On problem 9-2A on the "record adjusting entries for depreciation for 2015" section how do i calculate theDepreciation Expense andAccumulated Depreciation-Equipment for "depreciation on buildings" Dec 31st? its the last 2 entries for debit and credit

Brief Exercise 9-11 Your answer is correct. Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2014 (in millions): other plant assets $951.3; land $245.9; patents and trademarks (at cost) $535.9; machinery and equipment $2,194.9; buildings $931; goodwill (at cost) $184.6; accumulated amortization $44.2; and accumulated depreciation $2,394. Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.) NIKE, INC. Partial Balance Sheet As of May 31, 2014 (in millions) Property, Plant and Equipment $ Land 245.9 $ Buildings 931 Machinery and Equipment 2,194.9 Other Plant Assets 951.3 : Less 2,394 Accumulated Depreciation 1,683.2 1,929.1 Total Property, Plant and Equipment Intangible Assets Goodw ill 184.6 Patents and Trademarks : Less Accumulated Amortization $ 535.9 44.2 491.7 676.3 Total Intangible Assets Do It! Review 9-5 Your answer is correct. Match the statement with the term most directly associated with it. 1. Intangible Assets Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance. 2. Amortization The allocation of the cost of an intangible asset to expense in a rational and systematic manner. 3. Franchise A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area. 4. Research and Development Costs Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred. 5. Goodw ill The excess of the cost of a company over the fair value of the net assets required. Exercise 9-7 Your answer is correct. Wang Co. has delivery equipment that cost $54,390 and has been depreciated $24,080. Record entries for the disposal under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) It was scrapped as having no value. (b) It was sold for $36,860. (c) It was sold for $19,710. No Account Titles and . Explanation epreciation-Equipment (a) Loss on Dispo Debit 24,080 30,310 Equipment (b) (c) Credit 54,390 Accumulated D 24,080 Cash 36,860 Gain on Dispo 6,550 Equipment 54,390 Accumulated D 24,080 Cash 19,710 Loss on Dispo 10,600 Equipment 54,390 Exercise 9-8 Your answer is correct. Here are selected 2014 transactions of Cleland Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,050 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2012. The computer cost $36,400 and had a useful life of 4 years with no salvage value. The computer was sold for $5,360 cash. Sold a delivery truck for $9,330 cash. The truck cost $24,090 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $3,870 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Accumulated D Debit 61,050 Equipment June 30 Credit 61,050 Depreciation E 4,550 Accumulated D 4,550 (To record depreciation expense for the first 6 months of 2014) Accumulated D 22,750 Cash 5,360 Loss on Dispo 8,290 Equipment Dec. 31 36,400 Depreciation E 4,044 Accumulated D 4,044 (To record depreciation expense for the year 2014) Accumulated D 16,176 Cash 9,330 Equipment 24,090 Gain on Dispo 1,416 Solution CLOSE Exercise 9-8 June 30 Depreciation Expense = ($36,400 x 1/4 x 6/12) = $4,550 Accumulated Depreciation Equipment = ($36,400 x 2/4 = $18,200; $18,200 + $4,550) = $22,750 Loss on Disposal of Plant Assets = [$5,360 - ($36,400 - $22,750)] = $8,290 = [($24,090 - $3,870) x 1/5] = $4,044 = [($24,090 - $3,870) x 4/5] = $16,176 Dec. 31 Depreciation Expense Accumulated Depreciation Equipment BYP 9-1 What was the amount of depreciation expense for each of the 3 years 2009-2011? (Hint: Use the statement of cash flows.) (Enter the amounts in thousands.) Depreciation 200 9 $ 201 0 $ 17,862 18,279 201 1 $ 19,229 SHOW ANSWER Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased (capital expenditures) in 2011 and 2010?(Enter the amounts in thousands.) 