Patterson Planning Corp., You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were damaged. In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.40 per hour. Schedule A B C 1 $10,000 $10,125 $9,240 2 6,000 13,500 6,600 3 3,600 13,500 7,480 4 2,160 13,500 6,600 5 740 3,375 4,400 6 7,040 7 4,840 8 Total $22,500 $54,000 $46,200 . For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank. A B C Useful life 5 4 ___________ Residual value ___________ 0 0 Asset cost 25,000 0 0 Total operating hours 0 0 ____________ FILL IN THE BLANK SPOTS ON THE CHART ABOVE
Patterson Planning Corp., You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were damaged. In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.40 per hour. Schedule A B C 1 $10,000 $10,125 $9,240 2 6,000 13,500 6,600 3 3,600 13,500 7,480 4 2,160 13,500 6,600 5 740 3,375 4,400 6 7,040 7 4,840 8 Total $22,500 $54,000 $46,200 . For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank. A B C Useful life 5 4 ___________ Residual value ___________ 0 0 Asset cost 25,000 0 0 Total operating hours 0 0 ____________ FILL IN THE BLANK SPOTS ON THE CHART ABOVE
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 3MCQ: When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash...
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Patterson Planning Corp.,
You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were damaged.
In reviewing the fixed asset records, you find three
Schedule A | B | C | ||||||||
1 | $10,000 | $10,125 | $9,240 | |||||||
2 | 6,000 | 13,500 | 6,600 | |||||||
3 | 3,600 | 13,500 | 7,480 | |||||||
4 | 2,160 | 13,500 | 6,600 | |||||||
5 | 740 | 3,375 | 4,400 | |||||||
6 | 7,040 | |||||||||
7 | 4,840 | |||||||||
8 | ||||||||||
Total | $22,500 | $54,000 | $46,200 |
. For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank.
A | B | C | ||||||||
Useful life | 5 | 4 | ___________ | |||||||
Residual value | ___________ | 0 | 0 | |||||||
Asset cost | 25,000 | 0 | 0 | |||||||
Total operating hours | 0 | 0 | ____________ |
FILL IN THE BLANK SPOTS ON THE CHART ABOVE
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