CH. 8 APPLICATION

question 3

v I maunch x [ Question3- x [] Question3- X | G EthanHeatin X | K Dashboard X | M Financial Acc X G Google Slide: X Untitled pres X Applelnc. (A X | + = o X B Record cash paid for freight cost. 7 Mc High pollen Q Search W 5:59 PM omorrow 9/22/2024v A LTI Launch X M Question 3 - ( X M Question 3 - (X G Ethan Heating X Dashboard * M Financial Acc X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 3 Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $120,520. The seller agreed to allow a 5.75 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,500. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,120. The loader operator is paid an annual salary of $17,840. The cost of the company's theft Insurance policy Increased by $1,820 per year as a result points of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $10,700. Required a. Determine the amount to be capitalized in an asset account for the purchase of the loader. Book b. Record the purchase in general journal format. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Record the purchase in general journal format. References Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest dollar amount. View transaction list Journal entry worksheet High pollen Q Search w 5:59 PM omorrow 9/22/2024v A LTI Launch X M Question 3 - ( X M Question 3 - (X G Ethan Heating X Dashboard * M Financial Acc X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G 2 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 3 Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $120,520. The seller agreed to allow a 5.75 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,500. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,120. The loader operator is paid an annual salary of $17,840. The cost of the company's theft Insurance policy Increased by $1,820 per year as a result points of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $10,700. Required a. Determine the amount to be capitalized in an asset account for the purchase of the loader. Book b. Record the purchase in general journal format. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Record the purchase in general journal format. References Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest dollar amount. View transaction list Journal entry worksheet A B c Record cash paid for specialist's fee. Note: Enter debits before credits. Event General Journal Debit Credit 3 Record entry Clear entry View general journal Gran High pollen Q Search w 5:59 PM omorrow 9/22/2024v A LTI Launch X M Question 4 - ( X M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 4 City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $28,500. In addition, City paid sales tax and title fees of $810 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,480. 4 points Required a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b & c. Assume that the taxi was sold on January 1, Year 3, for $22,745. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi In Year 3. eBook Complete this question by entering your answers in the tabs below. Print Req A Req B and C References Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. Note: Round your answers to the nearest whole dollar amount. Year 1 Year 2 Depreciation expense MS Hill High pollen 6:00 PM Tomorrow Q Search 9/22/2024v A LTI Launch X M Question 4 - ( X M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 4 City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $28,500. In addition, City paid sales tax and title fees of $810 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $5,480. 4 points Required a. Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b & c. Assume that the taxi was sold on January 1, Year 3, for $22,745. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi In Year 3. eBook Complete this question by entering your answers in the tabs below. Print Req A Req B and C References Assume that the taxi was sold on January 1, Year 3, for $22,745. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list X 1 Record depreciation expense. 2 Record entry for sale of taxi and gain on sale. Credit Note : = journal entry has been entered Mc Hill High pollen Tomorrow Q Search 6:00 PM 9/22/2024v A LTI Launch X M Question 4 - ( X M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 4 City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $28,500. In addition, City paid sales tax and title fees of $810 for the vehicle. The taxl Is expected to have a five-year life and a salvage value of $5,480. points Required . Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b & c. Assume that the taxi was sold on January 1, Year 3, for $22,745. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi In Year 3. Book Complete this question by entering your answers in the tabs below. Print Reg A Req B and C Reference Assume that the taxi was sold on January 1, Year 3, for $22,745. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet High pollen Q Search w 6:00 PM omorrow 9/22/2024v A LTI Launch X M Question 4 - ( X M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 4 City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $28,500. In addition, City paid sales tax and title fees of $810 for the vehicle. The taxl Is expected to have a five-year life and a salvage value of $5,480. points Required . Using the straight-line method, compute the depreciation expense for Year 1 and Year 2. b & c. Assume that the taxi was sold on January 1, Year 3, for $22,745. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi In Year 3. Book Complete this question by entering your answers in the tabs below. Print Reg A Req B and C Reference Assume that the taxi was sold on January 1, Year 3, for $22,745. Prepare the general journal entries to record the Year 1 depreciation and sale of the taxi in Year 3. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet High pollen Q Search w 6:00 PM omorrow 9/22/2024v A LTI Launch X M Question 5 - > M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 5 Uno Company sold office equipment with a cost of $35,670 and accumulated depreciation of $32,098 for $5,560. Required points a. What Is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? Note: Loss amount should be indicated with a minus sign. Book . How would the sale affect net Income (Increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (Increase, decrease, no effect) and by how much? e. How would the event affect the statement of cash flows (Inflow, outflow, no effect) and in what section? Hint a. Book value b. Gain (loss) on sale Print C. Net income would d. Total assets would e. Cash flow would References Section Graw High pollen 6:00 PM omorrow Q Search w 9/22/2024v A LTI Launch X M Question 6 - ( X M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 6 Bill's Wrecker Service has Just completed a minor repair on a tow truck. The repair cost was $780, and the book value prior to the repair was $4,730. In addition, the company spent $9,000 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $89,400 and related points Accumulated Depreciation account at $42,800. Required After the work was completed, what book value should appear on the balance sheet for the tow truck and the building? Book Book