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Accounting 5th Edition Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones - Solutions
E12-1 Suzanne Drake, a friend from college, approaches you about forming a partnership to export software. Since graduating. Drake has worked for the International Trade Bank, devel- oping important contacts among government officials and business leaders in Eastern Europe. Drake believes she is in
E12-2 Mason Flute has been operating an apartment-locater service as a proprietorship. He and Barrett Schraeder have decided to reorganize the business as a partnership. Flute's invest- ment in the partnership consists of cash, $16.300; accounts receivable. $10.600, less allowance for
E12-3 Adam Meppen and Bailey Quaid form a partnership, investing $40,000 and $70,000. respectively. Determine their shares of net income or net loss for each of the following situa tions:a. Net loss is $52.000 and the partners have no written partnership agreement.b. Net income is $77,000, and the
E12-4 Adam Meppen withdrew cash of $47.000 for personal use, and Bailey Quaid with- drew cash of $53.000 during the year. Using the data from situation (d) in Exercise 12-3. journalize the entries to close (a) the income summary account, and (b) the partners' draw- ing accounts. Explanations are
E12-5 Trey Falco is admitted to a partnership. Prior to his admission, the partnership books show Sean Graham's capital balance at $100,000 and Kelly Ort's capital balance at $50,000. Compute each partner's equity on the books of the new partnership under the following plans:a. Falco pays $92.000
E12-6 Make the partnership journal entry to record the admission of Falco under plans (a), (b), and (c) in Exercise 12-5. Explanations are not required.
E12-7 After the books are closed. Echols & Schaeffer's partnership balance sheet reports cap- ital of $60.000 for Echols and $80,000 for Schaeffer. Echols is withdrawing from the firm. The partners agree to write down partnership assets by $45,000. They have shared profits and losses in the ratio
E12-8 Eve Bermuda is retiring from the partnership of Bermuda. Rye, and Augustine on May 31. The partner capital balances are Bermuda. $36.000: Rye, $51,000; and Augustine. $22,000. The partners agree to have the partnership assets revalued to current market values. The independent appraiser
E12-9 Barry, McCall, and Flaten are liquidating their partnership. Before selling the noncash assets and paying the liabilities, the capital balances are Barry, $23,000: McCall, $20,000: and Flaten, $11,000. The partnership agreement divides profits and losses equally. Required 1. After selling the
E12-10 Prior to liquidation, the accounting records of Deluth, Liu, and Bush included the following balances and profit-and-loss-sharing percentages:Capital Noncash Deluth Liu Cash + Assets =Liabilities + (40%) + (30%) Balances before sale of assets. $ 8.000 $57,000 $19,000 $20,000 $15,000 + Bush
E12-11 The partnership of Valahu, Leman, and Sucre is dissolving. Business assets, liabilities. and partners' capital balances prior to dissolution follow. The partners share profits and losses as follows: Marie Valahu, 25%; Pierre Leman. 45%; and Anna Sucre, 30%. Required Create a spreadsheet or
E12-12 On October 31, 20X2, Steve Klatt and Russell Stover agree to combine their propri- etorships as a partnership. Their balance sheets on October 31 are shown on page 492. Required Prepare the partnership balance sheet at October 31, 20X2.B D E F C VALAHU, LEMAN, AND SUCRE Sale of Noncash
P12-1A Levita Nuez and Rosa Lupe Gaitan are discussing the formation of a partnership to import dresses from Guatemala. Nuez is especially artistic. so she will travel to Central America to buy merchandise. Gaitan is a super salesperson and has already lined up several large stores to which she can
P12-2A Beth Saran and Jake Gentry formed a partnership on March 15. The partners agreed to invest equal amounts of capital. Gentry invested his proprietorship's assets and liabilities (credit balances in parentheses). See the table at the top of the next page.Gentry's Book Value Current Market
P12-3A Lost Pines Escape is a partnership, and its owners are considering admitting Victor Lampe as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:Capital Profit-and-Loss Ratio Eric Runyan...
