Depreciation

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  • Bob's Chocolate and More Accounting Cycle Essay

    1617 Words  | 7 Pages

    Individual Assignment #1: The Accounting Cycle Bob’s Chocolate Chips and More, a bakery specializing in gourmet pizza and chocolate chip cookies, started business on October 1, 2011. The following transactions occurred during the month. 1. The company issued 6,000 shares of common stock at $15 per share. 2. The company acquired office equipment on October 1 for $30,000 cash. The equipment was used for administrative tasks. 3. The company purchased $15,000 of ingredients on

  • Chap 11 Kieso 15e Hwk Solutions

    621 Words  | 3 Pages

    CHAPTER 11 Depreciation, Impairments, and Depletion EXERCISE 11-4 (15–25 minutes) (a) $315,000 – $15,000 = $300,000; $300,000 ÷ 10 yrs. = $30,000 (b) $300,000 ÷ 240,000 units = $1.25; 25,500 units X $1.25 = $31,875 (c) $300,000 ÷ 25,000 hours = $12.00 per hr.; 2,650 hrs. X $12.00 = $31,800 (d) 10 + 9 + 8 + 7 + 6 + 5 + 4 + 3 + 2 + 1 = 55 OR n(n + 1) = 10(11) = 55 2 2 10 X $300,000 X 1/3 = $18,182 55 9 X $300,000 X 2/3 = 32,727 55 Total for 2015 $50,909 (e) $315,000 X 20% X

  • Take Home Assignment-Harnischfeger

    2357 Words  | 10 Pages

    Case Study: | Harnischfeger Corporation | | | Q1: Changes in accounting policy and accounting estimates. (i) Inclusion of full sales price of construction and mining equipment purchased from Kobe Steel, Ltd. (later resold by the Corporation) in net sales If the Corporation continued with the prior recognition, which was to recognize gross margin, a loss of $5.7 million would be reflected in net sales. However, under the new recognition method no loss would be recorded, instead, revenue

  • Solution Chapter 10- Accounting

    9107 Words  | 37 Pages

    plant asset includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 3. Land is an asset with an unlimited life and, therefore, is not subject to depreciation. Land improvements have limited lives and are subject to depreciation. 4. Often the lump-sum or basket purchase includes assets with different lives that must be depreciated separately. Sometimes the purchase may include land, which is never depreciated. 5.

  • Essay on Wag Company

    1343 Words  | 6 Pages

    February 14, 2012 Stephen Conley Wiki Art Gallery, Inc. 117 Western Ave. Peoria, IL 61604 Stephen, Thank you for taking the time to meet with us.During our meeting, you stated that you (Stephen) are planning to purchase your co-owner’s (Rob Wilco) shares of Wiki Art Gallery, Inc. (WAG). As a private company, WAG’s shares do not have a readily available market price. However, you and Rob have agreed on calculating the buy-out price using the “earning multiplier” equal to five times the

  • Woodlawn Engineering Case Study

    1233 Words  | 5 Pages

    purchased at a cost of $2,697.50. We will calculate the difference between the accumulated Depreciation of office equipment balance and the office equipment account. We will then include the new office equipment to the balance, and then multiply the new balance by 20 percent using the declining-balance basis: NOTE (a) Office equipment DR. Depreciation Expense $4,740 CR. Accumulated Office Equipment Depreciation $4,740

  • Sylvia

    9317 Words  | 38 Pages

    | | | | | |3B | |Compute depreciation under different methods. | |Moderate | |30–40 | | | | | | | | | |4B | |Calculate revisions to depreciation expense. | |Moderate | |20–30

  • Fin361 Appendix 3a

    2213 Words  | 9 Pages

    A Guide to Earnings and Financial Reporting Quality A Guide to Earnings and Financial Reporting Quality Quality of reported financial information is a critical element in evaluating financial statement data. The higher the quality of financial reporting, the more useful the information is for business decision making. 5-2 A Guide to Earnings and Financial Reporting Quality There are a number of areas on the earnings statement that provide management with opportunities for influencing the

  • Financial Statements Measure The Liquidity And The Strength Of A Business

    1134 Words  | 5 Pages

    calculate the real value of accounts receivables and fixed assets. Uncollectible accounts receivables and depreciation reflect the offsets reported on financial statements. In accordance with generally accepted accounting principles (GAAP); two methods compute the uncollectible accounts receivable expense. Just like uncollectible accounts offset the value of accounts receivables; so do depreciation expenses counteract the value of fixed assets. Also called contra accounts, the journal entries accumulate

  • Accounting Case : Tijuana Bronze Machine

    2779 Words  | 12 Pages

    1.2 Receiving O/H 0.1 0.3 3.9 4.28 Material handling Once per receipt 0.48 1.8 23.40 25.70 Once per production run 0.32 1.2 15.60 17.14 Packing and Shipping 0.3 1.1 11.0 12.37 Engineering 2.67 2.4 12.5 17.57 Maintenance 1.4 1.4 0.5 3.32 Depreciation 1.3 1.3 0.5 2.99 Production cost per unit 23.28 30.49 89.95 143.72 The materials used per unit of production, the Run labor hours and machine hours are provided in exhibit 2. The overhead expenses per unit of the product have been apportioned