visual basic barcode generator 15: Property, Plant, and Equipment: Depreciation in Java

Make PDF-417 2d barcode in Java 15: Property, Plant, and Equipment: Depreciation

CHAPTER 15: Property, Plant, and Equipment: Depreciation
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Solved Problem 15.1 Hacol Company acquired an asset on January 1, 2003, at a cost of $38,000, with an estimated useful life of 8 years and a salvage value of $2,000. What is the annual depreciation based on: (a) the straight-line depreciation method (b) the double-declining-balance method (c) the sum-of-the-years -digits method Solution: (a) Cost Scrap Value Depreciable Cost $38,000 2,000 $36,000
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Year 1: $36,000 / 8 years = $4,500 depreciation Year 2: $36,000 / 8 years = $4,500 depreciation (b) 2 times (100% / 8 years) = 25% per year Year 1: $38,000 times 25% = $9,500 depreciation Year 2: ($38,000 $9,500) times 25% = $7,125 depreciation (c) Sum of the years digits = 36 (8+7+6+5+4+3+2+1) Year 1: (8 / 36) times $36,000 = $8,000 depreciation Year 2: (7 / 36) times $36,000 = $7,000 depreciation Solved Problem 15.2 A truck was purchased on January 1, 2000, for $8,500, with an estimated scrap value of $500. It will be depreciated over 8 years using the straight-line method. Show how the Truck account and the related Accumulated Depreciation account would appear on the bal ance sheet on (a) December 31, 2000; (b) December 31, 2001. Solution: (a) Truck Less: Accumulated Depreciation $8,500 1,000 $7,500
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118 BOOKKEEPING AND ACCOUNTING
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(b) Truck Less: Accumulated Depreciation $8,500 2,000 $6,500
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Solved Problem 15.3 A machine was purchased for $28,000 and had an estimated scrap value of $4,000. What would the year-end entry be if the units-of-production method was used, and it had an estimated life of 32,000 hours In the rst year of operation, it used 7,200 hours. Solution: Depreciation Expense, Machine Accumulated Depreciation, Machine 5,400 5,400
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($28,000 $4,000) / 32,000 hours = 0.75 times 7,200 hours = $5,400 Solved Problem 15.4 Equipment costing $9,600, with an estimated scrap value of $1,600, was bought on July, 1, 1999. The equipment is to be depreciated by the straight-line method for a period of 10 years. The company s scal year is January through December. Show the journal en try to record the equipment s cost on the balance sheet for December 1999. Solution: Equipment Less: Accumulated Depreciation $9,600 400
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($9,600 $1,600) divided by 10 years = $800 depreciation per year 1/2 year ( July 1 to Dec.31) times $800 per year = $400
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16
The Partnership
In This :
Characteristics Formation of the Partnership Division of Net Income and Loss Admission of a New Partner Liquidation of a Partnership Summary Solved Problems
Characteristics
According to the Uniform Partnership Act, a partner ship is an association of two or more persons to car ry on as co-owners of a business for pro t. General ly speaking, partnership accounting is like that for the sole proprietorship, except with regards to owner s equity. The partnership uses a capital account and a drawing account for each partner. The partnership has the following characteristics: 1. Articles of copartnership. Good business practice calls for a writ ten agreement among the partners that contains provisions on the forma tion of the partnership, capital contributions of each partner, pro t and
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120 BOOKKEEPING AND ACCOUNTING
loss distribution, admission and withdrawal of partners, withdrawal of funds, and dissolution of business. 2. Unlimited liability. All partners have unlimited liability and are individually responsible for debts incurred by the partnership. The debts of the business can be satis ed not only by the assets of the partnership but also by the personal assets of the partners. 3. Co-ownership of property. All property invested in the business by the partners, as well as that purchased with the partnership s funds, be comes the property of all partners jointly. Therefore, each partner has an interest in the partnership in proportion to his or her capital balance, rather than a claim against speci c assets. 4. Participation in pro ts and losses. Pro ts and losses are distrib uted among the partners according to the partnership agreement. If no agreement exists, pro t and losses must be shared equally. 5. Limited life. A partnership may be dissolved by bankruptcy, death of a partner, mutual agreement, or court order.
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