2011 Property, plant, and equipment purchased 16,351 2010 12,813 BYP 9-2 Based on the information in these financial statements and the accompanying notes and schedules, compute the following values for each company in 2011. (Round all percentages to 1 decimal places, e.g. 15.1% and asset turnover ratio to 2 decimal places, e.g. 15.21.) (1) Return on assets. Return on assets Tootsie Roll 5.1 % Hershey Company 14.5 % (2) Profit margin (use \"Total Revenue\"). Profit margin Tootsie Roll 8.3 % Hershey Company 10.3 % (3) Asset turnover. Asset turnover Tootsie Roll 0.62 Hershey Company 1.40 time s time s Problem 9-2A At December 31, 2014, Navaro Corporation reported the following plant assets. Land Buildings $ 5,739,000 $31,050,000 Less: Accumulated depreciationbuildings 22,812,525 Equipment 76,520,000 Less: Accumulated depreciation equipment 9,565,000 8,237,475 66,955,000 Total plant assets $80,931,475 During 2015, the following selected cash transactions occurred. Apr. 1 May 1 June 1 July 1 Dec. 31 Purchased land for $4,208,600. Sold equipment that cost $1,147,800 when purchased on January 1, 2008. The equipment was sold for $325,210. Sold land for $3,060,800. The land cost $1,913,000. Purchased equipment for $2,104,300. Retired equipment that cost $1,339,100 when purchased on December 31, 2005. No salvage value was received. Your answer is correct. Journalize the transactions. Navaro uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation April 1 Debit Land 4,208,600 SHOW LIST OF ACCOUNTS Cash SHOW SOLUTION SHOW May 1ANSWER Depreciation E LINK TO TEXT Accumulated D Credit 4,208,600 38,260 38,260 (To record depreciation on equipment sold) Cash 325,210 Accumulated D 841,720 Your answer is correct. Equipment 1,147,800 Record adjusting entries for depreciation for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Gain on Dispo 19,130 Date. June 1Account Titles Cash and Explanation Debit Land Dec. Depreciation E SHOW LIST OF ACCOUNTS 31 Credit 3,060,800 1,913,000 776,250 Gain on Dispo Accumulated D SHOW SOLUTION 776,250 SHOW ANSWER July 1 (To record depreciation Equipment on 2,104,300 LINK TObuildings.) TEXT Cash Depreciation E 31 Dec. 31 1,147,800 2,104,300 7,508,525 Depreciation E Accumulated D 133,910 7,508,525 Accumulated D 133,910 Your answer is(To correct. record depreciation on equipment retired) Accumulated D 1,339,100 Prepare the plant assets section of Navaro's balance sheet at December 31, 2015. (Hint: You may wish to set up T accounts, post beginning balances, and then post 2015 transactions.) (List Plant Assets in order of Land, Building and Equipment.) Equipment 1,339,100 NAVARO CORPORATION Partial Balance Sheet December 31, 2015 Plant Assets $ Land 8,034,600 $ Buildings 31,050,000 : Less 23,588,775 Accumulated D Equipment 7,461,225 76,137,400 : Less 15,064,875 Accumulated D 61,072,525 $ 76,568,350 Total Plant Asset Problem 8-3A Presented below is an aging schedule for Bosworth Company. Number of Days Past Due Customer Aneesh Total Not Yet Due $ 29,100 Bird 42,500 $ 42,500 Cope 56,800 7,200 DeSpears 43,500 Others 31-60 $20,000 5,900 61-90 Over 90 $43,700 $43,500 143,100 79,400 48,400 15,300 $315,000 $129,100 $63,400 $35,300 $43,700 $43,500 5% 8% 14% 21% 56% $ 6,455 $5,072 $4,942 $ 9,177 $24,360 Estimated percentage uncollectible Total estimated bad debts 1-30 $ 9,100 $ 50,006 At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $6,500. Your answer is correct. Journalize the adjusting entry for bad debts at December 31, 2013. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Bad Debt Expe Allow ance for SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Debit Credit 43,506 43,506 Your answer is correct. Post the adjusting entry for bad debts at December 31, 2013. Bad Debts Expense 12/31 43,506 12/31 Bal. 43,506 Allowance for Doubtful Accounts 12/31 Bal. 6,500 12/31 43,506 12/31 Bal. 50,006 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Your answer is correct. Journalize the 2014 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. March 1, a $710 customer balance originating in 2013 is judged uncollectible. 2. May 1, a check for $710 is received from the customer whose account was written off as uncollectible on March 1. No . Date Account Titles and Explanation Debit 1 Allow ance for 1.SHOW Mar. LIST OF ACCOUNTS SHOW ANSWER 710 Accounts Rec TEXT May 1 2.LINK TO Credit 710 Accounts Rec 710 Allow ance for 710 (To reinstate account previously written off) Your answer is partially Cashcorrect. 710 Post to the allowance account entries posted in the previous Accountsthese Rec 2014 events. (Post entries in the order of journal 710 part.) Allowance for Doubtful Accounts 2013 12/31 Bal. 6,500 12/31 12/31 43,506 Bal. 50,006 2014 3/1 710 *should be 5/1, not 3/1 3/1 710 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Your answer is correct. Journalize the adjusting entry for bad debts at December 31, 2014, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,400 and the aging schedule indicates that total estimated bad debts will be $54,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Bad Debt Expe Allow ance for Debit Credit 55,400 55,400