8th Edition

ISBN: 9780078025839

Author: J. David Spiceland

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 11, Problem 11.15BYP

Real World Case 11–15

Depreciation and depletion method; asset impairment; subsequent expenditures; Chevron

• LO11–2, LO11–3, LO11–8, LO11–9

Real World Financials

EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission (SEC). All publicly traded domestic companies use EDGAR to make the majority of their filings. (Some foreign companies file voluntarily.) Form 10-K, which includes the annual report, is required to be filed on EDGAR. The SEC makes this information available on the Internet.

Required:

1. Access EDGAR on the Internet. The web address is www.sec.gov.

2. Search for Chevron Corporation. Access the 10-K filing for most recent fiscal year. Search or scroll to find the financial statements and related notes.

3. Answer the following questions related to the company’s property, plant, and equipment and intangible assets:

a. Describe the company’s depreciation and depletion policies.

b. Describe the company’s policy for subsequent expenditures made for plant and equipment.

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Chapter 11, Problem 11.14BYP

Chapter 11, Problem 11.16BYP

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Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and WorldCom) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part b LO 4-6, 4-9 b. Select the three conditions that are generally present when fraud occurs: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Management or other employees have an incentive or are under pressure that provides a reason to commit fraud. Circumstances exist that provide an opportunity for a fraud to be carried…

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Chapter 11 Solutions

INTERMEDIATE ACCOUNTING

Ch. 11 - Prob. 11.1Q Ch. 11 - Depreciation is a process of cost allocation, not...Ch. 11 - Identify and define the three characteristics of...Ch. 11 - Discuss the factors that influence the estimation...Ch. 11 - What is meant by depreciable base? How is it...Ch. 11 - Prob. 11.6Q Ch. 11 - Prob. 11.7Q Ch. 11 - Why are time-based depreciation methods used more...Ch. 11 - Prob. 11.9Q Ch. 11 - Briefly explain the differences and similarities...

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Solution Summary: The author explains the depreciation and depletion policies of Corporation C.

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