Gamez, Eileen Week 5 Assignment ACC305

Gamez, Eileen Week 5 Assignment ACC305 - P 11-5 The...

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P11-5 The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2009. The accounting department of Thompson has started the fixed-asset and depreciation schedule presented below. You have been asked to assist in completing this schedule. In addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the company’s records and personnel: a. Depreciation is computed from the first of the month of acquisition to the first of the month of disposition. b. #4 $14,000 because SL is used to determine depreciation c. # 5 $25 x 3,000 = $75,000 + 10,400 = $85,400 d. #6 $210,000 / 30 = $7,000 e. #8 1/10 = 10% 10% x 1.5 = 15% 16,000 x 15% = 2,400 #9 16,000 – 2400 = 13,600 13,600 x 15% = 2,040 f. #10 110,000 #11 $110,000 – 5,500 = 105,500 105,500 x 18.18% = 19,180 #12 110,000 – 19180 = 90,820 105,500 x 16.36% = 17,260 g. #13 10 annual installments x $4,000 = $40,000 + $4,000 = $44,000 $44,000 / 15 = 2,933 THOMPSON CORPORATION Fixed Asset and Depreciation Schedule For Fiscal Years Ended September 30, 2010, and September 30, 2011 Depreciation for Year Ended 9/30 Assets Acquisition Cost Residual Depreciation Estimated
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