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orie_350_section_week_of_sept_17

orie_350_section_week_of_sept_17 - ORIE 350 Section...

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ORIE 350 Section Problems 1. Big Tony’s Restaurant purchased a pizza oven on October 4, 2004 for $9,600. The oven had a useful life of 5 years, a salvage value of $1,600, and Big Tony uses straight line depreciation. Big Tony sold the oven to Big Sal’s Restaurant for $6,000 on October 10, 2006. Show the journal entry needed to record the sale in Big Tony’s books. 2. Johnson Bakery has three delivery trucks. Their date of purchase is shown, along with the historical cost. Johnson bakery depreciates the delivery trucks on a straight-line basis, with a 25% salvage value and a 5 year useful life. All of the trucks were bought new. Find: a) Accumulated depreciation after adjustments on December 31, 2006 b) Book value of the trucks (total) on December 31, 2006. Truck Model Date of Purchase Price Morgan Olson 176-1 January 2002 $80,000 Morgan Olson 176-2 June 2004 $92,000 Morgan Olson 158-1 January 2005 $74,000 3. The following information was taken from the financial records for Acme Trucking Company for the years 2003 and 2004. The balance sheet items were recorded at the end of the respective years, and the income statement items are for the specified year.
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