Mcgraw hill connect chapter 10 help
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.
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The equipment had no market value and was discarded. |
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The equipment is sold for $53,000. |
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The equipment is sold for $27,000. |
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(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.
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Journal
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Debit |
Credit |
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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:
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Depreciation Expense |
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Accumulated Depreciation |
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Net Book Value |
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20XX |
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20X1 |
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20X2 |
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20X3 |
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20X4 |
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20X5 |
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20X6 |
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20X7 |
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Double Declining Balance method:
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Year |
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Depreciation Expense |
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Accumulated Depreciation |
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Net Book Value |
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20XX |
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20X1 |
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20X2 |
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20X3 |
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20X4 |
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20X5 |
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20X6 |
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20X7 |
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