ACC 281 Week 3 Team Assignment P9-2A,P10-3A,P10-5A,P10-7A
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PROBLEM 9-2A
(a) $33,000.
(b) $44,000 ($2,200,000 X 2%).
(c) $46,500 [($825,000 X 6%) – $3,000].
(d) $52,500 [($825,000 X 6%) + $3,000].
(e) The weakness of the direct write-off method is two-fold. First, it does not match expenses with revenues. Second, the accounts receivable are not stated at cash realizable value at the balance sheet date.
PROBLEM 10-3A
(a) (1) Purchase price………………………………………………………….. $ 38,000
1,700 Sales tax…………………………………………………………………….
150 Shipping costs…………………………………………………………..
80 Insurance during shipping………………………………………..
Installation and testing……………………………………………… 70
Total cost of machinery……………………………………… $ 40,000
Machinery…………………………………………………….. 40,000
Cash……………………………………………………… 40,000
(2) Recorded cost…………………………………………………………… $ 40,000
Less: Salvage value…………………………………………………. 5,000
Depreciable cost……………………………………………………….. $ 35,000
Years of useful life…………………………………………………….. ÷ 5
Annual depreciation…………………………………………… 7,000 $
7,000 Depreciation Expense………………………………….
7,000 Accumulated Depreciation……………………
ACC 281 Week 3 Team Assignment P9-2A,P10-3A,P10-5A,P10-7A
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