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.
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.
Solution Summary: The author explains the depreciation and depletion policies of Corporation C.
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.
E3-17 (Algo) Calculating Equivalent Units, Unit Costs, and Cost Assigned (Weighted-Average Method)
[LO 3-2]
Vista Vacuum Company has the following production Information for the month of March. All materials are added at the beginning of
the manufacturing process.
Units
.
•
Beginning Inventory of 3,500 units that are 100 percent complete for materials and 28 percent complete for conversion.
14,600 units started during the period.
Ending Inventory of 4,200 units that are 14 percent complete for conversion.
Manufacturing Costs
Beginning Inventory was $20,500 ($10,100 materials and $10,400 conversion costs).
Costs added during the month were $28,400 for materials and $51,500 for conversion ($26.700 labor and $24,800 applied
overhead).
Assume the company uses Weighted-Average Method.
Required:
1. Calculate the number of equivalent units of production for materials and conversion for March.
2. Calculate the cost per equivalent unit for materials and conversion for March.
3. Determine the…
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