P12-4A Rudy Trump. Monica Rivers, and Courtney Jetta have formed a partnership. Trump invested $20,000; Rivers. $40.000: and Jetta, 560,000. Trump will manage the store. Rivers will work in the store three-quarters of the time, and Jetta will not work. Required 1. Compute the partners' shares of
P12-5A Custom Homes is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to Pam Tracy. 40% to Bill Mertz, and 30% to Cameron Brucks. At December 31, 20X3, the firm has the balance sheet shown at the top of page 494. Tracy withdraws from the
P12-6A The partnership of Jackson, Pierce. & Fenner has experienced operating losses for three consecutive years. The partners-who have shared profits and losses in the ratio of Leigh Jackson, 15%; Trent Pierce. 60%; and Bruce Fenner, 25%-are considering the liqui- dation of the business. They ask
P12-7A Link Back to Chapter 4 (Closing Entries). ABS & Company is a partnership owned by Alberts, Beech, and Sumner, who share profits and losses in the ratio of 1:3:4. The adjusted trial balance of the partnership (in condensed form) at June 30, end of the current fiscal year, follows. Cash
P12-1B Anne Avonlee and Gus Teamley are discussing the formation of a partnership to install payroll accounting systems. Avonlee is skilled in systems design, and she is convinced that her designs will draw large sales volumes. Teamley is a super salesperson and has already lined up several
P12-2B On June 30, Lou Busby and Marshall Box formed a partnership. The partners agreed to invest equal amounts of capital. Busby invested his proprietorship's assets and lia- bilities (credit balances in parentheses). Accounts receivable. Allowance for doubtful accounts. Inventory. Prepaid
P12-3B Cedarlake Solutions is a partnership, and its owners are considering admitting Emily Conyers as a new partner. On March 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows: Required Nick Nelson Luke Bright. Lela
P12-4B Charles Lake. Liz Wood, and Hal Parks have formed a partnership. Lake invested $15.000. Wood $18,000, and Parks $27.000. Lake will manage the store, Wood will work in the store half-time, and Parks will not work in the business. Required 1. Compute the partners' shares of profits and losses
P12-5B Priority Accounting Firm is a partnership owned by three individuals. The partners share profits and losses in the ratio of 28% to Cary Blesh, 38% to Dick McNut, and 34% to Jen Tate. At December 31, 20X2, the firm has the following balance sheet: Cash Accounts receivable: Less allowance for
P12-6B The partnership of Parr, Johnston, & Rake has experienced operating losses for three consecutive years. The partners-who have shared profits and losses in the ratio of Sharon Parr 10%: Alicia Johnston, 30%; and Chet Rake. 60%-are considering the liquidation of the business. They ask you to
P12-7B Link Back to Chapter 4 (Closing Entries). VT&P is a partnership owned by Vela. Thomas, and Prago, who share profits and losses in the ratio of 5:3:2. The adjusted trial bal- ance of the partnership (in condensed form) at September 30, end of the current fiscal year, follows. VT&P Adjusted
Case 1. Kimberly Gardner invested $20,000 and Leah Johanssen invested $10,000 in a public relations firm that has operated for ten years. Neither partner has made an additional investment. Gardner and Johanssen have shared profits and losses in the ratio of 2:1, which is the ratio of their
Case 2. The following questions relate to issues faced by partnerships. 1. The text suggests that a written partnership agreement should be drawn up between the partners in a partnership. One benefit of an agreement is that it provides a mechanism for resolving disputes between the partners. List
Tracy Wynn and Lee Spitz operate New England Engraving in Portsmouth, New Hampshire. The partners split profits and losses equally, and each takes an annual salary of $80,000. To even out the workload, Spitz does the buying and Wynn serves as the accountant. From time to time, they use small
KPMG is an international accounting firm. Summary data from the partnership's 19X7 Annual Report follow: (Dollars in millions Years Ended June 30 except where indicated) 19X7 19X6 19X5 19X4 19X3 Revenues Assurance $1,234 $1,122 $1,064 $1,093 $1,070 Consulting 1,007 775 658 473 3491 Tax 743 628 567
Visit a business partnership in your area, and interview one or more of the partners. Obtain answers to the following questions and ask your instructor for directions. As directed by your instructor, either (a) prepare a written report of your lindings, or (b) make a presentation to your class
Arthur Andersen LLP is a limited liability partnership and one of the most respected accounting/consulting firms in the world. Since 1913, Arthur Andersen has offered account- ing and business solutions and helped companies view change as an opportunity to learn. think, see, and leap ahead. 1. Go
Link Back to Chapter 9 (Inventory Methods). Suppose you are considering investing in two businesses, Astoria Enterprises and Hilton Systems. The two companies are virtually identical, and both began operations at the beginning of the current year. During the year. each company purchased inventory
Reflection Cove Apartments purchased land and a building for the lump sum of $4.1 million. To get the maximum tax deduction, Reflection Cove managers allocated 90% of the purchase price to the building and only 10% to the land. A more realistic allocation would have been 70% to the building and 30%
Refer to the Target Corporation linancial statements in Appendix A. and answer the following questions.Required 1. Which depreciation method does Target use for reporting in the financial statements? What type of depreciation method does the company probably use for income tax pur- poses? Why is
On Saturday, July 8, 2000, FedEx teamed up with Amazon.com to deliver 250,000 copies of the book Harry Potter and the Goblet of Fire. To deliver this unprecedented number of books. 100 regularly scheduled FedEx flights, 9.000 FedEx delivery personnel, and vehicles from 700 stations were mobilized
What distinguishes a contingent liability from an actual liability?