Value Tow Truck Hint Building Print References Graw High pollen Q Search w 6:00 PM omorrow 9/22/2024v A LTI Launch X M Question 7 -( > M Question 3 - (X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 7 Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following Items: patent with 4 remaining years of legal life $ 41, 000 points Goodwill 41, 700 Dynamo's financial condition Just prior to the acquisition of these assets is shown In Required B. Book Required a. Compute the annual amortization expense for these Items. . Record the acquisition of the Intangible assets and the related amortization expense for Year 1 In a horizontal statements model. Hint c. Prepare the journal entries to record the acquisition of the Intangible assets and the related amortization for Year 1. Print Complete this question by entering your answers in the tabs below. References Required A Required B Required C Compute the annual amortization expense for these items. Amortization expense per year Required A Required B > Graw 62.F Cloudy Q Search w 6:00 PM 9/22/2024v A LTI Launch X M Question 7 -( > M Question 3 - (X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 7 Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following Items: patent with 4 remaining years of legal life $ 41, 000 points Goodwill 41, 700 Dynamo's financial condition Just prior to the acquisition of these assets is shown In Required B. Book Required a. Compute the annual amortization expense for these Items. . Record the acquisition of the Intangible assets and the related amortization expense for Year 1 in a horizontal statements model. Hint c. Prepare the Journal entries to record the acquisition of the Intangible assets and the related amortization for Year 1. Print Complete this question by entering your answers in the tabs below. References Required A Required B Required C Record the acquisition of the intangible assets and the related amortization expense for Year 1 in a horizontal statements model. Note: In the Statement of Cash Flows column, use the initials OA for operating activities, FA for financing activities, or IA for investing activity. Enter any cash outflows or decreases to account balances with a minus sign. Leave cells blank if no input is needed. Show less A DYNAMO MANUFACTURING Horizontal Statements Model Balance Sheet Income Statement Assets Event Liabilities Stockholders' Cash Equity Revenue - Expenses = Net Income Patent + Goodwill Statement of Cash Flow Beginning balances 85,900 + 85,900 Acquisition + + + 11 11 11 Amortization Graw Hill 62.F 6:00 PM Cloudy Q Search w 9/22/2024v A LTI Launch X M Question 7 -( > M Question 3 - (X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 7 Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following Items: patent with 4 remaining years of legal life $ 41, 000 points Goodwill 41, 700 Dynamo's financial condition Just prior to the acquisition of these assets is shown In Required B. Book Required a. Compute the annual amortization expense for these Items. . Record the acquisition of the Intangible assets and the related amortization expense for Year 1 in a horizontal statements model. Hint c. Prepare the journal entries to record the acquisition of the Intangible assets and the related amortization for Year 1. Print Complete this question by entering your answers in the tabs below. References Required A Required B Required C Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for Year 1. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list X A Record cash paid to acquire the assets of an existing company. B Record amortization expense for patent. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Grav 62.F 6:00 PM Cloudy Q Search W 9/22/2024v A LTI Launch X M Question 7 - ( > M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 7 Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following Items: Patent with 4 remaining years of legal life $ 41, 000 Goodwill 41, 706 points Dynamo's financial condition Just prior to the acquisition of these assets is shown In Required B. Required Book a. Compute the annual amortization expense for these Items. . Record the acquisition of the Intangible assets and the related amortization expense for Year 1 In a horizontal statements model. . Prepare the Journal entries to record the acquisition of the Intangible assets and the related amortization for Year 1. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Required C References Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for Year 1. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet B Record cash paid to acquire the assets of an existing company. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Graw 62.F Cloudy Q Search w 6:01 PM 9/22/2024v A LTI Launch X M Question 7 - ( > M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 7 Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following Items: Patent with 4 remaining years of legal life $ 41, 000 Goodwill 41, 706 points Dynamo's financial condition Just prior to the acquisition of these assets is shown In Required B. Required Book a. Compute the annual amortization expense for these Items. . Record the acquisition of the Intangible assets and the related amortization expense for Year 1 In a horizontal statements model. . Prepare the Journal entries to record the acquisition of the Intangible assets and the related amortization for Year 1. Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Required C References Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for Year 1. Note: If no entry is required for a transaction or event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 62.F Cloudy Q Search w 6:01 PM 9/22/2024v A LTI Launch X M Question 8 - ( X M Question 3 - ( X G Ethan Heating X Dashboard * M Financial Acc( X G Google Slides X Untitled prest x y! Apple Inc. (A/ x | + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 8 Application i Saved Help Save & Exit Submit Check my work 8 Electronic Arts, Incorporated, better known to consumers as EA Sports, is In the digital Interactive entertainment business. Its products Include Madden NFL and The Sims. Union Pacific Corporation is one of the largest railway networks In the nation. The following data were taken from one of the companies' March 31, 2022, annual report and from the other's December 31, 2021, annual points report. Revealing which data relate to which company was intentionally omitted. Company 1 Company 2 Sales $ 21, 804 $ 6,991 Book Depreciation costs 2, 208 162 Net earnings 6,523 Current assets 3,551 , 151 Property, plant, and equipment 55, 871 550 Print Total assets 63, 525 13, 800 Required References a. Calculate depreciation costs as a percentage of sales for each company. . Calculate property, plant, and equipment as a percentage of total assets for each company. c. Based on the Information now available to you, determine which data relate to which company. d. Which company appears to be using its assets most efficiently? Company 1 Company 2 a. Depreciation as percentage of sales b. Property, plant, and equipment as percentage of total assets c. Identify company d. Which company appears to be using its assets most efficiently? Graw Hill 62.F W 6:01 PM Cloudy Q Search 9/22/2024