All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question
AI Study Help New

Search
Sign In
Register

study help
business
accounting

Questions and Answers of Accounting

What is the nature of the SEC guidance concerning property, plant, and equipment disclosures?
Explain how estimation of service lives can result in unrealistically high carrying values for fixed assets.
Workman Company purchased a machine on January 2, 2012, for $800,000. The machine has an estimated useful life of 5 years and a salvage value of $100,000. Depreciation was computed by the 150%
Silverman Company purchased machinery for $162,000 on January 1, 2012. It is estimated that the machinery will have a useful life of 20 years, salvage value of $15,000, production of 84,000 units,
A building that was purchased December 31, 1988, for $2,500,000 was originally estimated to have a life of 50 years with no salvage value at the end of that time. Depreciation has been recorded
Andrea Torbert purchased a computer for $8,000 on July 1, 2012. She intends to depreciate it over 4 years using the double-declining-balance method. Salvage value is $1,000. Compute depreciation for
Shumway Oil uses successful-efforts accounting and also provides full-cost results as well. Under full-cost, Shumway Oil would have reported retained earnings of $42 million and net income of $4
Target Corporation in 2010 reported net income of $2.5 billion, net sales of $63.4 billion, and average total assets of $44.3 billion. What is Target’s asset turnover ratio? What is Target’s
Fernandez Corporation purchased a truck at the beginning of 2012 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles
Lockard Company purchased machinery on January 1, 2012, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years.(a) Compute 2012 depreciation expense
Use the information for Lockard Company given in BE11-2. (a) Compute 2012 depreciation expense using the sum-of-the-years’-digits method. (b) Compute 2012 depreciation expense using the
Use the information for Lockard Company given in BE11-2. (a) Compute 2012 depreciation expense using the double-declining-balance method. (b) Compute 2012 depreciation expense using the
Holt Company purchased a computer for $8,000 on January 1, 2011. Straight-line depreciation is used, based on a 5-year life and a $1,000 salvage value. In 2013, the estimates are revised. Holt now
In its 2009 annual report, Campbell Soup Company reports beginning-of-the-year total assets of $6,474 million, end-of-the-year total assets of $6,056 million, total sales of $7,586 million, and net
Francis Corporation purchased an asset at a cost of $50,000 on March 1, 2012. The asset has a useful life of 8 years and a salvage value of $4,000. For tax purposes, the MACRS class life is 5 years.
Hasselback Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three
Cosby Company purchased a new plant asset on April 1, 2012, at a cost of $774,000. It was estimated to have a service life of 20 years and a salvage value of $60,000. Cosby’s accounting period is
Wenner Furnace Corp. purchased machinery for $279,000 on May 1, 2012. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and working
Maserati Corporation purchased a new machine for its assembly process on August 1, 2012. The cost of this machine was $150,000. The company estimated that the machine would have a salvage value of
Goldman Corporation bought a machine on June 1, 2010, for $31,800, f.o.b. the place of manufacture. Freight to the point where it was set up was $200, and $500 was expended to install it. The
Bosh Company purchased a piece of equipment at the beginning of 2009. The equipment cost $502,000. It has an estimated service life of 8 years and an expected salvage value of $70,000. The
Machinery purchased for $52,000 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time. Depreciation has been entered for 5
In 1985, Abraham Company completed the construction of a building at a cost of $1,900,000 and first occupied it in January 1986. It was estimated that the building will have a useful life of 40 years
Peloton Company constructed a building at a cost of $2,400,000 and occupied it beginning in January 1993. It was estimated at that time that its life would be 40 years, with no salvage value. In
Kawasaki Company shows the following entries in its Equipment account for 2013. All amounts are based on historical cost. Instructions(a) Prepare any correcting entries necessary.(b) Assuming that
On March 10, 2014, No Doubt Company sells equipment that it purchased for $240,000 on August 20, 2007. It was originally estimated that the equipment would have a life of 12 years and a salvage value
Presented below is information related to equipment owned by Pujols Company atDecember 31, 2012.Cost ................$9,000,000Accumulated depreciation to date.....1,000,000Expected future net cash
The management of Sprague Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $900,000 with
Hernandez Timber Company owns 9,000 acres of timberland purchased in 2001 at a cost of $1,400 per acre. At the time of purchase, the land without the timber was valued at $400 per acre. In 2002,
Jonas Lumber Company owns a 7,000-acre tract of timber purchased in 2005 at a cost of $1,300 per acre. At the time of purchase, the land was estimated to have a value of $300 per acre without the
Henrik Mining Company purchased land on February 1, 2012, at a cost of $1,250,000. It estimated that a total of 60,000 tons of mineral was available for mining. After it has removed all the natural
At the beginning of 2012, Callaway Company acquired a mine for $850,000. Of this amount, $100,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys
The 2009 Annual Report of McDonald's Corporation contains the following information. InstructionsCompute the following ratios for McDonald's for 2009.(a) Asset turnover ratio.(b) Rate of return
Annunzio Enterprises purchased a delivery truck on January 1, 2012, at a cost of $41,000. The truck has a useful life of 7 years with an estimated salvage value of $6,000. The straight-line method is
Elwood Inc. purchased computer equipment on March 1, 2012, for $36,000. The computer equipment has a useful life of 10 years and a salvage value of $3,000. For tax purposes, the MACRS class life is 5
Alladin Company purchased Machine #201 on May 1, 2012. The following information relating to Machine #201 was gathered at the end of May.Price ......................$85,000Credit terms
The cost of equipment purchased by Charleston, Inc., on June 1, 2012, is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of its service life. Its service life is
The following data relate to the Machinery account of Eshkol, Inc. at December 31, 2012. *In the year an asset is purchased, Eshkol, Inc. does not record any depreciation expense on the asset.In
A depreciation schedule for semi-trucks of Ichiro Manufacturing Company was requested by your auditor soon after December 31, 2013, showing the additions, retirements, 2 depreciation, and other data
Conan O’Brien Logging and Lumber Company owns 3,000 acres of timberland on the north side of Mount Leno, which was purchased in 2000 at a cost of $550 per acre. In 2012, O’Brien began selectively
Darby Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the
Roland Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2011 for $10,000,000 and had an estimated useful life of 8 years with no salvage
Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2011. The accounting department of Kohlbeck has started the fixed-asset and depreciation schedule presented on
On January 1, 2010, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before
Burnitz Manufacturing Company was organized January 1, 2012. During 2012, it has used in its reports to management the straight-line method of depreciating its plant assets. On November 8, you are
Presented below and on page 649 are three different and unrelated situations involving depreciation accounting. Answer the question(s) at the end of each situation.Situation I Recently, Broderick
As a cost accountant for San Francisco Cannery, you have been approached by Phil Perriman, canning room supervisor, about the 2012 costs charged to his department. In particular, he is concerned
Jerry Prior, Beeler Corporation’s controller, is concerned that net income may be lower this year. He is afraid upper-level management might recommend cost reductions by laying off accounting
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso. InstructionsRefer to P&G’s financial statements and
The Coca-Cola Company and PepsiCo., Inc.InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and
McDonald's is the largest and best-known global food service retailer, with more than 32,000 restaurants in 118 countries. On any day, McDonald's serves approximately 1 percent of the world's
Electroboy Enterprises, Inc. operates several stores throughout the western United States. As part of an operational and financial reporting review in a response to a downturn in its markets, the
Matt Holmes recently joined Klax Company as a staff accountant in the controller’s office. Klax Company provides warehousing services for companies in several Midwestern cities. The location in
In this simulation, you are asked to address questions regarding the accounting for property, plant, and equipment. Prepare responses to allparts.
Toro Co. has equipment with a carrying amount of $700,000. The value-in-use of the equipment is $705,000, and its fair value less costs of disposal is $590,000. The equipment is expected to be used
Why might a company choose not to use revaluation accounting?
Ortiz purchased a piece of equipment that cost $202,000 on January 1, 2012. The equipment has the following components. Compute the depreciation expense for this equipment at December 31,2012.
Tan Chin Company purchases a building for $11,300,000 on January 2, 2012. An engineer’s report shows that of the total purchase price, $11,000,000 should be allocated to the building (with a
Brazil Group purchases a vehicle at a cost of $50,000 on January 2, 2012.Individual components of the vehicle and useful lives are as follows. Instructions(a) Compute depreciation expense for 2012,
Jurassic Company owns machinery that cost $900,000 and has accumulated depreciation of $380,000. The present value of expected future net cash flows from the use of the asset are expected to be
Presented below is information related to equipment owned by Pujols Company at December 31, 2012.Cost (residual value $0) .........$9,000,000Accumulated depreciation to date ....1,000,000Value-in-use
Assume the same information as in IFRS11-11, except that Pujols intends to dispose of the equipment in the coming year.Instructions(a) Prepare the journal entry (if any) to record the impairment of
Falcetto Company acquired equipment on January 1, 2011, for $12,000. Falcetto elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a
Companies following international accounting standards are permitted to revalue fixed assets above the assets' historical costs. Such revaluations are allowed under various countries' standards and
Matt Holmes recently joined Klax Company as a staff accountant in the controller’s office. Klax Company provides warehousing services for companies in several European cities. The location in