At the beginning of the school term, what type of account is the tuition that your college or university collects from students?
What type of account is the tuition at the end of the school term?
Why is payroll expense more important to a service business such as a CPA firm than it is to a merchandising company such as Target?
How much Social Security tax is withheld from the pay of an employee who earns $70,000 during the current year?
How much Social Security tax is withheld if the employee earns $77.000?
DE11-1 Describe the similarities and the differences between an account payable and a short-term note payable. If necessary, review notes receivable in Chapter 8.
DE11-2 Return to the $8.000 purchase of inventory on a short-term note payable that begins on page 426. Assume that the purchase of inventory occurred on June 30, 20X1. instead of September 30, 20X1. Journalize the company's (a) purchase of inventory, (b) accrual of interest expense on December 31,
DE11-3 This exercise should be done in conjunction with Daily Exercise 11-2. 1. Refer to the data in Daily Exercise 11-2. Show what the company would report for the note payable on its balance sheet at December 31, 20X1, and on its income statement for the year ended on that date. 2. What one item
DE11-4 Accounting for a discounted note payable is illustrated for a $100.000 note at the top of page 427. 1. Why did Procter & Gamble (P&G) sign the note payable? What did P&G receive? 2. Suppose PG signed the note payable on November 16, 20X1. instead of November 25, 20X1. Make P&G's adjusting
DE11-5 The chapter opening story describes the airlines' frequent-flier programs. Suppose passengers fly 1,000,000 miles on American Airlines and the AAdvantage frequent-flier program costs American $.0015 per mile. During the next six months, AAdvantage cus- tomers use 200,000 of the miles for
DE11-6 Ford, the automaker. guarantees its automobiles for three years or 36.000 miles, whichever comes first. Suppose Ford's experience indicates that the company can expect war- ranty costs during the three-year period to add up to 5% of sales. Assume that Five Points Ford in Cincinnati made
DE11-7 Refer to the data given in Daily Exercise 11-6. What amount of warranty expense will Five Points Ford report during 20X7? Which accounting principle addresses this situation? Does the warranty expense for the year equal the year's cash payments for warranties? Explain how the accounting
DE11-8 Harley-Davidson, Inc., the motorcycle manufacturer, included the following note (adapted) in its annual report: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7 (In Part): Commitments and Contingencies The Company self-insures its product liability losses in the United States up to $3 million
DE11-9 Consider the operations of a Wendy's restaurant. Toyota Motor Corporation. and a large accounting firm. Rank these businesses in terms of the percentage of labor cost to the company's total expenses-from most important to least important. Give the reason for your ranking. Daily Exercise
DE11-10 Examine the payroll situation of Lucy Childres on page 437. 1. Compute Childres's total pay for working 50 hours during the first week of February. 2. Childres is single, and her income tax withholding is 9% of total pay. Her only payroll deductions are payroll taxes. Compute Childres's net
DE11-11 Return to the Lucy Childres payroll situation in Daily Exercise 11-10. Childres's employer, Bobby Jones Golf Company, pays all the standard payroll taxes plus benefits for employee pensions (6% of total pay, health insurance ($60 per employee per month), and disability insurance ($8 per
DE11-12 After solving Daily Exercises 11-10 and 11-11. journalize for Bobby Jones Golf Company the following expenses related to the employment of Lucy Childres:a. Salary expenseb. Employer payroll taxesc. Benefits Use Exhibit 11-6 (p. 440) to format your journal entries. Carry all amounts to the
DE11-13 Suppose you have worked for an accounting firm all year and you earn a monthly salary of $8,000. Your withheld income taxes consume 15% of your gross pay. In addition to payroll taxes, which are required, you elect to contribute 5% monthly to your pension plan. Your employer also deducts
DE11-14 Exhibit 11-5, page 439, shows the breakdown of an employer's total payroll cost of $1.180 for one employee. Journalize the employer's (a) salary expense (use a single Payroll Tax Payable account). (b) payroll taxes (use a single Payroll Tax Payable account), and (c) cost of health
