Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help with a review please! CHAPTER 9 Fixed Assets Chapter Outline Assignment Accounting for Plant Asset Expenditures Identify three characteristics for plant assets (also called
help with a review please!
CHAPTER 9 Fixed Assets Chapter Outline Assignment Accounting for Plant Asset Expenditures Identify three characteristics for plant assets (also called property, plant, and equipment): 1. Corront hasets 2. Fixed Assets 3. Intangible Assets The acquisition cost of plant assets consist of: - shippiny - Sales tajes - costoms fees - Installation - testing What characteristics are unique to land? What is included in cost of equipment? What is considered ordinary repairs and expensed? What are capitalized additions and improvements? Depreciation Methods to Plant Assets Depreciation is the process of Depreciationaffectsthebalancesheetthrough Depreciationaffectstheincomestatementthrough What is book value What is useful life Whatissalvage(residual)value) Is land depreciated? The balance in the Accumulated Depreciation account represents the total amount of the asset's cost that the company has charged to expense Factors Used In Computing Depreciation: Who determines assets useful life and salvage, as well as selecting the depreciation method? List three depreciation Methods discussed in Chapter 9: What is most widely used depreciation method? Describe Units-Of-Activity method Review Comparison of Depreciation Expense with Three Methods of Depreciation Note that total depreciation is the same for the five-year period. The depreciable cost has been expensed over the useful life or the estimated activity. Revising Periodic Depreciation. When there is a change to salvage value or expected useful life, the change is made in Define betterment How to Account for the Disposal or Sale of Plant Assets List three ways in which companies make plant asset disposals: 1. 2. 3. Methods for Evaluating the Use of Plant Assets Where are plant assets shown on the financial statements Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started