Review Session for Final Exam
Autor: Reynard Lowell • March 11, 2015 • Term Paper • 8,170 Words (33 Pages) • 1,196 Views
Review session for FINAL EXAM ACCT 6087
- Chapter 10 Plant Assets, depreciation, gain/loss on disposal
- Chapter 13 Capital Stock Transaction
- Chapter 14 Dividends and Retained Earnings
- Chapter 15 Bonds and Mortgage
- Chapter 17 Statement of Cash Flow
EXERCISE 10-9
Jan. 1 Accumulated Depreciation—Equipment 62,000
Equipment 62,000
June 30 Depreciation Expense 4,500
Accumulated Depreciation—Equipment
($45,000 X 1/5 X 6/12) 4,500
30 Cash 14,000
Accumulated Depreciation—Equipment
($45,000 X 3/5 = $27,000; $27,000 + $4,500) 31,500
Gain on Disposal of Plant Assets
[$14,000 – ($45,000 – $31,500)] 500
Equipment 45,000
Dec. 31 Depreciation Expense 5,000
Accumulated Depreciation—Equipment
[($33,000 – $3,000) X 1/6] 5,000
31 Loss on Disposal of Plant Assets 8,000
Accumulated Depreciation—Equipment
[($33,000 – $3,000) X 5/6] 25,000
Equipment 33,000
EXERCISE 10-10
(a) Cash 31,000
Accumulated Depreciation—Equipment
[($65,000 – $5,000) X 3/5] 36,000
Equipment 65,000
Gain on Disposal of Plant Assets 2,000
(b) Depreciation Expense
[($65,000 – $5,000) X 1/5 X 4/12] 4,000
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