Ascertain the balance of net property, plant, and equipment on December 31, 2014 and on December 31, 2013. State whether the amount of ending net property, plant, and equipment have increased or decreased. Explain the impact on the value of the net property, plant, and equipment balance, assuming Company SC removed $372,000 depreciation from fixed assets in 2014.

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Answer 1

Question

Chapter 8, Problem 1FA

1.

To determine

Ascertain the balance of net property, plant, and equipment on December 31, 2014 and on December 31, 2013. State whether the amount of ending net property, plant, and equipment have increased or decreased. Explain the impact on the value of the net property, plant, and equipment balance, assuming Company SC removed $372,000 depreciation from fixed assets in 2014.

2.

To determine

State the methods of depreciation used by Company SC. Ascertain the estimated useful lives. List out the kinds of intangible assets that are owned by Company SC. Identify the intangible assets that are amortized or not amortized and explain the reasons.

3.

To determine

Compute the percentage of net property, plant, and equipment compared to the total assets on December 31, 2014 and for the year ended December 31, 2013. Ascertain whether there has been a change in the percentage during the year.

4.

To determine

Describe assets “Leasehold improvements” and “Construction in progress” and explain what these assets represent.

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Summary information from the financial statements of two companies competing in the same industry follows. Barco Company Kyan Company Barco Kyan Company Company Data from the current year-end balance sheets Data from the current year's income statement Assets $ 810,000 $ 886,200 Cash $ 18,500 $ 32,000 Accounts receivable, net 36,400 84,340 590,100 7,600 644,500 Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity 6,100 330,000 52,400 132,500 7,600 305,400 $ 475,340 $ 529,900 Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets $ 71,340 82,800 $ 98,300 117,000 170,000 151,200 226,000 88,600 Common stock, $5 par value $ 475,340 $ 529,900 Retained earnings 14,000 15,569…

Question: Record the purchase of equipment in a general journal format. • July 1, 2021- Signed a lease for an office and issued Check 101 for $15,600 to pay the rent in advance for six months. • July 1, 2021- Borrowed money from Bancorp West by issuing a four-month, 4.5 percent note for $40,000; received $39,400 because the bank deducted the interest in advance. • July 1, 2021- Signed an agreement with Johnson Ventures to provide financial services for one year at $6,000 per month; received the entire fee of $72,000 in advance. The $72,000 was credited to Unearned Financial Service Fees. • July 1, 2021- Purchased office equipment for $15,900 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,500 salvage value. The equipment will be depreciated using the straight-line method. • July 1, 2021- Purchased a one-year insurance policy and issued Check 102 for $1,860 to pay the entire…

Answer 2

Question

Chapter 8, Problem 1FA

1.

To determine

Ascertain the balance of net property, plant, and equipment on December 31, 2014 and on December 31, 2013. State whether the amount of ending net property, plant, and equipment have increased or decreased. Explain the impact on the value of the net property, plant, and equipment balance, assuming Company SC removed $372,000 depreciation from fixed assets in 2014.

2.

To determine

State the methods of depreciation used by Company SC. Ascertain the estimated useful lives. List out the kinds of intangible assets that are owned by Company SC. Identify the intangible assets that are amortized or not amortized and explain the reasons.

3.

To determine

Compute the percentage of net property, plant, and equipment compared to the total assets on December 31, 2014 and for the year ended December 31, 2013. Ascertain whether there has been a change in the percentage during the year.

4.

To determine

Describe assets “Leasehold improvements” and “Construction in progress” and explain what these assets represent.

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Answer 3

Question

Chapter 8, Problem 1FA

1.

To determine

Ascertain the balance of net property, plant, and equipment on December 31, 2014 and on December 31, 2013. State whether the amount of ending net property, plant, and equipment have increased or decreased. Explain the impact on the value of the net property, plant, and equipment balance, assuming Company SC removed $372,000 depreciation from fixed assets in 2014.

2.

To determine

State the methods of depreciation used by Company SC. Ascertain the estimated useful lives. List out the kinds of intangible assets that are owned by Company SC. Identify the intangible assets that are amortized or not amortized and explain the reasons.

3.

To determine

Compute the percentage of net property, plant, and equipment compared to the total assets on December 31, 2014 and for the year ended December 31, 2013. Ascertain whether there has been a change in the percentage during the year.

4.

To determine

Describe assets “Leasehold improvements” and “Construction in progress” and explain what these assets represent.

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Answer 4

Question

Chapter 8, Problem 1FA

1.

