Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $21‚000 4/19 Purchase Sunset 21‚800 6/7 Purchase Earth 31‚200 12/16 Purchase Moon 4‚000 Woods and Moon were sold during the year for a total of $35‚000. Determine the firm’s a. Cost of goods sold.
Premium Depreciation Inventory Accounts receivable
TAX FORM/RETURN PREPARATION PROBLEM C9-57 The Dapper-Dons Partnership (employer identification no. 89-3456798) was formed ten years ago as a general partnership to custom tailor men’s clothing. Dapper-Dons is located at 123 Flamingo Drive in Miami‚ Florida 33131. Bob Dapper (Social Security No. 654-32-1098) manages the business and has a 40% capital and profits interest. His address is 709 Brumby Way‚ Miami‚ Florida 33131. Jeremy Dons (Social Security No. 354-12-6531) owns the remaining 60%
Premium Balance sheet Expense Asset
31‚ 2007 Fees earned $ 24‚325 Expenses: Salary expense $1‚550 Depreciation expense 675 Rent expense 1‚200 Supplies expense 1‚250 Insurance expense 1‚000 Miscellaneous expense 715 Interest expense 65 Bad Debt expense 150 Repairs and Maintenance 200 Utilities expense 150 Payroll Tax expense 125 Office expense 525 Total expenses 7‚605 Net income $ 16‚720 In the income statement depreciation expense was not included. The balance sheet
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
known to the lessee. 7. Azure Company uses the straight-line depreciation method for all equipment. 8. Azure uses reversing entries when appropriate. Instructions (Round all numbers to the nearest cent.) (a) Prepare an amortization schedule that would be suitable for the lessee for the lease term. (b) Prepare all of the journal entries for the lessee for 2012 and 2013 to record the lease agreement‚ the lease payments‚ and all expenses related to this lease. Assume the lessee’s annual accounting
Premium Lease Finance lease Leasehold estate
CHAPTER 11 Depreciation‚ Impairments‚ and Depletion EXERCISE 11-4 (15–25 minutes) (a) $315‚000 – $15‚000 = $300‚000; $300‚000 ÷ 10 yrs. = $30‚000 (b) $300‚000 ÷ 240‚000 units = $1.25; 25‚500 units X $1.25 = $31‚875 (c) $300‚000 ÷ 25‚000 hours = $12.00 per hr.; 2‚650 hrs. X $12.00 = $31‚800 (d) 10 + 9 + 8 + 7 + 6 + 5 + 4 + 3 + 2 + 1 = 55 OR n(n + 1) = 10(11) = 55 2 2 10 X $300‚000 X 1/3 = $18‚182 55 9 X $300‚000 X 2/3 = 32‚727 55 Total for 2015 $50‚909 (e) $315‚000 X 20% X
Premium Depreciation Generally Accepted Accounting Principles
Other Current Assets 110 Prepaid Rent Other Current Assets 115 Computer Equipment Fixed Assets 115.5 Accum. Depr.-Computer Eq. Accumulated Depreciation 120 Law Library Fixed Assets 120.5 Accum. Depr.-Law Library Accumulated Depreciation 125 Furniture & Fixtures Fixed Assets 125.5 Accum. Depr.-Furniture & Fxt. Accumulated Depreciation Liabilities: Account ID Description Account Type 211 Accounts Payable Accounts Payable 213 Notes Payable Other Current Liabilities 215 Unearned
Premium Accounts receivable Balance sheet Generally Accepted Accounting Principles
© The Hong Kong Polytechnic University T HE H ONG K ONG P OLYTECHNIC U NIVERSITY SCHOOL O F A CCOUNTING AND FINANCE Final Examination Programme BBA (Hons) in Accountancy (02002-BAC) BBA (Hons) in Accounting and Finance (02002-BAF) BBA (Hons) in Financial Services (02002-BFS) BBA (Hons) in Management (02002-MGT) BBA (Hons) in Marketing (02002-MKT) BBA (Hons) in Global Supply Chain Management (02002-GSC) (02004-GSC) (02004-IST) BBA (Hons) in International
Premium Generally Accepted Accounting Principles Balance sheet Expense
by this period will be linearly amortized value of the building ($ 32‚000: 10 years = $ 3200) in the form of remission of fixed assets‚ which then will be transferred to the account of depreciation as shown in Figure 2. |Remission of fixed assets ( annualy ) |Depreciation ( annualy ) | | | | |Dt |Ct |years
Premium Generally Accepted Accounting Principles Depreciation Cash flow statement
and Management 2012” May 10-11‚ 2012‚ Vilnius‚ LITHUANIA ISSN 2029-4441 print / ISSN 2029-929X online ISBN 978-609-457-116-9 CD doi:10.3846/bm.2012.036 http://www.bm.vgtu.lt © Vilnius Gediminas Technical University‚ 2012 THE INFLUENCE OF DEPRECIATION POLICIES ON FINANCIAL STATEMENT ANALYSIS: A CASE STUDY OF AIRLINE INDUSTRY Xiaosong Zheng1‚ 2‚ Yingya Guo3‚ Jiali Xu4 Tallinn School of Economics and Business Administration‚ Tallinn University of Technology‚ 19086 Tallinn‚ Estonia Email: xiaosong
Premium Depreciation Airline Financial statements
Product Costs Item Direct Materials Direct Labor Manufacturing Overhead Period Costs Administrative salaries $15‚500 Advertising for helmets $11‚000 Depreciation – Factory Building $1‚500 Depreciation – Office Equipment $800 Insurance – Factory Building $1‚500 Miscellaneous expenses - Factory $1‚000 Office supplies expense $300 Professional Fees $500 Property Taxes - Factory Building $400 Raw material used $70000 Rent on production equipment $6‚000 Research
Premium Costs