Name:
Section:
Score: 71%
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Key Code:
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1. Land Other
Item Land Improvements Building Accounts
f.
g.
h.
i.
j.
Problem 7-1
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Instructions
Name:
Section:
Score:
Scoring:
1. Land Other
Item Land Improvements Building Accounts
a. 75,000$ #REF!
b. 18,000$ #REF!
c. 12,500 #REF!
2. 470,250$ 26,500$ 920,000$ #REF!
Total
Instructions
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Problem 7-1
SOLUTION
ON
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Section:
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Calculations:
Straight-line method:
(–) ÷=
Double-declining-balance method:
Declining-
Straight-Line Balance
Year Method Method
20Y4
20Y5
Depreciation Expense
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per year
Problem 7-2
Instructions
2
0%
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Section:
Score:
Scoring:
Calculations:
Straight-line method:
(190,000$ –9,000$ ) ÷ 4=45,250$
Double-declining-balance method:
a. b. Declining-
Straight-Line Balance
Year Method Method
20Y4 45,250$ 95,000$
Problem 7-2
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SOLUTION
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ON
per year
Depreciation Expense
Instructions
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Name:
Section:
Score:
Key Code:
a. Straight-line method:
Depreciation
Original Cost Residual Value Life (Years) Fraction of Year Expense
20Y5:
[( –) ÷] =
b. Double-declining-balance method:
Accumulated Depreciation
Original Cost Depreciation Rate Fraction of Year Expense
20Y5:
=
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Problem 7-3
Instructions
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2
0%
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Section:
Score:
Scoring:
a. Straight-line method:
Depreciation
Original Cost Residual Value Life (Years) Fraction of Year Expense
20Y5:
[( 16,200$ –900$ ) ÷3] 1/2 =2,550$
b. Double-declining-balance method:
Accumulated Depreciation
Original Cost Depreciation Rate Fraction of Year Expense
20Y5: 16,200$
2/3 1/2 =5,400$
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ON
Problem 7-3
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SOLUTION
Instructions
Name:
Section:
Score: 0%
Key Code:
1.
Accumulated
Depreciation Depreciation, Book Value,
Year Expense End of Year End of Year
a. 1
= Liabilities +
Accumulated Retained
Cash + Equipment – Depreciation = + Earnings
2.
Stockholders’ Equity
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Statement of
Cash Flows
Balance Sheet
Statement
Income
Problem 7-4
Instructions
2
Assets
Name:
Section:
Score:
Scoring:
1.
Accumulated
Depreciation Depreciation, Book Value,
Year Expense End of Year End of Year
a. 132,500$ 32,500$ 107,500$
232,500 65,000 75,000
= Liabilities +
Accumulated Retained
Cash + Equipment –Depreciation = + Earnings
2. I23,300$ 23,300$ (140,000)$ 122,500$ 5,800$ 5,800$ Gain
Instructions
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Assets
Balance Sheet
Statement of
Income
Cash Flows
Statement
ON
Problem 7-4
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SOLUTION
Stockholders’ Equity
Name:
Section:
Score:
Key Code:
1.
a. Loss on impairment of goodwill
b. Amortization of governmental and legal costs:
2.
=Liabilities +
Statement of Accumulated Retained
Cash Flows Goodwill + Patents –Depletion = + Earnings
a. Loss on impaired goodwill
Assets
Stockholders’ Equity
Income
Statement
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Balance Sheet
Problem 7-5
Instructions
2
0%
Name:
Section:
Score:
Scoring:
1.
a. Loss on impairment of goodwill 3,000,000$
b. Amortization of governmental and legal costs:
2.
= Liabilities +
Statement of Accumulated Retained
Cash Flows Goodwill + Patents –Depletion = + Earnings
Assets
Balance Sheet
Statement
ON
Problem 7-5
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SOLUTION
Income
Stockholders’ Equity
Instructions
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