CHAPTER 9 Notes MGMT. 202.docx

CHAPTER 9 Notes MGMT. 202.docx - CHAPTER 9 1 2 3 4 How cost...

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CHAPTER 9: 1. How cost your assets 2. How to expense your assets-Depreciation expense/Amortization expense 3. How do you dispose of your asset-Asset Disposal 4. Intangible assets Plant Assets- Property, Plant, & Equipment (Means the same thing) Determining the cost of plant assets Land o Cash price……………. $100,000 o Net Removal cost of WH $6,000 o Attorneys Fee’s ………. $1,000 o Real Estate brokers com. $8,000 o Cost of land ………….. $115,000 Land Improvement o Debit Account o All assets that improve go into the Land Improvements account o Never ever depreciate Equipment o Assets used in operations Store check-out counter Office furniture Factory machinery ***Insurance during transit (Only time insurance can get capitalized)*** o Revenue Expense Recurring expense Benefits one time or one year
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