DE11-15 Refer to the payroll record in Exhibit 11-7, page 442. 1. How much cash did the employees take home for their work this week? 2. How much was the company's total salary expense for the week? What accounts were debited? How much was debited to each account? 3. How much did employees pay this
DE11-16 Study the Employee Earnings Record for R. C. Dean in Exhibit 11-10. page 445. In addition to the amounts shown in the exhibit, the employer also paid all payroll taxes plus (a) an amount equal to 7% of gross pay into Dean's pension retirement account, and (b) health insurance for Dean at a
DE11-18 Study the payroll record of Blumenthal's in Exhibit 11-7. page 442. Assume Blumenthal's will pay this payroll on January 2, 2001. In addition to the payroll liabilities shown in the exhibit. Blumenthal's has the following liabilities at December 31, 2000:Accounts payable.. $44,140 Current
DE11-19 Refer to IBM Corporation's current liabilities in Exhibit 11-12. page 447. 1. Explain in your own words each of the company's current liabilities. 2. When will IBM pay these liabilities? When is the latest date that IBM will pay the liabili- ties? How can you tell?
Make general journal entries to record the following transactions of Club Lanai Vacation Co. for a two-month period. Explanations are not required. March 31 Recorded cash sales of $200,000 for the month, plus sales tax of 5% collected on behalf of the state of Arizona. Recorded sales tax in a
E11-2 Pier 1 Imports, Inc., reported the following current liabilities (adapted, all amounts in thousands): February 28, 20X2 20X1 Accrued payroll liabilities. Gift certificates outstanding $27.194 11,276 $25,068 8.242 Required 1. The purpose of this requirement is to show how Pier I's ending
E11-3 Assume The Dallas Morning News publishing company completed the following transactions during 20x1: Nov. 1 Sold a six-month subscription, collecting cash of $120, plus sales tax of 5%. Dec. 15 Remitted (paid) the sales tax to the state of Texas. 31 Required Made the necessary adjustment at
E11-4 The accounting records of Blaze Electronics included the following balances at the end of the period:ESTIMATES WARRANTY PAYABLE Beg. bal. 3,100 SALES REVENUE 161,000 WARRANTY EXPENSE In the past. Blaze's warranty expense has been 7% of sales. During the current period, the business paid
E11-5 Record the following note payable transactions of Carnegie Publishing. Inc., in the company's general journal. Explanations are not required. 20X2 Apr. 1 Purchased equipment costing $15,000 by issuing a one-year, 8% note payable. Dec. 31 Accrued interest on the note payable. 20X3 Apr. 1 Paid
E11-6 On September 1, 20X4, Tic-Toc Watch Repair discounted a six-month, $12,000 note payable to the bank at 8%. Required 1. Prepare general journal entries to record (a) issuance of the note. (b) accrual of interest at December 31, and (c) payment of the note at maturity in 20X5. Explanations are
E11-7 Vanguard Security Systems is a defendant in lawsuits brought against the market- ing and distribution of its products. Damages of $9.1 million are claimed against Vanguard, but the company denies the charges and is vigorously defending itself. In a recent press conference, the president of
E11-8 Link Back to Chapter 4 (Current Ratio). The owner of Ciliotta Pharmacy examines the company accounting records at December 29, immediately before the end of the year: Total current assets... Noncurrent assets.. Total current liabilities. Noncurrent liabilities. Owner's equity. $ 490,000
E11-9 Ken Shermac is manager of the men's department of Parisian Department Store in Birmingham. He earns a base monthly salary of $750 plus a 10% commission on his personal sales. Through payroll deductions, Shermac donates $25 per month to a charitable organiza- tion, and he authorizes Parisian
E11-10 Ruby Degrate works for a Steak 'n Shake diner for straight-time earnings of $6 per hour, with time-and-a-half compensation for hours in excess of 40 per week. Degrate's pay- roll deductions include withheld income tax of 7% of total earnings. FICA tax of 8% of total earnings, and a weekly
E11-11 Clarkson Eyecare incurred salary expense of $92,000 for December. The store's pay- roll expense includes employer FICA tax of 8% in addition to state unemployment tax of 5.4% and federal unemployment tax of 0.8%. Of the total salaries. $88.400 is subject to FICA tax, and $9,100 is subject to
