ACCOUNTING

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          

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