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Patterson Planning Corp
You have been hired by Patterson Planning Corp, an events planning company that recently had a fire in which some of the accounting records were damaged. in reviewing the fixed asset Records, you found three depreciation schedules they are not labeled. They are listed in the following table. One of the assets has A depreciation rate of $4.40 per hour.
ss=false Mastery Problem: Long-Term Assets: Fixed and Intangible Patterson Planning Corp. You have been hired by Patterson Planning Corp., an 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 $4.40 per hour Year Schedule A Schedule B Schedule 1 $6,000 $10,125 $9.680 2 3,600 13,500 6,600 3 2,160 13,500 7.480 4 1,296 13,500 6,600 5 444 3,375 4,400 6 7,040 7 4,840 8 Total $13,500 $54,000 $46,640 Depreciation 1. Determine which depreciation method is shown in each schedule on the Patterson Planning Corp.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 producing steady revenues Asset with variable in-service time Asset generating greater revenues in the early years 2. For each of the depreciation schedules shown on the Patterson Planning Corp.nl in the following information. It an amount box does not requr an entry leave blank B Useful le Residual Asset cost Total operating hours Final Questions Review the depreciation schedules on the Patterson Planning Corpparel, the answer the following questions 1. How would you adjust Schedule at the beginning of Year, the asset was estimated to have more years of the remaining, but with a real value that was $2,500 higher The total depreciation for this asset now will be The depreciation amount for Year 3 will be 2. What is the difference between the journal entre for scanding or senga The Journal entry to discard a fixed asset differs from the other entry because there is no receipt of cash 3. Complete the following sentences about depreciation (A) When a fixed asset is fully deprecated it is kept in the ledger it has not been removed from service depreciation account represents the total amount that has been depreciated (C) Depreciation measures the transfer of the cost of a fixed asset to expense (The balance of the accumulated Mastery Problem: Long-Term Assets: Fixed and Intangible Patterson Planning Corp You have been hired by Patterson Planning Corp., an 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 $4.40 per hour Year Schedule A Schedule B Schedule 1 $6,000 $10,125 59,680 2 3,600 13,500 6,600 3 2,160 13,500 7.480 4 1,296 13,500 6,600 5 3,375 4,400 7,040 7 4,840 8 Total $13,500 $54,000 $46,640 Depreciation 1. Determine which depreciation method is shown in each schedule on the Patterson Planning Corp. 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 producing steady revenues Asset with variable in-service time Asset generating greater revenues in the early years kl.lol B