E11-12 Norwest Bank has annual salary expense of $900,000. In addition, the bank incurs payroll tax expense equal to 9% of the total payroll. At December 31, the end of the bank's accounting year. Norwest owes salaries of $4,000 and FICA and other payroll tax of $1,000. The bank will pay these
E11-13 Suppose Unity Medical Group borrowed $5,000,000 on January 2, 20X1. by issuing 9% long-term debt that must be paid in five equal annual installments plus interest each January 2. Required Insert the appropriate amounts to show how Unity Medical Group would report its long-term debt.December
E11-14 Assume that Wilson Sporting Goods completed these selected transactions during December 20X1:a. Sales of $1,000,000 are subject to estimated warranty cost of 3.4%.b. On December 1. Wilson signed a $200,000 note payable that requires annual payments of $20,000 plus 9% interest on the unpaid
E11-15 Link Back to Chapter 4 (Current Ratio). The balance sheets of PepsiCo, Inc., for two years reported these figures: Billions 20X2 20X1 Total current assets.. $ 4.6 $ 4.1 Noncurrent assets... 14.2 13.0 $18.8 $17.1 Total current liabilities $ 3.7 $ 4.8 Noncurrent liabilities Stockholders'
E11-16 PepsiCo, Inc., reported short-term debt payable and salary payable (adapted, in millions), as follows: December 31, 20X2 20X1 Current liabilities (partial); Short-term debt payable.. Salary payable. $707 $228 327 334 Assume that during 20X2. PepsiCo borrowed $1.106 million on short-term
P11-1A The following transactions of Leland Communications occurred during 20X4 and 20X5: 20X4 Jan. 9 29 Feb. 5 28 July 9 Oct. 22 Nov. 30 Dec. 31 31 20X5 Jan, 20 Feb. 28 Purchased equipment at a cost of $20.000, signing a six-month, 8% note payable for that amount. Recorded the week's sales of
P11-2A Rountree Acura is one of the largest Acura dealers in the Midwest. The dealership sells new and used cars and operates a body shop and a service department. Mitch McGee, the general manager, is considering changing insurance companies because of a disagreement with Hank Callendar, agent for
P11-3A The partial monthly records of Allstar Cycle Co. show the following figures: Employee Earnings (a) Straight-time earnings.. (b) Overtime pay (c) Total employee earnings. $16,431 ? ? Deductions and Net Pay (d) Withheld income tax $ 2,403 (e) FICA tax... ? (f) Charitable contributions 340 (g)
P11-4A Virginia Nadair is a vice president of Palm City Bank's leasing operations in Pensacola, Florida. During 20X2, she worked for the company all year at a $5,625 monthly salary. She also earned a year-end bonus equal to 12% of her salary. Nadair's federal income tax withheld during 20X2 was
P11-5A The general ledger of Red Mountain Investments at June 30, 20X3, the end of the company's fiscal year, includes the following account balances before adjusting entries.Accounts Payable... Current Portion of Long-Term Debt Interest Payable $105,520 Salary Payable..... Employee Payroll Taxes
P11-6A Assume that the payroll records of a district sales office of Spalding Sporting Goods provided the following information for the weekly pay period ended December 21, 20X3.Hours Hourly Earnings Employee Worked Rate Federal Income Tax Earnings Union United Way Dues Contributions Through
P11-7A Following are pertinent facts about events during the current year at Innovech, Inc.:a. On November 30, Innovech received rent of $6.600 in advance for a lease on a building. This rent will be earned evenly over three months.b. December sales totaled $113,000, and Innovech collected an
P11-1B The following transactions of Bethlehem Steel occurred during 20X2 and 20X3. 20X2 Feb. 3. Purchased equipment for $10,200, signing a six-month, 9% note payable. 28 Mar. 7 Apr. 30 Aug. 3 Sep. 14. Nov. 13 30 Dec. 31 20X3 31 Feb. 28 Apr. 30 Recorded the week's sales of $51,000. one-third for
P11-2B Briarwood Stables provides riding lessons for girls ages 8-15. Most students are begin- ners, and none of the girls owns her own horse. Sally Arnold, the owner of the stable, uses horses stabled at her farm and owned by the O'Malleys. Most of the horses are for sale, but the economy has been
P11-3B The partial monthly records of Aramark Food Service show the following figures: Employee Earnings (a) Straight-time earnings. ? (b) Overtime pay 5.109 (c) Total employee earnings. ? Deductions and Net Pay (d) Withheld income tax $ 9.293 (e) FICA tax... 6.052 (f) Charitable contributions. ?
P11-4B Jan Summers is a commercial lender at Harbor State Bank in Boston. During 20X2, she worked for the bank all year at a $5,195 monthly salary. She also earned a year-end bonus equal to 10% of her annual salary. Summers' federal income tax withheld during 20X2 was $822 per month. Also, there
P11-5B The St. Charles Consulting general ledger at September 30, 20X2, the end of the company's fiscal year, includes the following account balances before adjusting entries. Parentheses indicate a debit balance. Accounts Payable.. Current Portion of Long-Term Debt Interest Payable Salary
P11-6B Assume that payroll records of a district sales office of Audi Motor Systems provided the following information for the weekly pay period ended December 26, 20X3: Weekly Employee Hours Worked Earnings Rate Federal Income Tax Earnings Health Insurance United Way Contributions Through Previous
P11-7B Following are pertinent facts about events during the current year at Nevis Marine Company:a. December sales totaled $404.000 and Nevis collected sales tax of 9%. The sales tax will be sent to the state of Washington early in January.b. Nevis owes $75,000 on a long-term note payable. At
Case 1. SureBuilt Homes is a construction company in Fond du Lac, Wisconsin. The owner and manager. Art Waverly, oversees all company operations. He employs 15 work crews, each made up of six to ten members. Construction supervisors, who report directly to Waverly. lead the crews. Most supervisors
Case 2. The Boeing Company, manufacturer of jet aircraft, is the defendant in numerous lawsuits claiming unfair trade practices. Boeing has strong incentives not to disclose these contingent liabilities. However, GAAP requires that companies report their contingent liabilities. Required 1. Why
LTV, manufacturer of aircraft and aircraft-related electronic devices, has at times borrowed heavily to finance operations. Often ITV is able to earn operating income much higher than its interest expense and is therefore quite profitable. However, when the business cycle turns down, LTV's debt
Details about a company's current and contingent liabilities appear in a number of places in the annual report. Use Target's financial statements to answer the following questions. Required 1. Give the breakdown of Target's current liabilities at January 29, 2000. Give the February 2000 entry to
Project 1. In recent years, the airline industry has dominated headlines. Consumers are shopping Priceline.com and other Internet sites for the lowest rates. The airlines have also lured customers with frequent-flyer programs, which award free flights to passengers who accumulate specified miles of
Project 2. Consider three different businesses:a. A bank Requiredb. A magazine publisherc. A department store For each business, list all of its liabilities-both current and long-term. If necessary, study Chapter 15 on long-term liabilities. Then compare your lists to identify what liabilities the
In 1995, Amazon.com opened its virtual doors and now serves over 17 million customers in over 150 different countries. 1. Go to http://www.hoovers.com and use the "Search" scroll bar to select Company, in the next box type AMZN. and then click on Go. For Amazon.com, Inc., click on Capsule Scan the
Metropolitan Glass Company incurred the following costs in acquiring land and a garage, making land improvements, and constructing and furnishing an office building:a. Purchase price of 3 1/2 acres of land, including a building that will be used as a garage for company vehicles (land market value
Lee & Smythe surveys American television-viewing trends. The company's balance sheet reports the following assets under Property and Equipment: Land, Buildings, Office Equipment. Communication Equipment, and Televideo Equipment, with a separate accumulated depreciation account for each depreciable
The board of directors of Ameritech Satellite Technology is having its regular quarterly meeting. Accounting policies are on the agenda, and depreciation is being discussed. A new board member, an attorney, has some strong opinions about two aspects of depreciation policy. Clay Fitzhugh argues that
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