Accounting Chapter 7 Correct End Year Amounts Depreciation Accumulated Book

subject Type Homework Help
subject Pages 6
subject Words 173
subject Authors David Spiceland, Don Herrmann, Wayne Thomas

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page-pf1
Student Name:
Class:
Depreciable Depreciation Depreciation Accumulated Book
Year Cost Rate Expense Depreciation Value
1246,000 1/6 41,000 41,000 229,000
Beginning Depreciation Depreciation
Accumulated
Book
Year Book Value Rate Expense Depreciation Value
1 270,000 0.33333 90,000 90,000 180,000
Correct!
Hours Depreciation Depreciation Accumulated Book
Year Used Rate Expense Depreciation Value
13,100 20.50$ 63,550 63,550 206,450
X
=
X
=
University Car Wash
Activity-based
Calculation
End of Year Amounts
Requirement 3:
X
Double-declining-balance
=
Straight Line
University Car Wash
Calculation
End of Year Amounts
University Car Wash
Requirement 2:
Calculation
End of Year Amounts
Requirement 1:
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270,000$
Hours
Year Used
13,100
Actual use per year
UNIVERSITY CAR WASH
Given Data P07-05:
Cost of new car wash machines
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Student Name:
Class:
Date Account Debit Credit
58,800
58,800 <--Correct!
Accumulated Book
Cost Depreciation Value
Land 95,000$ - 95,000$ <--Correct!
SOLICH SANDWICH SHOP
Long-term Assets
December 31, 2021
SOLICH SANDWICH SHOP
Depreciation Expense Entries
December 31, 2021
Requirement 3:
Problem 07-07
McGraw-Hill/Irwin
Instructor
Accumulated Depreciation
Depreciation Expense
Requirement 1:
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Accumulated Book
Cost Depreciation Value
Land 95,000$ - 95,000$
10
Given Data P07-07:
Additional information:
Service life of building in years
Long-term Assets
December 31, 2021
SOLICH SANDWICH SHOP
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Student Name:
Class:
Correct!
910,000$
Correct!
700,000$
Correct!
December 31 700,000
NEW MORNING BAKERY
Problem 07-08
McGraw-Hill/Irwin
Instructor
Cost of the oven
Requirement 2: Book value at end of year 2
Less:
Sale amount
Requirement 1: Accumulated depreciation at end of year 2
Requirement 3: Gain or loss on sale of ovens
Cash
Requirement 4: Entry to record sale
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700,000$
NEW MORNING BAKERY
Given Data P07-08:
Sold two year old bakery ovens

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