Ph1IP2 VanOldorNew - Phase 1 Individual Project 2 1 Running...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Phase 1 Individual Project 2 1 Running Head: PHASE 1 INDIVIDUAL PROJECT 2: VAN, OLD OR NEW Phase 1 Individual Project 2: Van, Old or New Chris Normand Colorado Technical University Accounting 202-02 Prof. Robyn Swinehart April 12, 2010
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Phase 1 Individual Project 2 2 Abstract The purpose of this paper is to use a fictional company with a fictional situation to show what accounting measures and methods should be used, as their accountant, in helping them either secure a new van for their company, or repair their old van and add useful life to it as a company asset. I will do this in the form of a narrative from my company to theirs.
Image of page 2
Phase 1 Individual Project 2 3 Phase 1 Individual Project 2: Van, Old or New To Good Time Adventures To whom it may concern: Mr. Smith has asked me to review your situation concerning the need to either replace the depreciated asset, the 10-passenger van, or repair the old van and make necessary adjustments to your accounting records. Of course, in the end, I can only make suggestions. It is up to you to decide what you believe is in the best interest of your business. However, I believe, after we take a closer examination of all the options and avenues available to you, you will be more equipped to make that decision wisely and confidently. It is my understanding that the asset (10-passenger van) is completely depreciated and has a salvage value of $5,000.00. I also understand that you have looked at a new van which you are considering to replace the old 10-passenger van and that the dealer has made you and offer of $6,000.00 trade-in value on your old van toward the purchase of the new van. Let us start by examining the option to keep the existing van
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern