西方财务会计课后习题答案之欧阳术创编Word文档下载推荐.docx
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西方财务会计课后习题答案之欧阳术创编Word文档下载推荐.docx
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(13,007)
Property,Plantandequipment,bookvalue…………
$13,908
Bookvalueislessthancostbecauseaccumulateddepreciationissubtractedfromcosttocomputebookvalue.
(5min)CP7-2
Therelatedcosts(realestatecommission,backpropertytax,removalofabuilding,andsurveyfee)areincludedaspartofthecostofthelandbecausethebuyerofthelandmustincurthesecoststogetthelandreadyforitsintendeduse.
Afterthelandisreadyforuse,therelatedcosts(listedabove)wouldbeexpensed.
(10min.)CP7-3
Land($150,000⨯.50)……………………….
75,000
Building($150,000⨯.375)………………….
56,250
Equipment($150,000⨯.125)………………
18,750
NotePayable………………………………
150,000
Estimated
Market
Value
PercentofTotal
Land………………….
$80,000
$80,000/$160,000
=
50.0%
Building……………..
60,000
$60,000/$160,000
37.5
Equipment…………..
20,000
$20,000/$160,000
12.5
Total……………….…
$160,000
100.0%
(10-15min.)CP7-4
IncomeStatement
Revenues
CORRECT
Expenses
UNDERSTATED
Netincome
OVERSTATED
BalanceSheet
Currentassets
Totalliabilities
Plantassets
OVERSTATED
Owners’equity
Totalassets
andowners’equity
(10min.)CP7-5
1.First-yeardepreciation:
Straight-line($20,000,000–$6,000,000)/5years...
$2,800,000
Units-of-production[($20,000,000–$6,000,000)/
5,000,000miles]⨯750,000miles………………….
$2,100,000
Double-declining-balance($20,000,000/5years⨯2).
$8,000,000
2.Bookvalue:
Straight-
Line
Units-of-
Production
Double-
Declining-
Balance
Cost…………………….
$20,000,000
LessAccumulated
Depreciation………..
(2,800,000)
(2,100,000)
(8,000,000)
Bookvalue…………….
$17,200,000
$17,900,000
$12,000,000
(10min.)CP7-6
Third-yeardepreciation:
a.
Straight-line($20,000,000–$6,000,000)/5years…..
b.
5,000,000miles]⨯1,250,000miles…………………
$3,500,000
c.
Double-declining-balance:
Year1($20,000,000⨯2/5)=$8,000,000
Year2($20,000,000–$8,000,000)⨯2/5=$4,800,000
Year3($20,000,000–$8,000,000–$4,800,000=$7,200,000;
$7,200,000–$6,000,000residualvalue)……
$1,200,000
(10min.)CP7-7
1.Thedouble-declining-balance(DDB)methodoffersthetaxadvantageforthefirstyearofanasset’suse.TheadvantageresultsfromthegreateramountofDDBdepreciation(versustheamountofdepreciationundertheothermethods)duringthefirstyear.Thissavescashthatthetaxpayercaninvesttoearnareturn.
DDBdepreciation…………………………………..
Straight-linedepreciation………………………….
Excessdepreciationtaxdeduction……………...
$5,200,000
Incometaxrate………………………………………
⨯.40
Incometaxsavingsforfirstyear…………………
$2,080,000
(5-10min.)CP7-8
First-yeardepreciation(forapartialyear):
a.Straight-line(€40,000,000–€5,000,000)/5years
⨯9/12………………………………………………
€5,250,000
b.Units-of-production(€40,000,000–€5,000,000)
/5,000,000miles⨯500,000miles…………….
€3,500,000
c.Double-declining-balance(€40,000,000⨯2/5
⨯9/12)….………………………………………….
€12,000,000
UOPdepreciationproducesthehighestnetincome(lowestdepreciation).DDBdepreciationproducesthelowestnetincome(highestdepreciation).
(10min.)CP7-9
DepreciationExpense—HotDogStand………...
15,000
AccumulatedDepreciation—HotDogStand..
Depreciationforyears1-4:
$50,000/10years=$5,000peryear
$5,0004years=$20,000foryears1-4
Asset’sremaining
depreciable
(New)Estimated
(New)Annual
bookvalue
usefulliferemaining
depreciation
$50,000–$20,000
2years
$15,000peryear
$30,000
(10min.)CP7-10
Req.1
(a)Straight-linedepreciationmethod:
20X5
Jan.1
Cash………………………………………
10,000
AcumulatedDepreciation…………….
16,000
LossonSaleofDeliveryTruck……...
DeliveryTruck……………………….
41,000
(b)Double-declining-balancedepreciationmethod:
26,240
4,760
DeliveryTrucks……………………...
Req.2
Thedifferencebetweentheamountsofthelossondisposalunderthestraight-linedepreciationmethodandthedou
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