Simulation _ CPA2

Ephy. discussion X 11 Chapter 9 Home X Question 4 - Chap X D21 Module Twelve: P X Biomedical Treatr X ps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducati... A ework i Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Saved PA9-1 (Algo) Part 4 study guide - Go X Required momation PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] [The following information applies to the questions displayed below.] Year 2 units-of-production depreciation expense Help At the beginning of the year, Buffalo Machinery bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. $10,900 990 1,170 890 Save & Exit S Check my v 4. Compute year 2 units-of-production…

Recording Costs for Self Constructed Asset Ameth Company constructed a building and incurred the following costs directly associated with construction. The building is valued at $155,000 (fair value) upon completion. Materials $50,000 80,000 Labor 30,000 5,000 2,000 $167,000 Incremental overhead Interest on construction loan incurred before completion Interest on construction loan incurred after completion Total Prepare summary journal entries to record costs of (1) construction and (2) completion of the building. Assume that all qualifying interest during the current year is capitalized t Account Name Dr. Cr. 155,000 Building To record the costs of construction building interest Expense To record the completion of the building. 155,000

2. Calculate the total depreciation expense to be recorded on Machine # 5027 for 2023. Total Depreciation expense

< Capital and revenue expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Replaced the transmission at a cost of $7,040. Paid $1,600 for installation of a hydraulic lift. Paid $71 to change the oil and air filter. March 20. June 11. November 30. Journalize the entry for each expenditure. If an amount box does not require an entry, leave it blank. March 20 June 11 November 30 00 00 00 00 00 00

Exercise 9-02 Adama Company incurred the following costs.Indicate to which account Adama would debit each of the costs. 1.   Sales tax on factory machinery purchased   $5,000   Select the account to be debited  BuildingPrepaid InsuranceLandEquipmentLand Improvements 2.   Painting of and lettering on truck immediately upon purchase   700   Select the account to be debited  LandBuildingEquipmentLand ImprovementsPrepaid Insurance 3.   Installation and testing of factory machinery   2,000   Select the account to be debited  BuildingLand ImprovementsPrepaid InsuranceLandEquipment 4.   Real estate broker’s commission on land purchased   3,500   Select the account to be debited  Land ImprovementsPrepaid InsuranceEquipmentBuildingLand 5.   Insurance premium paid for first year’s insurance on new truck   880   Select the account to be debited  Prepaid InsuranceEquipmentLand ImprovementsBuildingLand 6.   Cost of landscaping on property purchased   7,200…

Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine # 5027. Machine #5027 Component Single metal housing Motor Blade View transaction list Date of purchase Jan. 12/21 Jan. 12/21 Jan. 12/21 Journal entry worksheet < *SL = Straight-line; DDB = Double-declining-balance On January 7, 2023, the machine blade cracked and it was replaced with a new one costing $11,200 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2023, it was determined that the useful life on the metal housing should be increased to a total of 17 years instead of 15 years and that the residual value should be increased to $9,000. Required: 1. Prepare the entry to record the purchase of the replacement blade. 1 Depreciation Method" SL DDB SL 2 Cost $ 42,000 30,000 10,200 $ 82,200 Est.…

ACC201 Property Plant & Equipment Exercises from the Text, Chapter 9 a mac E9-2 Benedict Company incurred the following costs: 1. Sales tax on factory machinery purchased 2. Painting of and lettering on truck immediately upon purchase 3. Installation and testing of factory machinery $ 5,000 700 2,000 4. Real estate broker's commission on land purchased 3,500 5. Insurance premium paid for first year's insurance on new truck 880 6. Cost of landscaping on property purchased 7. Cost of paving parking lot for new building constructed 8. Cost of clearing, draining, 9. Architect's fees on self-constructed building 3,500 17,900 filling land 13,300 10,000 Instructions Indicate to which account Benedict would debit each of the costs.

1. Shaw Company purchased a machine for P1 260 000 that was placed in service at year - end. The entity incurred additional costs for this machine. Shipping 30 000 Installation 40 000 50 000 Testing At year end, what amount should be reported as machinery?