To determine

Ascertain the balance of net property, plant, and equipment on December 31, 2014 and on December 31, 2013. State whether the amount of ending net property, plant, and equipment have increased or decreased. Explain the impact on the value of the net property, plant, and equipment balance, assuming Company SC removed $372,000 depreciation from fixed assets in 2014.

2.

To determine

State the methods of depreciation used by Company SC. Ascertain the estimated useful lives. List out the kinds of intangible assets that are owned by Company SC. Identify the intangible assets that are amortized or not amortized and explain the reasons.

3.

To determine

Compute the percentage of net property, plant, and equipment compared to the total assets on December 31, 2014 and for the year ended December 31, 2013. Ascertain whether there has been a change in the percentage during the year.

4.

To determine

Describe assets “Leasehold improvements” and “Construction in progress” and explain what these assets represent.

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Answer 5

Chapter 8, Problem 1FA

1.

To determine

Ascertain the balance of net property, plant, and equipment on December 31, 2014 and on December 31, 2013. State whether the amount of ending net property, plant, and equipment have increased or decreased. Explain the impact on the value of the net property, plant, and equipment balance, assuming Company SC removed $372,000 depreciation from fixed assets in 2014.

2.

To determine

State the methods of depreciation used by Company SC. Ascertain the estimated useful lives. List out the kinds of intangible assets that are owned by Company SC. Identify the intangible assets that are amortized or not amortized and explain the reasons.

3.

To determine

Compute the percentage of net property, plant, and equipment compared to the total assets on December 31, 2014 and for the year ended December 31, 2013. Ascertain whether there has been a change in the percentage during the year.

4.

To determine

Describe assets “Leasehold improvements” and “Construction in progress” and explain what these assets represent.

Answer 6

Chapter 8, Problem 1FA

1.

To determine

Ascertain the balance of net property, plant, and equipment on December 31, 2014 and on December 31, 2013. State whether the amount of ending net property, plant, and equipment have increased or decreased. Explain the impact on the value of the net property, plant, and equipment balance, assuming Company SC removed $372,000 depreciation from fixed assets in 2014.

Answer 7

Chapter 8, Problem 1FA

1.

To determine

Ascertain the balance of net property, plant, and equipment on December 31, 2014 and on December 31, 2013. State whether the amount of ending net property, plant, and equipment have increased or decreased. Explain the impact on the value of the net property, plant, and equipment balance, assuming Company SC removed $372,000 depreciation from fixed assets in 2014.

Answer 8

2.

To determine

State the methods of depreciation used by Company SC. Ascertain the estimated useful lives. List out the kinds of intangible assets that are owned by Company SC. Identify the intangible assets that are amortized or not amortized and explain the reasons.

Answer 9

2.

To determine

State the methods of depreciation used by Company SC. Ascertain the estimated useful lives. List out the kinds of intangible assets that are owned by Company SC. Identify the intangible assets that are amortized or not amortized and explain the reasons.

Answer 10

3.

To determine

Compute the percentage of net property, plant, and equipment compared to the total assets on December 31, 2014 and for the year ended December 31, 2013. Ascertain whether there has been a change in the percentage during the year.

Answer 11

3.

To determine

Compute the percentage of net property, plant, and equipment compared to the total assets on December 31, 2014 and for the year ended December 31, 2013. Ascertain whether there has been a change in the percentage during the year.

Answer 12

4.

To determine

Describe assets “Leasehold improvements” and “Construction in progress” and explain what these assets represent.

Answer 13

4.

To determine

Describe assets “Leasehold improvements” and “Construction in progress” and explain what these assets represent.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 8 - Prob. 1DQ Ch. 8 - Prob. 2DQ Ch. 8 - Prob. 3DQ Ch. 8 - What is depreciation, and why is it used in...Ch. 8 - Prob. 5DQ Ch. 8 - Which depreciation method would be moot...Ch. 8 - Prob. 7DQ Ch. 8 - Prob. 8DQ Ch. 8 - Prob. 9DQ Ch. 8 - Prob. 10DQ

State the methods of depreciation used by Company SC. Ascertain the estimated useful lives. List out the kinds of intangible assets that are owned by Company SC. Identify the intangible assets that are amortized or not amortized and explain the reasons.

Compute the percentage of net property, plant, and equipment compared to the total assets on December 31, 2014 and for the year ended December 31, 2013. Ascertain whether there has been a change in the percentage during the year.

Describe assets “Leasehold improvements” and “Construction in progress” and explain what these assets represent.

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Chapter 8 Solutions