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.marksandspencer.
Access the Codification glossary (“Master Glossary”) to answer the following.(a) What is the definition provided for an intangible asset?(b) What is the definition of goodwill?(c) What is the
Your friend Harry does not understand the concept of an indefinite-life intangible asset. He wonders, “Does this mean the life is infinite?” What does the authoritative literature say about
What guidance does the Codification provide concerning the disclosure of research and development (R&D) costs?
What is the nature of the authoritative guidance for advertising costs for entertainment companies?
What should be the pattern of amortization for a limited life intangible?
McNabb Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented, all in the year 2012. How should these costs be
In examining financial statements, financial analysts often write off goodwill immediately. Comment on this procedure.
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2002, for $540,000. On January 1, 2012, a review was made of intangible assets and their expected service
An article in the financial press stated, “More than half of software maker Comserve’s net worth is in a pile of tapes and ring-bound books. That raises some accountants’ eyebrows.” What is
Garfunkel, Inc. has incurred $6 million in developing a computer software product for sale to third parties. Of the $6 million costs incurred, $4.5 million is capitalized. The product produced from
In 2012, EZ-Learn Software developed a software package for assisting calculus instruction in business colleges, at a cost of $2,000,000. Although there are tens of thousands of calculus students in
Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2012, for $54,000. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10
Use the information provided in BE12-1. Assume that at January 1, 2014, the carrying amount of the patent on Celine Dion’s books is $43,200. In January, Celine Dion spends $24,000 successfully
Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $120,000 on April 1, 2012. The franchise grants Gershwin the right to sell certain products and services for a
On September 1, 2012, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont’s balance sheet showed assets of $620,000, liabilities of
Capriati Corporation commenced operations in early 2012. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its
Treasure Land Corporation incurred the following costs in 2012.Cost of laboratory research aimed at discovery of new knowledge .... $120,000Cost of testing in search for product alternatives
Nieland Industries had one patent recorded on its books as of January 1, 2012. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2012, Nieland incurred research
Sinise Industries acquired two copyrights during 2012. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful life of 3
Presented below is selected information related to Matt Perry Inc. as of December 21, 2012. All these items have debit balances.Cable television franchises .........Film contract rightsMusic
Langrova Inc. has the following amounts included in its general ledger at December 31, 2012.Organization costs ..........................$24,000Trademarks ..............................20,000Discount
As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2012, are prepared. The controller for
Powerglide Company, organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during
In early January 2011, Reymont Corporation applied for a trade name, incurring legal costs of $18,000. In January 2012, Reymont incurred $7,800 of legal fees in a successful defense of its trade
Fontenot Corporation was organized in 2011 and began operations at the beginning of 2012. The company is involved in interior design consulting services. The following costs were incurred prior to
Reddy Industries has the following patents on its December 31, 2011, balance sheet. The following events occurred during the year ended December 31, 2012.1. Research and development costs of
On July 1, 2012, Gissel Corporation purchased Mills Company by paying $250,000 cash and issuing a $150,000 note payable. At July 1, 2012, the balance sheet of Mills Company was as follows. The
Presented below is information related to copyrights owned by Botticelli Company at December 31, 2012.Cost ...............$8,600,000Carrying amount .........4,300,000Expected future net cash flows
Martinez Company incurred the following costs during 2012 in connection with its research and development activities. Cost of equipment acquired that will have alternativeuses in future R&D projects
Majoli Inc. has capitalized computer software costs of $3,900,000 on its new “Trenton” software package. Revenues from 2012 (first year) sales are $2,000,000. Additional future revenues from
During 2012, Botosan Enterprises Inc. spent $5,000,000 developing its new “Dover” software package. Of this amount, $2,600,000 was spent before technological feasibility was established for the
Reichenbach Co., organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012 and
During 2010, Robin Wright Tool Company purchased a building site or its proposed research and development laboratory at a cost of $60,000. Construction of the building was started in 2010. The
On July 31, 2012, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division of Mexico. Conchita reported the following balance sheet at the

Showing 5100 - 5200 of 107832

First
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved