On August 28, 2010, Ruggle Drilling Services purchased a machine with a contract price of $400,000 and cash terms of 2/10, n/30. The company paid $8,000 in transportation costs and $8,000 for installation. Sales taxes of $22,000 were paid on the invoice amount. The machine should be recorded as a plant asset in the amount of Answer $400,000 $422,000 $428,000 $430,000

On August 28, 2010, Ruggle Drilling Services purchased a machine with a contract price of $400,000 and cash terms of 2/10, n/30. The company paid $8,000 in transportation costs and $8,000 for installation. Sales taxes of $22,000 were paid on the invoice amount. The machine should be recorded as a plant asset in the amount of

Answer

		$400,000
		$422,000
		$428,000
		$430,000

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Renault Marina exchanged a boat with a cost of $80,000 (now 75% depreciated) for another boat with a current fair value of $27,000. No boot was paid or received. The new boat will perform the exact same function as the old boat. Renault should record the new boat at Answer $20,000 $27,000 $ 7,000 $ 0

                Renault Marina exchanged a boat with a cost of $80,000 (now 75% depreciated) for another boat with a current fair value of $27,000. No boot was paid or received. The new boat will perform the exact same function as the old boat. Renault should record the new boat at

Answer

		$20,000
		$27,000
		$  7,000
		$         0

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The president of Reindeer Corporation donated a building to Monday Corporation. The building had an original cost of $500,000, a book value of $175,000, and a fair market value of $250,000. To record this donation, Monday will Answer make a memorandum entry debit Building for $175,000 and credit Gain for $175,000 debit Building for $250,000 and credit Gain for $250,000 debit Building for $500,000 and credit Gain for $500,000

     The president of Reindeer Corporation donated a building to Monday Corporation. The building had an original cost of $500,000, a book value of $175,000, and a fair market value of $250,000. To record this donation, Monday will

Answer

		make a memorandum entry
		debit Building for $175,000 and credit Gain for $175,000
		debit Building for $250,000 and credit Gain for $250,000
		debit Building for $500,000 and credit Gain for $500,000

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Which one of the following types of assets should not be classified as property, plant, and equipment?

                    Which one of the following types of assets should not be classified as property, plant, and equipment?

Answer

		leasehold improvements
		fully-depreciated building (still in use)
		idle land and buildings
		long-lived tangible assets

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this is the information: Course site now has the current weeks discussion topic ( Provide and example of a process you have witnesses that needs improvement---describe current process and the improvements you would suggest). Please provide 1 example for credit. This week you will be contributing your idea of a process in need of improvement. You may use work or life examples. Enjoy As discussed in class--please provide a description of a process that you have seen at work or in your life travels--that needs improvement. Describe the current process and what you would suggest for imrovements that would lead to a more efficient and less costly process. Enjoy.

this is the information:

Course site now has the current weeks discussion topic ( Provide and example of a process you have witnesses that needs improvement---describe current process and the improvements you would suggest). Please provide 1 example for credit.

This week you will be contributing your idea of a process in need of improvement. You may use work or life examples. Enjoy

As discussed in class--please provide a description of a process that you have seen at work or in your life travels--that needs improvement. Describe the current process and what you would suggest for imrovements that would lead to a more efficient and less costly process. Enjoy.

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At December 31, 2011, Jimenez Company reported the following as plant assets.

Question 6   At December 31, 2011, Jimenez Company reported the following as plant assets. Land   $4,000,000 Buildings $28,500,000   Less: Accumulated depreciation-buildings 12,100,000 16,400,000 Equipment 48,000,000   Less: Accumulated depreciation-equipment 5,000,000 43,000,000      Total plant assets   $63,400,000 During 2012, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $780,000 when purchased on January 1, 2008. The equipment was sold for $450,000. June 1 Sold land purchased on June 1, 2002, for $1,500,000. The land cost $400,000. July 1 Purchased equipment for $2,000,000. Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received.

 

 

Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Account/Description Debit Credit Apr. 1                May 1                  (To record depreciation.)     May 1                                   (To record sale of equipment.)     June 1                           July 1                 Dec. 31                 (To record depreciation.)     Dec. 31                  (To record retirement of equipment.)

 

 

Record adjusting entries for depreciation for 2012. Date Account/Description Debit Credit Dec. 31                  (To record building depreciation.)     Dec. 31                  (To record equipment depreciation.)

 

 

Complete the plant assets section of Jimenez's balance sheet at December 31, 2012. (List in the same order as the partial balance sheet presented in the problem. Enter all amounts as positive amounts and subtract where necessary.) JIMENEZ COMPANY Balance Sheet (Partial) December 31, 2012 Plant Assets           $     $       Less:           Less:         Total plant assets   $

 

 

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Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.

Question 5 Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.

 

 

Sold for $28,000 on January 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit

 

 

Sold for $28,000 on May 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit              (To update depreciation)

 

 

Sold for $11,000 on January 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit

 

 

Sold for $11,000 on October 1, 2011. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account/Description Debit Credit              (To update depreciation)

 

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