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Picking up the slack ethics

29/12/2020 Client: saad24vbs Deadline: 10 Days

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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