44,360. a. What was the depreciation for the first year? Round your answer to the nearest cent. b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $102,987. Round your answer to the nearest cent and enter as a positive amount. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Previous Next> Email Instructor Submit Test for Grading All work saved.

Question 31

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Exercise 8-3A (Static) Classifying tangible and intangible assets LO 8-1 Required: Identify each of the following long-term operational assets as either tangible (T) or intangible (1). a. Pizza oven b. Land c. Franchise d. Filing cabinet e. Copyright f. Silver mine g. Office building h. Drill press i. Patent j. Oil well k. Desk 1. Goodwill Answers