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S7-4 (Compute depreciation and book value by three methods- First year only) Assume that the begging of 2013, DHL, a FedEx competitor, purchased a used jumbo 747 aircraft at the cost of 52,400,000. DHL expects the plain to remain useful for five years (7.3 Million miles) and to have a residual value of $6,400,000. DHL expects to fly the plane 845,000 miles the first year, 1.650,000 miles each year during the second, third and fourth years, and 1,515,000 miles the last year. 1- Compute DHL’s depreciation for the first two years on the plane using the following method: a- Straight Line b- Units-of-production(round depreciation per mile to the closest cent) c- Double-declining-balance 2- Show the airplane’s book value at the end of the first year under each depreciation method. S7-8 (Compute depreciation; record a gain or loss on disposal) On January 1, 2013, Regal Manufacturing purchased a machine for $850,000. Regal Manufacturing expects the machine to remain useful for eight years and to have a residual value of $40,000.Regal Manufacturing uses the straight-line method to depreciate its machinery. Regal Manufacturing used the machine for five and sold it on January 1, 2018, for $325,000. 1- Compute accumulated depreciation on the machine at January 1, 2018 (same as December 31, 2017) 2- Record the sale of the machine on January 1, 2018 E7-15A Measure the cost of plant assets. Lexington Self Storage purchased land, paying $125,000 cash as a down payment and signing a $140,000 note payable foe the balance. Lexington also had to pay delinquent property tax of $2,500, title insurance costing $5,500 and $18,000 to level the land and remove an unwanted building. There company paid $54,000 to add soil for the foundation and then constructed an office building at a cost of $970,000. It also paid $36,000 for a fence around the property, $11,000 for the company sign near the property entrance, and $4,000 for lighting of the grounds. What is the capitalized cost of each of Lexington’s land, land improvements, and building? S9-3 Account for warranty expense and estimate warranty payable. Tires USA guarantees tires against defects for five years or 60,000 miles, whichever comes first. Suppose tires USA can expect warranty costs during the five-year period to add up to 5% of sales. Assume that a Tire USA dealer in Atlanta Georgia, made sales of $647,000 during 2014. Tires USA received cash of 35% of the sales and took notes receivable for the remainder. Payments to satisfy customer warranty claims totaled $19,400 during 2014. 1- Record the sales, warranty expense, and warranty payments for Tire USA. 2- Post to the Estimated Warranty Payable T-account. The beginning balance was #14,000. At the end of 2014, how much in estimated warranty payable does Tires USA owe to its customers? S10-6 Prepare the stockholders equity section of a balance sheet. The financial statements of Cliffview Employment Services, Inc., reported the following accounts (adapted , with dollar amounts in thousands except for par value) Paid-in capital in excess of par……….. $207 Total revenues ……..…… $1,450 Other stockholders equity (negative) (27) Accounts payable……………. 460 Common stock, $0.01 par retained earnings……………. 643 900 shares…………………………………. 9 Other current liabilities…… 2,562 Long-term dept……………………………… 23 Total Expenses……………….836 Prepares the stockholders equity section of Cliffviews balance sheet. Net income has already been closed to Retained earnings. S11-2 1- How much gross profit did Kristie’s Imports earn on the sale of its products in 2014? How much was income from continuing operations? Net income? 2- At the end of 2014, What dollar amount of net income would most sophisticated investors use to predict Kristie’s imports net income for 2015 and beyond? Name this item, give its amount, state your reason. S11-3 Prepare a complex income statement Fisher Fine Coffees, Inc., reported the following items, listed in no particular order, at December 31, 2014(in thousands): Other gains (losses)……………………….$(19,000) Extraordinary gain…………………….$3,000 Net sales revenue…………………………..197,000 Cost of goods sold……………………73,000 Loss on discontinued Operating expenses………………….65,000 Operations……………………………….13,000 Accounts receivable………………….21,000 Income tax of 35% applies to all Prepare Fisher Fine Coffees multi –step income statement for the year ended December 31,2014. Omit earnings per share S11-8 Account for a corporation’s income tax Elam marine, Inc., had income before tax of $171,000 and a taxable income of $152,000 for 2014, the company first year of operations. The income tax rate is 30%. 1-make the entry to record Elam Marine’s income taxes for 2014. 2-Show what Elam marine will report on its 2014 income statement, starting with income before tax. Also show what Elam marine will report for current and long term liabilities on its December 31, 2014, balance sheet.

