ACC 308 Milestone Two Notes to Finanacial Statements.docx - Dewhirst – Notes to Financial Statements 1 Final Submission Notes to Financial Statements

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Dewhirst – Notes to Financial Statements 1 Final Submission: Notes to Financial Statements Sarah Dewhirst Southern New Hampshire University
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Dewhirst – Notes to Financial Statements 2 Notes to Financial Statements Peyton Approved December 31, 2017 Note 1 - Managing Depreciation Peyton Approved uses the straight-line method of depreciation. This method distributions depreciated value evenly throughout the life of Peyton’s equipment. Straight line determines the depreciation by dividing the difference of the cost of equipment and its residual life by the expected service life. For Peyton Approved, the residual life of its baking equipment is considered 0 since most equipment, such as blenders and mixers, cannot be deemed ineffective due to technological advances. For 2016, Peyton Approved had baking equipment that cost $8000 with an accumulated depreciation of $928.58 per year. The expected service life of this equipment will be 8.6 years before it needs to be replaced. In 2017, Peyton Approved had baking equipment that cost $12000 with an accumulated depreciation of $1606.44 per year. The
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