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Mcgraw Hill Connect Chapter 10 Help
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McGraw Hill Connect, Chapter 10 Accounting assignment includes:
CHAPTER 10 HOMEWORK and CHAPTER 10 QUIZ completed online through McGraw Hill Connect site with my credentials DUE NO LATER THAN Sunday, 04-28-2013
AS WELL AS:
Upload DOCUMENTS of Chapter 10 TEST submitted to me through homework market DUE NO LATER THAN Sunday 04-28-2013 ---- SEE BELOW:
PROBLEM #1 – 4 points
Classify each of the following as A – ordinary maintenance and repairs, B – asset improvements, or C – extraordinary repairs.
1. Resurfacing a pool in an apartment building. ___________________
2. Installing a new air conditioner in an old building. ___________________
3. Exterior and interior painting. ___________________
4. Fixing damage due to a car accident. ___________________
PROBLEM #2 – 14 points
Equipment acquired at a cost of $126,000 and has a book value of $42,000. Journalize the disposal of equipment under the following independent assumptions. Identify each assumption by letter.
(a)
The equipment had no market value and was discarded.
(b)
The equipment is sold for $53,000.
(c)
The equipment is sold for $27,000.
(d)
The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The exchange has no commercial substance.
Journal
Date
Description
Debit
Credit
PROBLEM #3 – 22 points
An asset was purchased January 1, 20XX and the fiscal year ends December 31st. Calculate depreciation expense, accumulated depreciation, and net book value under the straight-line and the double declining balance methods. Round your answers to the nearest whole dollar.
Asset Cost = $200,000 Salvage Value = $25,000 Estimated Life = 8 Years
Straight-line method:
Year
Depreciation Expense
Accumulated Depreciation
Net Book Value
20XX
20X1
20X2
20X3
20X4
20X5
20X6
20X7
Double Declining Balance method:
Year
Depreciation Expense
Accumulated Depreciation
Net Book Value
20XX
20X1
20X2
20X3
20X4
20X5
20X6
20X7
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