 

S7-4

(Compute depreciation and book value by three methods- First year only) Assume that the begging of 2013, DHL, a FedEx competitor, purchased a used jumbo 747 aircraft at the cost of 52,400,000. DHL expects the plain to remain useful for five years (7.3 Million miles) and to have a residual value of $6,400,000. DHL expects to fly the plane 845,000 miles the first year, 1.650,000 miles each year during the second, third and fourth years, and 1,515,000 miles the last year.

1-      Compute DHL’s depreciation for the first two years on the plane using the following method:

a-      Straight Line

b-      Units-of-production(round depreciation per mile to the closest cent)

c-       Double-declining-balance

2-      Show the airplane’s book value at the end of the first year under each depreciation method.

S7-8

(Compute depreciation; record a gain or loss on disposal)

On January 1, 2013, Regal Manufacturing purchased a machine for $850,000. Regal Manufacturing expects the machine to remain useful for eight years and to have a residual value of $40,000.Regal Manufacturing uses the straight-line method to depreciate its machinery. Regal Manufacturing used the machine for five and sold it on January 1, 2018, for $325,000.

1-      Compute accumulated depreciation on the machine at January 1, 2018 (same as December 31, 2017)

2-      Record the sale of the machine on January 1, 2018

 

 

 

E7-15A

Measure the cost of plant assets.

Lexington Self Storage purchased land, paying $125,000 cash as a down payment and signing a $140,000 note payable foe the balance. Lexington also had to pay delinquent property tax of $2,500, title insurance costing $5,500 and $18,000 to level the land and remove an unwanted building. There company paid $54,000 to add soil for the foundation and then constructed an office building at a cost of $970,000. It also paid $36,000 for a fence around the property, $11,000 for the company sign near the property entrance, and $4,000 for lighting of the grounds. What is the capitalized cost of each of Lexington’s land, land improvements, and building?

S9-3

Account for warranty expense and estimate warranty payable.

Tires USA guarantees tires against defects for five years or 60,000 miles, whichever comes first. Suppose tires USA can expect warranty costs during the five-year period to add up to 5% of sales. Assume that a Tire USA dealer in Atlanta Georgia, made sales of $647,000 during 2014. Tires USA received cash of 35% of the sales and took notes receivable for the remainder. Payments to satisfy customer warranty claims totaled $19,400 during 2014.

1-      Record the sales, warranty expense, and warranty payments for Tire USA.

2-      Post to the Estimated Warranty Payable T-account.  The beginning balance was #14,000. At the end of 2014, how much in estimated warranty payable does Tires USA owe to its customers?

S10-6

Prepare the stockholders equity section of a balance sheet.

The financial statements of Cliffview Employment Services, Inc., reported the following accounts

(adapted , with dollar amounts in thousands except for par value)

Paid-in capital in excess of par……….. $207         Total revenues ……..…… $1,450

Other stockholders equity (negative)  (27)         Accounts payable……………. 460

Common stock, $0.01 par                                      retained earnings……………. 643

900 shares………………………………….   9              Other current liabilities…… 2,562

Long-term dept………………………………  23              Total Expenses……………….836

Prepares the stockholders equity section of Cliffviews balance sheet. Net income has already been closed to Retained earnings.

 

 

 

 

 

 

 

S11-2

 

1-      How much gross profit did Kristie’s Imports earn on the sale of its products in 2014? How much was income from continuing operations? Net income?

2-      At the end of 2014, What dollar amount of net income would most sophisticated investors use to predict Kristie’s imports net income for 2015 and beyond? Name this item, give its amount, state your reason.

 

 

 

 

 

 

 

 

 

S11-3

Prepare a complex income statement

Fisher Fine Coffees, Inc., reported the following items, listed in no particular order, at December 31, 2014(in thousands):

Other gains (losses)……………………….$(19,000)             Extraordinary gain…………………….$3,000

Net sales revenue…………………………..197,000               Cost of goods sold……………………73,000

Loss on discontinued                                                        Operating expenses………………….65,000

Operations……………………………….13,000                Accounts receivable………………….21,000

Income tax of 35% applies to all

Prepare Fisher Fine Coffees multi –step income statement for the year ended December 31,2014. Omit earnings per share

S11-8

Account for a corporation’s income tax

Elam marine, Inc., had income before tax of $171,000 and a taxable income of $152,000 for 2014, the company first year of operations. The income tax rate is 30%.

1-make the entry to record Elam Marine’s income taxes for 2014.

2-Show what Elam marine will report on its 2014 income statement, starting with income before tax. Also show what Elam marine will report for current and long term liabilities on its December 31, 2014, balance sheet.

 

 

 

 

 

 

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