< Champion Company purchased and installed carpet in its new general offices on March 31 for a total cost of $18,000. The carpet is estimated to have a 15- year useful life and no residual value. a. Prepare the journal entries necessary for recording the purchase of the new carpet. If an amount box does not require an entry, leave it blank Mar. 311 b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet assuming that Champion Company uses the straight-line method. If an amount box does not require an entry, leave it blank Dec. 31

m/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assign... eBook Show Me How A ✩ Comparing three depreciation methods Dexter Industries purchased packaging equipment on January 8 for $112,500. The equipment was expected to have a useful life of 3 years, or 22,500 operating hours, and a residual value of $4,500. The equipment was used for 9,000 hours during Year 1, 6,750 hours in Year 2, and 6,750 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the 3 years ending December 31, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the 3 years by each method. Do not round intermediate calculations when determining the depreciation rate. Round the final answers for each year to the nearest whole dollar. Year Year 1 Year 2 Year 3 Total Straight-Line Method Depreciation Expense Units-of-Activity Method 2. What…

HW - Ch 20-2   Prepare journal entries to record the effects on Shannon’s accounting records at December 31, 2021, for each of the items described above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars not in thousands of dollars.) (1)  Record the gain on sale of investment with an original cost of $186,000 for $232,000 (2)  Record the adjustment of equity securities for the investment of $232,000 as on the date of sale. (3)  Record the fair value adjustment. (4)  Record the loss-lawsuit. (5)  Record correction of inventory error. (6) Record correct assets that were incorrectly expensed. (7)  Record the 2021 adjusting entry for depreciation. (8) Record the income tax expense.

Question Description The original cost of a machine was $60,000. After $45,000 of depreciation was recorded, the machine was traded in on a new machine of like purpose priced at $75,000. A $10,500 trade-in allowance was received on the old machine and the balance of $64,500 was paid in cash. Prepare the general journal entry to record this trade-in.

Instructions Chart of Accounts General Journal Instructions Champion Company purchased and installed carpet in its new general offices on March 31 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value. Required: a. Prepare the journal entries necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet assuming that Champion Company uses the straight-line method. Refer to the Chart of Accounts for exact wording of account titles.

9:00 A docs.google.com Samawah refinery purchased a machine and the following costs were incurred: Cash price IQD 30000 and Insurance during transit IQD 2000 and Installation IQD 1000, The amount should be recorded at the cost :of the machine is 30000 32000 33000 none of all the above All costs paid to buy a machine to make ready for intended use, is an application of: Revenue recognition principle. Continuity Concept. Full disclosure principle. Cost principle.

B. D E G H. J K 3. Create the fixed asset supporting schedule for the following purchases: Two fixed assets are purchased during the year: Computer server on 5/4/2014 for $2,214.55 Office furniture on 11/17/2014 for $1,234.54 MACRS 150% is going to be the depreciation method used and depreciation adjusting entries are made at the end of each month. (check figure: total depreciation expense = 107.63) What will be the depreciation general journal adjusting entry on 12/31/2014?

LL Capital Expenditure and Depreciation Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. If an amount box does not require an entry, leave it blank. Apr. 30 b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 eck My Work Previous Next > All work saved. Save and Exit Submit Assignment for Grading

Exercise 8-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $14,000, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $280 discount. Transportation costs of $316 were paid by Rizio. The machine required mounting and power connections costing $968. Another $456 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $350 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine. Amount Included in Cost of Equipment: Invoice price of machine Net purchase price Total cost to be recorded $ 0 0

TB MC Qu. 08-168 Mohr Company purchases a machine at the... Mohr Company purchases a machine at the beginning of the year at a cost of $24,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 5 years with a $4,000 salvage value. Depreciation expense in year 2 is

Knowledge Check 01 On October 1, equipment costing $10,700, on which $7,070 of accumulated depreciation has been recorded (through that date) was sold for $2,070 cash. Prepare the appropriate journal entry for the sale of the equipment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

nt Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax $46,000 2, 300 Freight charges for shipnent of equipnent Insurance on the equipnent for the first year Installation of equipment 71e 910 1,100 The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet > Record the purchase of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet 11 Record any expenditures not capitalized in the purchase of equipment. Note Peter Oebits before credita Transaction General Journal Debit Credit 21