Chapter 10 Long-Term Assets: Fixed and Intangible527P. 517 PE 10-9B Fixed asset turnover ratioOBJ. 7Financial statement data for years ending December 31 for Xiong Company follow:Year 2Year 1Sales$1,560,000$1,026,000Fixed assets:Beginning of yearEnd of year580,000000'00s620,000580,000a. Determine the fixed asset turnover ratio for Year 1 and Year 2.b. Does the change in the fixed asset turnover ratio from Year 1 to Year 2 indicate a(D) favorable or an unfavorable change?esOBJ. 1EX 10-1Costs of acquiring fixed assetsMelinda Stoffers owns and operates ABC Print Co. During February, ABC incurred thefollowing costs in acquiring two printing presses. One printing press was new, and theother was purchased from a business that recently filed for bankruptcy.Costs related to new printing press:1. Fee paid to factory representative for installationME NOM2. Freight3. Insurance while in transit4. New parts to replace those damaged in unloading5. Sales tax on purchase priceEX eebo rbT6. Special foundationDsbucca botetomucaA i sosisdCosts related to used printing press:7. Fees paid to attorney to review purchase agreement8. FreightCHOMNE MOM9. Installation10. Repair of damage incurred in reconditioning the press11. Replacement of worn-out parts12. Vandalism repairs during installationa. Indicate which costs incurred in acquiring the new printing press should be debitedto the asset account.b. Indicate which costs incurred in acquiring the used printing press should be debitedto the asset account.EX 10-2 Determining cost of landOBJ. 1,2Bridger Ski Co. has developed a tract of land into a ski resort. The company has cut thetrees, cleared and graded the land and hills, and constructed ski lifts.(a) Should the tree cutting land clearing and grading oonto of

The expenses to allocate to a fixed asset include the asset's purchase price as well as any…

EX 10-1 Costs of acquiring fixed assets OBJ. 1 Melinda Stoffers owns and operates ABC Print Co. During February, ABC incurred the following costs in acquiring two printing presses. One printing press was new, and the other was purchased from a business that recently filed for bankruptcy. Costs related to new printing press: ON 2M 1. Fee paid to factory representative for installation

EX 10-1 Costs of acquiring fixed assets OBJ. 1 Melinda Stoffers owns and operates ABC Print Co. During February, ABC incurred the following costs in acquiring two printing presses. One printing press was new, and the other was purchased from a business that recently filed for bankruptcy. Costs related to new printing press: ON 2M 1. Fee paid to factory representative for installation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet < 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal December 31 Depreciation expense-Machinery Accumulated depreciation-Machinery Debit Credit
Exercise 8-17 (Algo) Disposal of assets LO P2 Diaz Company owns a machine that cost $125,700 and has accumulated depreciation of $90,800. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return.2. Diaz sold the machine for $16,100 cash.3. Diaz sold the machine for $34,900 cash.4. Diaz sold the machine for $41,700 cash.
Problem 10-6A (Algo) Part 3 No Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $22,000 cash and (b) it is sold for $88,000 cash. 1 Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2 Date December 31 December 31 Cash > Answer is not complete. Cash General Journal Accumulated depreciation Machinery Loss on sale of machinery Machinery Accumulated depreciation-Machinery Machinery Gain on sale of machinery ›››› › › › › ✓ ✓ ✓…
Do not give image format
Exercise 8-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land is appraised at $192,000; land improvements are appraised at $72,000; and the building is appraised at $216,000.1. Allocate the total cost among the three assets.2. Prepare the journal entry to record the purchase.
Problem 8-12 Modified Accelerated Cost Recovery System (MACRS) and Bonus Depreciation, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5) On September 14, 2023, Yun purchased a passenger automobile that is used 75 percent in his business. The automobile has a basis for depreciation purposes of $48,000, and Yun uses the accelerated method under MACRS. Yun does not elect to expense under section 179. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Yun's depreciation deduction for 2023 assuming bonus depreciation.
VAI
Q-v
Don't provide answers in image format
Pls answer part D only A manufacturer of aerospace products purchased four flexible assembly cells for $530,000 each. Delivery and insurance charges were $39,000, and installation of the cells cost another $50,000. D.If the cells are sold to another company for $150,000 each at the end of year seven, how much is the recaptured depreciation?
Exercise 6-31 (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2022. Stanford incurred the following expenses: Total investigation costs related to the restaurant Total Investigation costs related to the bakery $28,000 51,000 If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar. What is the maximum amount Stanford can deduct in 2022 for investigation expenses? AR
Mini-Exercise 6-3 (Static) Capitalizing versus expensing LO 6-2 Stucki Holdings Corporation incurred the following expenditures: $5,700 cost to replace the transmission in a company-owned vehicle; $19,300 cost of annual property insurance on the company's production facilities; $15,100 cost to develop and register a design patent; $25,400 cost to add a security and monitoring system to the company's distribution center; $700 cost to repair paint damage on a company-owned vehicle caused by normal wear and tear. Required: Which, if any, of these expenditures should be capitalized? Note: Select all that apply. Check All That Apply $5,700 $15,100 $25,400 $19,300