Updates: Updated for 2012-2013 Academic Year. WileyPLUS Answer Guide.
Type: Instant Download
Format: Microsoft Excel
Textbook: Financial Accounting, Seventh Edition
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. Prepare a partial balance sheet of Spain Company for these items.
Classify long-lived assets on balance sheet.
Match the statement with the term most directly associated with it.
Match intangibles classifications concepts.
Presented below are selected transactions at Ingles Company for 2011.
|Jan.||1||Retired a piece of machinery that was purchased on January 1, 2001. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.|
|June||30||Sold a computer that was purchased on January 1, 2008. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000.|
|Dec.||31||Discarded a delivery truck that was purchased on January 1, 2007. The truck cost $39,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.|
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2010.)
Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.
Prepare Beka Company’s journal entries to record the sale of the equipment in these four independent situations.
Journalize entries for disposal of equipment.
At December 31, 2011, Jimenez Company reported the following as plant assets.
|Less: Accumulated depreciation—buildings||12,100,000||16,400,000|
|Less: Accumulated depreciation—equipment||5,000,000||43,000,000|
|Total plant assets||$63,400,000|
During 2012, the following selected cash transactions occurred.
|April||1||Purchased land for $2,130,000.|
|May||1||Sold equipment that cost $780,000 when purchased on January 1, 2008. The equipment was sold for $450,000.|
|June||1||Sold land purchased on June 1, 2002 for $1,500,000. The land cost $400,000.|
|July||1||Purchased equipment for $2,000,000.|
|Dec.||31||Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received.|
Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation.
(SO 3, 6, 9)