MINT CALKOISES(nollabberged eonels-gninilbod-siduo) suis dood grigio9- Classifying Long-Lived Assets and Related Cost Allocation ConceptsFor each of the following long-lived assets, indicate its nature and related cost allocation concept.lo bro sdi in sulayUse the abbreviations shown on the right:od or brod.EAsset1. Property2. Delivery vans3. Warehouse4. Trademark5. New engine6. Franchise7. Software license8. Computers9. Production plantworlNatureCost Allocation.los301 na 000B Buildingstil luisen baian E25 s Equipmentsvil29C1 of [ 1sdot50 mcht amor IntangibleLandusuborg 16-2Tot $43.500) and is depreListnoitsibergsNatureTu bommes no pend) ouleNOA prilbransCost Allocation1911530Depreciation 22.2.28No cost allocationsoy incrupinal no A Amortizationmyrups are 09-8LO 9-1

Long-lived assets are those assets that have a life of more than one year. These assets are…

9- Classifying Long-Lived Assets and Related Cost Allocation For each of the following long-lived assets, indicate its nature and related cost allocation concept. ods or brod E 1857 lo bo odi is sulav Use the abbreviations shown on the right: Asset 1. Property m 2. Delivery vans 3. Warehouse 4. Trademark 5. New engine 6. Franchise 7. Software license OTG 8. Computers 9. Production plant Nature Cost Allocation Nature na000. El B Building 0,05 ansy svit to stil luisen batanEn Equipment to sur 60 mcht amor Intangible abre IT aedmosyal of [150 La Land notintsorgsb nousuborg-to-alund HING TO - Cost Allocation 10301 SIREM BUM nominal 201 A Amortization Depreciation operante banaD8 TED BAIE O VOUC OROITU JIUul bommes no bend) oulista NO No cost allocation

9- Classifying Long-Lived Assets and Related Cost Allocation For each of the following long-lived assets, indicate its nature and related cost allocation concept. ods or brod E 1857 lo bo odi is sulav Use the abbreviations shown on the right: Asset 1. Property m 2. Delivery vans 3. Warehouse 4. Trademark 5. New engine 6. Franchise 7. Software license OTG 8. Computers 9. Production plant Nature Cost Allocation Nature na000. El B Building 0,05 ansy svit to stil luisen batanEn Equipment to sur 60 mcht amor Intangible abre IT aedmosyal of [150 La Land notintsorgsb nousuborg-to-alund HING TO - Cost Allocation 10301 SIREM BUM nominal 201 A Amortization Depreciation operante banaD8 TED BAIE O VOUC OROITU JIUul bommes no bend) oulista NO No cost allocation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $42,600; terms: 2/10, n/30; paid within the discount period. 2. Transportation-in: $880. 3. Installation: $400. 4. Cost to repair damage during unloading: $630. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copier, Computer, and Scanner for $52,500 with Fair Market Values 1. Copier, $23,421. 2. Computer, $12,027. 3. Scanner, $27,852. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $83,800. 2. Demolition of building, $4,760. 3. Lumber sold from old building, $1,780. 4. Grading in preparation for new building, $7,900. 5. Construction of new building, $279,000.
Choose the appropriate definition for each term. Term Amortization Useful life Licensing right Least and latest rule Component allocation Fixed asset turnover ratio Depreciable cost Copyright Depreciation schedule Revenue expenditures 2 Definition
The service life of an asset may be measured by all of the following, except a. Units of output b. Units of activity c. Units of input d. Units of time
D Question 9 The following assets can be defined as 'qualifying assets' except for: inventories purchased ready for sale. O manufacturing plants. O power generation facilities O investment properties.
The cost of installing new equipment would be debited to which of the following accounts? Oa. Land Improvements Ob. Buildings Oc. Repairs and Maintenance Expense Od. Machinery and Equipment
Plant Asset Cost Listed below are certain costs (or discounts) incurred in the purchase or construction of new plant assets. (1) Indicate whether the costs should be expensed or capitalized (meaning they are included in the cost of the plant assets on the balance sheet). (2) For costs that should be included in plant assets, indicate in which category of plant assets (Equipment, Building, or Land) the related costs should be recorded on the balance sheet. Expensed or Capitalized Asset Category 1. Charges incurred to train employees to use new equipment 2. Invoice cost to purchase new equipment 3. Deduction for an early payment discount taken on the purchase of new equipment 4. Real estate commissions incurred on land purchased for a new plant 5. Property taxes on land incurred after it was purchased 6. Costs of tune-up for the truck used to deliver new equipment 7. Costs to lay the foundation for a new building 8. Insurance on a new building during the construction phase
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Subject - account Please help me
Q1. The data below was extracted from the books of Talata Enterprise: Non-Current Assets Cost Date of purchase GHC Machine No. 1 Machine No. 2 Machine No. 3 Machine No. 4 200,000 350,000 400,000 540,000 01/01/19 30/06/19 01/01/20 01/12/20 Date of disposal 01/10/21 30/06/21 Additional information: i. It is the policy of the company to charge a full year's depreciation on machinery in use by the end of the financial year. ii. Machine 1 and 3 are depreciated at 20% on reducing balance while machine 2 and 4 are depreciated 10% on straight line basis. iii. Accounts are prepared to December 31" each year. iv. Machine 1 and 2 were sold for GHC150,000 and GHC250,000 respectively. You are required to: i. Show the relevant entries to record these transactions for the relevant years.