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Review Session for Final Exam

Autor:   •  March 11, 2015  •  Term Paper  •  8,170 Words (33 Pages)  •  211 Views

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Review session for FINAL EXAM ACCT 6087

  1. Chapter 10 Plant Assets, depreciation, gain/loss on disposal
  2. Chapter 13 Capital Stock Transaction
  3. Chapter 14 Dividends and Retained Earnings
  4. Chapter 15 Bonds and Mortgage
  5. 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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