Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2012:
On January 2, 2013, machinery and equipment were purchased at a total invoice cost of $245,000, which included a $5,200 charge for freight. Installation costs of $24,000 were incurred.
On March 31, 2013, a machine purchased for $55,000 in 2009 was sold for $35,000. Depreciation recorded through the date of sale totaled $23,375.
On May 1, 2013, expenditures of $47,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather.
On November 1, 2013, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $35 per share. Pell paid legal fees and title insurance totaling $21,500. Shortly after acquisition, the building was razed at a cost of $32,000 in anticipation of new building construction in 2014.
On December 31, 2013, Pell purchased a new automobile for $14,500 cash and trade-in of an old automobile purchased for $16,500 in 2009. Depreciation on the old automobile recorded through December 31, 2013, totaled $12,375. The fair value of the old automobile was $3,600.
For each asset classification, prepare a schedule showing depreciation expense for the year ended December 31, 2013, using the following depreciation methods and useful lives:
Depreciation is computed to the nearest month and no residual values are used. (Do not round intermediate calculations.)
PELL CORPORATION
DEPRECIATION EXPENSE
For the Year Ended December 31, 2013
Land Improvements: XXXX
Building: XXXXXX
Machinery and Equipment: XXXX
Automobiles: XXXX
Total Depreciation Expense for 2013: XXXXX
You are thinking of hiring 10 more salespeople. The annual cost per salesperson (including salary and benefits) is $120,000. In addition, each salesperson receives as a bonus 10% of the sales he or she generates. How much should your market share ..
Milton's bonds pay interest semi annually on July 1 and January 1. If its fiscal year ends on September 30, which statement is true for Milton's year-end adjusting journal entry for bond interest?
at january 1 2004 xyz company reported an allowance for bad debts with a 25000 credit balance. during 2004 xyz company
Journalize the entries to record the purchase (treasury stock is recorded at cost). Journalize the entries to record the sale of the stock.
safe n bright inc. produces outside doors for installation on homes. the following information was gathered to prepare
what type of company would use a process costing system? what about a job-order costing system? provide two examples
The company's cost formula for variable overhead is $9.50 per MH. During the month, the actual total variable overhead was $51,300 and the actual level of activity for the period was 5,700 MHs. What was the variable overhead rate variance for the ..
stonehenge inc. a manufacturer of landscaping blocks began operations on april 1 of the current year. during this time
Freddie purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $6,000 to prepare the return. What is Freddie's preparer penalty?
Can Microsoft Access serve as a corporate database solution, or is it strictly a personal database solution? What might be the difference between a personal and corporate database solution?
Costs can be classified into two categories, fixed and variable costs. These costs behave differently based on the level of sales volumes. Suppose we are running a restaurant and have identified certain costs along with the number of annual units ..
What percentage of istock s needed to have one of her friends elected under the cumulative voting rule? (Do not round intermediate calculations and round your final answer to 2 decimal places.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd