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Barcamone only 2

 

Problem 1

The following is a list of account titles and amounts (in millions) from a recent company annual report:

 

Buildings and improvements

$  182

Goodwill

$  324

Prepaid expenses

135

Machinery and equipment

521

Allowance for Doubtful Accounts

41

Accumulated Depreciation

382

Other noncurrent assets

248

Inventory

421

Accumulated amortization

800

Other intangibles

1,452

Cash and cash equivalents

710

Accounts receivable

685

 

Required:

Prepare the asset section of the balance sheet for this company, classifying assets into Current Assets, Property, Plant and Equipment (net), and Other Assets.

 


 

Problem 2

Assume that a company sold a delivery van that had been used in the business for three years. Records of the company related to the van reflect the following:

 

                                Delivery van cost                                              $42,500

                                Accumulated Depreciation                            25,200

 

Required:

    1. Prepare the required journal entry to record disposal of the van, assuming the following sales amounts for cash:

      1. $17,300

      1. $20,500

      1. $15,800

    1. Based on the situation above, explain the effects of the disposal of an asset on the company’s financial statements. 

 

 

 

 

 


 

Problem 3

At the beginning of the year, a company bought three new machines for its production facilities. The machines were all different so each had to be recorded separately. Below are the costs related to each purchase.

 

 

Machine A

Machine B

Machine C

Amount paid for the machine

14,000

28,500

11,200

Installation cost

600

1,000

400

Delivery cost

600

800

600

 

At the end of the first year, each machine had been operated 5,200 hours

 

Required:

    1. Compute the cost of each machine.

    1. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following:

 

Machine

Life

Residual Value

Depreciation Method

A

6 years

1,000

Straight-line

B

50,000 hours

2,000

Units-of-production

C

5 years

1,000

Double-declining-balance

 

 


Problem 4

You are a financial analyst for your company and have been asked to determine the impact of various depreciation methods on the company’s financial statements. Your analysis is based on a machine costing $110,000 with an estimated useful life of 12 years and an estimated residual value of $8,000. The machine also has an estimated useful life in output of 220,000 units. Actual output was 21,000 units in year 1 and 15,000 units in year 2.

 

Required:

    1. For years 1 and 2, prepare depreciation schedules (round all results to the nearest dollar) for the asset assuming:

      1. Straight-line method

      1. Units-of-production method

      1. Double-declining-balance method

 

Year

Computation

Depreciation Expense

Accumulated Depreciation

Net Book Value

Straight-line:

Acquisition

 

 

 

 

Year 1

 

 

 

 

Year 2

 

 

 

 

Units-of-production:

Acquisition

 

 

 

 

Year 1

 

 

 

 

Year 2

 

 

 

 

Double-declining-balance:

Acquisition

 

 

 

 

Year 1

 

 

 

 

Year 2

 

 

 

 

 

 

    1. Evaluate each method in terms of its effect on cash flows, fixed asset turnover, and earnings per share. Assuming that the company is most interested in maintaining a high EPS during year 1 and 2, which method would you recommend? Assuming that the company is most interested in reducing taxes during year 1 and 2, which method would you recommend?

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