You have been hired by Patterson Planning Corp., an events planning company that recently had a fire
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Question:
You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were damaged.
In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.40 per hour.
Year | Schedule A | Schedule B | Schedule C | ||||||
1 | $6,000 | $10,125 | $9,240 | ||||||
2 | 3,600 | 13,500 | 6,600 | ||||||
3 | 2,160 | 13,500 | 7,480 | ||||||
4 | 1,296 | 13,500 | 6,600 | ||||||
5 | 444 | 3,375 | 4,400 | ||||||
6 | 7,040 | ||||||||
7 | 4,840 | ||||||||
8 | |||||||||
Total | $13,500 | $54,000 | $46,200 |
2. For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank.
A | B | C | |||||||
Useful life | |||||||||
Residual value | $ | $ | $ | ||||||
Asset cost | $ | $ | $ | ||||||
Total operating hours |
Related Book For
Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt
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