Nora has been hired by Patterson & Associates, a small events planning company that recently had a fire in which some of the accounting records were damaged.
In reviewing the fixed asset records, she finds threedepreciationschedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.30 per hour.
In Course: Prin of Financial Account X CengageNOWv2 | Online teachin X Jahongir Otajonov - Oq bulu 41 x + X C A v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Q CH 10 HW Calculator Print Item Mastery Problem: Long-Term Assets: Fixed and Intangible Patterson and Associates Depreciation Final Questions Patterson and Associates X You have been hired by Patterson & Associates, a small events planning company that recently had a fire in which some of the accounting records were damaged. In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.30 per hour. Year Schedule A Schedule B Schedule C 1 $6,000.00 $10, 125.00 $8,600.00 2 3.600.00 13.500.00 6,450.00 3 2.160.00 13.500.00 7,310.00 4 1,296.00 13,500.00 6,450.00 5 444.00 3,375.00 4,300.00 B 6,880.00 4,730.00 8 Total $13,500.00 $54,000.00 $44,720.00 Check My Work 2 more Check My Work uses remaining. Assignment Score: 0.0% All work saved. Save and Exit Submit Assignment for Grading Type here to search O Eli e N 9 8:22 PM 11/3/2019In Course: Prin of Financial Account X CengageNOWv2 | Online teachin X Jahongir Otajonov - Oq bulu 41 x + X C A v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Q a CH 10 HW Calculator Print Item Depreciation X 1. Determine which depreciation method is shown in each schedule on the Patterson & Associates panel. Then match each schedule to the asset description that best characterizes the type of assets often depreciated using that method. Asset Description Depreciation Schedule Used Asset with variable in-service time Asset generating greater revenues in the early years Asset producing steady revenues 2. For each of the depreciation schedules shown on the Patterson & Associates panel, fill in the following information. Leave any cells blank that cannot be determined from the depreciation schedule. A B C Useful life Residual value S Asset cost S 69 69 Total operating hours Check My Work 2 more Check My Work uses remaining. Assignment Score: 0.0% All work saved. Save and Exit Submit Assignment for Grading Type here to search O Eli N 9 8:23 PM 11/3/2019In Course: Prin of Financial Account X CengageNOWv2 | Online teachin X Jahongir Otajonov - Oq bulu 41 x + X C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Q a CH 10 HW Calculator Print Item Mastery Problem: Long-Term Assets: Fixed and Intangible Patterson and Associates Depreciation Final Questions Final Questions X Review the depreciation schedules on the Patterson & Associates panel, then answer the following questions. 1. How would you adjust Schedule B if, at the beginning of Year 3, the asset was estimated to have 5 more years of life remaining, but with a residual value that was $2,500 higher? The total depreciation for this asset now will be S The depreciation amount for Year 3 will be S 2. What is the difference between the journal entries for discarding or selling a fixed asset? The journal entry to differs from the other entry because 3. Complete the following sentences about depreciation. (A) When a fixed asset is fully depreciated it is if 7. (B) The balance of the Accumulated Depreciation account represents V. (C) Depreciation measures Check My Work 2 more Check My Work uses remaining. Assignment Score: 0.0% All work saved. Save and Exit Submit Assignment for Grading Type here to search O Eli N 9 8:24 PM 11/3/2019
