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Accounting Wk 2 Essay

848 words - 4 pages

E9-1 The following expenditures relating to plant assets were made by Spaulding Company
during the first 2 months of 2011.
1. Paid $5,000 of accrued taxes at time plant site was acquired.
2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery
was in transit.
3. Paid $850 sales taxes on new delivery truck.
4. Paid $17,500 for parking lots and driveways on new plant site.
5. Paid $250 to have company name and advertising slogan painted on new delivery truck.
6. Paid $8,000 for installation of new factory machinery.
7. Paid $900 for one-year accident insurance policy on new delivery truck.
8. Paid $75 motor vehicle license fee on the new ...view middle of the document...

Actual miles driven were 15,000 in 2011 and 12,000 in 2012.
Instructions
(a) Compute depreciation expense for 2011 and 2012 using
(1) the straight-line method=cost-salvage value
30,000-2,000=$28,000

(2) the units-of-activity method:
Depreciation cost/total units of activity= Depreciation cost per unit
Depreciation cost per unit/units of activity per year=annual depreciation expense

30,000/2,000=15,000
15,000*100,000 miles=.15*100=15%

(3) the double-declining balance method=book value at the beginning of the year*declining balance rate=A.D.E
30,000*15%=$4,500

(b) Assume that Brainiac uses the straight-line method.
(1) Prepare the journal entry to record 2011 depreciation.
Debit-Income Statement-Depreciation Expense and Credit –Balance Sheet-Accumulated Depreciation
(2) Show how the truck would be reported in the December 31, 2011, balance sheet.
Debit-Equipment Expense-$26,500
E9-12 The following are selected 2011 transactions of Franco Corporation.

Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.

May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.

Instructions
Prepare necessary adjusting entries at December 31 to record amortization required by the
events above.
Dec. 31
Debit Amortization Expense-$12,000
Credit Patent-12,000
Nothing will be done for goodwill.
P9-7B The intangible assets section of Time Company at December 31, 2011, is presented below.
...

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