Intermediate Accounting I_042710

Intermediate Accounting I_042710 - -Exam Tuesday May 4th I...

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-Exam Tuesday May 4 th I Kirkbride 006 from 6-9PM -Property, Plant and Equipment 1.) Cost - give up to get ready to use 2.) Value- Historical cost + other stuff *Capitalize (extend life) OR *Expense 3.) Disposal- update depreciation! *Cost – Accum. Dep. = Book Value Homework Problems: Ex. 10-1 A.) Notes Payable B.) Building C.) Land D.) Land E.) Building F.) Building G.) Building H.) Land I.) Land J.) Land Improvements (limited life) K.) Land L.) Land M.)Capitalizing Interest N.) Land Improvements O.) Land P.) Building Ex. 10-3 1.) Truck 13900 Cash 13900
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2.) Truck 18364 Discount 1636 Notes Pay. 18000 Cash 2000 .90909 x 18000 = 16,364 16,364 + 2000 = 18,364 for truck 18000 – 16364 (principle) = 1636 (interest) *Zero interest bearing means discount. 3.) Truck 15200 *Perpetual System COGS 12000 Sales 15200 Inv.-Comp. 12000 4.) Truck 13000 *13 x 1000 = 13000 Common Stock 10,000 - 10000 Paid in Capital 3000 3000 Ex. 10-7 Weighted Average Expense = 3,800,000 2,000,000 x .12 < 3,800,000 1,600,000 x .10 = 160,000
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This note was uploaded on 08/25/2010 for the course ACCT 315 taught by Professor Kentstpierre during the Spring '08 term at University of Delaware.

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Intermediate Accounting I_042710 - -Exam Tuesday May 4th I...

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