$840‚000‚ and Sales Returns and Allowances $30‚000. 2. Exercise BE9-13. Correct. Information related to plant assets‚ natural resources‚ and intangibles at the end of 2011 for Spain Company is as follows: buildings $1‚100‚000; accumulated depreciation-buildings $650‚000; goodwill $410‚000; coal mine $500‚000; accumulated depletion-coal mine $108‚000. Complete the partial balance sheet of Spain Company for these items. (List assets with smallest net book value first. Enter all amounts as positive
Premium Depreciation Balance sheet Asset
MARKETING FINANCE- NOTES Marketing is the management process responsible for identifying‚ anticipating and satisfying customer requirements profitably.’ The new one is: ‘The strategic business function that creates value by stimulating‚ facilitating and fulfilling customer demand. It does this by building brands‚ nurturing innovation‚ developing relationships‚ creating good customer service and communicating benefits. By operating customer-centrically‚ marketing brings positive return on investment
Premium Marketing Depreciation Generally Accepted Accounting Principles
Ref. a Description Cash Debit 30.000 Paid-in capital - Common Stock b Cash 30.000 15.000 Notes Payable Interest Expense 15.000 75 Notes Payable c Rent Expense 75 8400 Cash d Credit Equiptment 8400 7000 Cash Depreciation Expense 7000 117 Accumulating Depreciation 117 ASSET ACOUNTS CASH 30.000 15.000 8.400 7.000 Other Assets 7.000 LIABILITY ACCOUNTS NOTES PAYABLE 15.000 75 EQUITY ACCOUNTS - PAID-IN CAPITAL COMMON STOCK 30.000 EQUITY ACCOUNTS - RETAINED EARNINGS OCI ACCOUNTS
Premium Generally Accepted Accounting Principles Asset Depreciation
recording depreciation as an expense over a period is to spread the initial purchase price of the fixed asset over its useful life. Each time a company prepares its financial statements‚ it records a depreciation expense to allocate the loss in value of the machines‚ equipment or cars it has purchased. However‚ unlike other expenses‚ depreciation expense is a "non-cash" charge. This simply means that no money is actually paid at the time in which the expense is incurred.” Depreciation is a very
Premium Depreciation Generally Accepted Accounting Principles Balance sheet
Kelly pitney began her consulting business‚ Kelly Consulting‚ on April 1‚ 2010. The accounting cylcle for Kelly Consulting for April ‚ including financial statements was illistrated on page 157-168. During May‚ kelly consulting entered the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees‚ $2‚500. 5. Received cash from clients on account‚ $1‚750. 9. Paid cash for a newspaper advertisement‚ $300. 13. Paid
Premium Accounts receivable Balance sheet Generally Accepted Accounting Principles
Receivable‚ No. 144 Accumulated Depreciation—Cottages‚ No. 150 Accumulated Depreciation—Furniture‚ No. 212 Salaries Payable‚No. 230 Interest Payable‚No. 320 Retained Earnings‚No. 620 Depreciation Expense—Cottages‚ No. 621 Depreciation Expense—Furniture‚ No. 631 Supplies Expense‚ No. 718 Interest Expense‚ and No. 722 Insurance Expense. Other data: 1. Insurance expires at the rate of $400 per month. 2. A count on August 31 shows $600 of supplies on hand. 3. Annual depreciation is $6‚000 on cottages and $2
Premium Balance sheet Generally Accepted Accounting Principles Accounts receivable
following assumptions: 1. Calculations are done on a nominal basis‚ converting the salvage value estimate from a real to a nominal value (638 = 500(1.05)5) using the 5% inflation estimate; salvage = book value so no taxes are incurred on salvage. 2. Depreciation is calculated at [4‚000 – 638 (salvage) ]/ 5 = 672.4 per year. 3. Cars sales occur in year 1
Premium Depreciation Net present value Investment
SUMMARY OF IAS 16 Objective of IAS 16 The objective of IAS 16 is to prescribe the accounting treatment for property‚ plant‚ and equipment. The principal issues are the recognition of assets‚ the determination of their carrying amounts‚ and the depreciation charges and impairment losses to be recognised in relation to them. Scope IAS 16 does not apply to assets classified as held for sale in accordance with IFRS 5 exploration and evaluation assets (IFRS 6) biological assets
Premium Depreciation Balance sheet Generally Accepted Accounting Principles
Abbreviations |B.P. Bond Payable |PIC Paid In Capital.| |C.S. Common Stock |APIC Additional PIC | |CSE Common SE |PMR Profit Margin | |EOF End of |Ratio | |Financing (Period) |PV Present Value | |FV Future Value |R.E. Retained | |IE Interest Expense|Earnings | |I.S. Income |S.H. ShareHolder | |Statement |S.E. ShareHolder | |FS Financial |Equity | |Statements |SYD Sum of the | |LCM
Premium Generally Accepted Accounting Principles Balance sheet Depreciation
accumulated OCI CHAPTER 10 - PPE -Identify the different components of PPE (property‚ plant‚ equipment) and related accumulation depreciation. Locate the depreciation methods and estimates used for the calculations. -Identify valuation basis (market value or historical costs) and describe the impairment testing procedure for PPE. -Identify the amount of depreciation expense in the IS (or the notes) Compute profitability ratios and provide a short analysis (see exercise 10-26B). CHAPTER 11
Premium Balance sheet Depreciation Generally Accepted Accounting Principles