Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

For financial reporting clinton poultry farms

06/12/2021 Client: muhammad11 Deadline: 2 Day

E11-1 On January 1, 2013, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 100,000 miles.

Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. Round all computations to the nearest dollar. 1. Straight line
2. Double-declining balance
3. Units of producting depreciation
4. Sum-of-the-years' digits

E11-6 On April 29, 2013, Quality Appliances purchased equipment for $260,000. The estimated service life of the equipment is six years and the estimated residual value is $20,000. Quality's fiscal year ends on December 31.

Required: Calculate depreciation for 2013 and 2014 using each of the three methods listed. Quality calculates partial year depreciation based on the number of months the asset is in service. Round all computations to the nearest dollar.

1. Straight line
2. Sum-of-the-years' digits
3. Double-declining balance

E11-11 On April 17, 2013, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $4,500,000. The company expects to extract 900,000 tons of coal during a four-year period. During 2013, 240,000 tons were extracted and sold immediately.

Required: 1. Calculate depletion for 2013
2. Discuss the accounting treatment of the depletion calculated in requirement 1.

E11-14 Janes Company provided the following information on intangible assets:

a. A patent was purcahsed from the Lou Company for $700,000 on January 1, 2011.
Janes estimated the remaining useful life of the patent to be 10 years. The patent was
carried on Lou's accounting records at a net book value of $350,000 when Lou sold it to
Janes.

b. During 2013, a franchise was purchased from the Rink Company for $500,000. The
contractual life of the franchise is 10 years and Janes records a full year of amortization in
the year of purchase.

c. Janes incurred research and development costs in 2013 as follows:
Material and supplies $1,40,000
Personnel 1,80,000
Indirect cost 60,000
Total 3,80,000

d. Effective January 1, 2013, based on new events that have occurred, Janes estimates
that the remaining life of the patent purchased from Lou is only five more years.

Required: 1. Prepare the entries necessary for years 2011 through 2013 ro reflect the above information.
2. Prepare a schedule showing the intangible asset section of Janes's December 31, 2013, balance sheet.

E11-20 For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2010 for $2,560,000. Its useful life was estimated to be six years, with a $160,000 residual value. At the beginning of 2013, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows:

($ in 000s)
Year Straight Line Declining Balance
2010 $400 $853
2011 400 569
2012 400 379
$1,200 $1,801
Required: 1. Briefly describe the way Clinton should report this accouting change in the 2010-2011 comparative financial statement
2. Prepare any 2011 journal entry related to the change.

BE11-10 Collison and Ryder Company (C&R) has been experiencing declining market conditions for its sportswear division. Management decided to test the assets of the division for possible impairment. The test revealed the following: book value of division's assets, $26.5 million; fair value of division's assets, $21 million; sum of estimated future cash flows generated from the division's assets, $28 million. What amount of impairment loss should C&R recognize?

BE11-16 Demmert Manufacturing incurred the following expenditures during the current fiscal year: annual maintenance on its machinery, $5,400; remodeling of offices, $22,000; rearrangement of the shipping and receiving area resulting in an increase in productivity, $35,000; addition of a security system to the manufacturing facility, $25,000. How should Demmert account for each of these expenditures?

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Maths Master
Financial Assignments
Chartered Accountant
Top Writing Guru
A+GRADE HELPER
Write My Coursework
Writer Writer Name Offer Chat
Maths Master

ONLINE

Maths Master

After reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection.

$27 Chat With Writer
Financial Assignments

ONLINE

Financial Assignments

After reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection.

$29 Chat With Writer
Chartered Accountant

ONLINE

Chartered Accountant

I am an academic and research writer with having an MBA degree in business and finance. I have written many business reports on several topics and am well aware of all academic referencing styles.

$22 Chat With Writer
Top Writing Guru

ONLINE

Top Writing Guru

I have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc.

$22 Chat With Writer
A+GRADE HELPER

ONLINE

A+GRADE HELPER

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$18 Chat With Writer
Write My Coursework

ONLINE

Write My Coursework

After reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection.

$43 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Week 3 - Dell sc4020 end of life - Let x be uniformly distributed on 0 1 - Impact of discrimination on individuals of multiracial backgrounds - Vip charity shop longton - Discuss the challenges involved in staffing operations in emerging markets - Acquisition level 1 certification - How do readmission rates affect inpatient revenue - A tale of two schools summary - Warwick university bluebell accommodation - Assembly language programming - How to write a five year plan template - Bank vision statement examples - Ingalls shipbuilding apprenticeship program - Batten spacing for plasterboard ceiling - Lack of social or emotional reciprocity - Schnauzer club of victoria - Are pigs color blind - Does lil wayne have a degree in psychology - Module 7 - Term Paper Draft - Apple and at&t alliance - Current Event Paper - Need paper for "Principle of Management class" - Drawing a piece in ( AutoCad or NX solidworks) - Ripon and leeds diocese - Tudor crime and punishment - View halloo mary poppins - ACCOUNTING - Deep vein thrombosis treatment in homeopathy - Jar test water treatment - Wish you well david baldacci chapter summaries - Determining water hardness by edta titration calculations - The attend phase of metacognition is where you - Public budgeting systems 9th edition - Risk management and assessment - Explain how built in stabilizers work - Article notes - Philosophy of therapeutic recreation - Australian college of applied psychology sydney campus - Where is ieee located - Dna replication illustration worksheet answer key - Othello act 3 scene 3 - Classroom management for elementary teachers 10th edition - Fisher and paykel dishwasher e40 error - Astm g93 level e - Current transfer ratio formula - Bellamy organic vietnam - Interviewing principles and practices 15th edition pdf free - Heron's formula is used to find the area of - What are the key sources of trader joe's competitive advantage - Qsen competencies a bridge to practice - What effect does creativity have on society and culture - How are the roles of men and women portrayed in the short story “The Story of an Hour” by Kate Chopin? - Clinical Supervision - Family resources definition - Case study break even analysis - Excel qm linear programming - How was uluru formed simple - Heart of darkness quotes explained - User sign off template - Why is imago dei important - WK3 IP - New zealand white rabbit weight chart - Robin hood case study strategic management - Purbeck council bin collection - Health Care Delivery System SLP 2 - The dutch company european foods apple sauce 720g - MBA - Main - Activity 8 - Sex Education - David christopher orthopedic surgeon case study - Jayco warranty service near me - Rebuttal 2 - Aqa gcse english literature specification - Klu klux klan burning cross - Brocade switch snmp configuration - Red comparative and superlative - Coca cola mission vision statement - Lord of the flies pig on a stick - Based on the above figures the company's free cash flow in year 12 was - Apa 7 referencing uwa - Cert ii in sport and recreation - The terminal like movies - Chapter 6 mapping kelp forests inquiry activity answer key - The capability to inherit from more than one class is called ____ inheritance. - Solar mounting systems australia - The power of critical thinking 6th edition answers - Wk 5, IOP/470: Developing Transnational Groups - Using a compound microscope lab report - Alpha chi omega founders day - Mythological symbolism in harry potter - Luke bryan drink a beer song meaning - Mt albert postcode nz - Reflective journal on classroom management - Trace the conic x2 2xy y2 3x 2y 3 0 - Physical planning regulations uganda - Bi5 - A320 flex temp chart - Discussion post for The Hymn to Aten and Psalm 104 - Define the term sociological imagination - Discussion forum