Assignment_6_-_Lecture_notes

Assignment_6_-_Lecture_notes - Assignment 6 Chapter 9...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Assignment 6 – Chapter 9 Lecture Notes Review Balance Sheet Accounts: Current Assets: Cash Accounts Receivable Inventory Investments Fixed Assets Recorded at Book Value on the Balance Sheet Book Value = Cost – Accumulated Depreciation Intangibles Examples of Fixed Assets: Vehicles Equipment Computers Furniture and Fixtures Building Land New Fixed Asset Accounts: Accumulated Depreciation Depreciation Expense Gain on Sale of Fixed Assets Loss on Sale/disposal of Fixed Assets Cost of Fixed Asset: Include all costs to make the fixed asset useful. Item Taxes Transportation costs (including insurance while in transit) Installation costs Legal costs Appraisals NOT costs: vandalism, damage, theft, mistakes The fixed asset is recorded at this amount and remains at this amount until it is sold.
Image of page 1

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

View Full Document Right Arrow Icon
Expenditures Capital Revenue Fixed Asset Expense Extends the life Does note extend life New roof Painting Engine Overhaul Oil change Major Improvement Not major improvement Wheelchair accessible Remove graffiti Depreciation Wearing out of the fixed asset.
Image of page 2
Image of page 3
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