GA PROPERTY & CASUALTY (42)

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Required information es [The following information applies to the questions displayed below.] The Mac Davis Company specializes in the purchase, renovation, and resale of older homes. Mac employs several carpenters and painters to do the work for him. It is essential for him to have accurate cost estimates so he can determine total renovation costs before he purchases a piece of property. If estimated renovation costs plus the purchase price of a house are higher than the house's estimated resale value, it is not a worthwhile investment. Mac has been using the home's interior square feet for his exterior paint cost estimations. Recently he decided to include the number of external openings-the total number of doors and windows in a house-as a cost driver. Their cost is significant because they require time-consuming preparatory work and careful brushwork. The rest of the house usually is painted either by rollers or spray guns, which are relatively efficient ways to apply paint to a…

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Determining asset cost and recording partial-year depreciation Safe Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: Safe Parking depreciates land improvements over 15 years, buildings over 40 years, and furniture over 10 years, all on a straight-line basis with zero residual value. Requirements Set up columns for Land, Land Improvements, Building, and Furniture. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. All construction was complete and the assets were placed in service on September 1. Record partial-year depreciation expense for the year ended December 31. Round to the nearest dollar.

Impact of Improvements and Replacements on the Calculation of Depreciation 1.  Using the straight-line method, prepare general journal entries for depreciation on December 31, 20-1, for Simulators A and B. If an amount box does not require an entry, leave it blank. 2.  Enter the transactions for January 20-2 in a general journal. If an amount box does not require an entry, leave it blank. 3.  Assuming no other additions, improvements, or replacements, calculate the depreciation expense for each simulator for 20-2 through 20-8. If required, round your answers to the nearest cent. On January 1, 20-1, two flight simulators were purchased by a space camp for $77,000 each with a salvage value of $5,000 each and estimated useful lives of eight years. On January 1, 20-2, the hydraulic system for Simulator A was replaced for $6,000 cash and an updated computer for more advanced students was installed in Simulator B for $9,000 cash. The hydraulic system is expected to extend the life of…

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Splish Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment. Abstract company's fee for title search $1,144 Architect's fees 6,974 Cash paid for land and dilapidated building thereon 191,400 Removal of old building $44,000 Less: Salvage 12,100 31,900 Interest on short-term loans during construction 16,280 Excavation before construction for basement 41,800 Machinery purchased (subject to 2% cash discount, which was not taken) 121,000 Freight on machinery purchased 2,948 Storage charges on machinery, necessitated by noncompletion of building when machinery was delivered 4,796 New building constructed (building construction took 6 months from date of purchase of land and old building) 1,067,000 Assessment by city for drainage project 3,520 Hauling charges for delivery of machinery from storage to new building 1,364 Installation of machinery 4,400 Trees, shrubs, and other landscaping after completion…

6. In a company's renovation of a small office building, two feasible alternatives for upgrading the heating, ventilation, and air conditioning (HVAC) system have been identified. Either Alternative A or Alternative Bmust be implemented. The costs are as follows: Alternative A: Rebuild Coverhaul) the existing HVAC system v Equipment, labor, and materials to rebuild . ETB 18,000 v Annual cost of electricity . ETB 32,000 v Annual maintenance expenses . ETB 2,400 Alternative B: Install a new HVAC system that utilizes existing ductwork V Equipment, labor, and materials to install . ETB 60,00o * Annual cost of electricity v Annual maintenance expenses v Replacement of a major component four years hence... ETB 9,400 . ETB 9,000 ETB 16,000 At the end of eight years, the estimated market value for Alternative A is ETB 2,000 and for Altemative B it is ETB 8,000. Assume that both alternatives will provide comparable service (comfort) over an eight-year period, by using 8% discount rate Select…