Reference no: EM132678136
Victor Mineli, the new controller of Carla Vista Co., has reviewed the expected useful lives and salvage values of selected depreciable asset categories at the beginning of 2017. Here are his findings:
Category Date Historical Accum. Useful Life (Years) Salvage Value
of Asset Acquired Cost Deprec. Original Proposed Original Proposed
Building 1/1/2009 $736,500 $136,000 40 48 $56,500 $36,700
Warehouse 1/1/2012 145,000 27,710 25 20 6,450 4,400
All assets were placed into service on their acquisition dates and are depreciated by the straight-line method. Carla Vista Co. uses a calendar year in preparing annual financial statements. Note that "Proposed" useful life is a revised estimate of total life, not remaining life. Enter all answers in whole dollar amounts without a $. If rounding is necessary, round to the nearest whole dollar (e.g., xxx).
Question 1: Using the original values, how much annual depreciation expense did Carla Vista recognize for the Building in 2016?
Question 2: Assume that management has agreed to accept Victor's proposed useful life change for the Building, but decides to retain the original salvage value estimate. How much annual depreciation expense will Carla Vista recognize for the Building in 2017?
Question 3: Now assume that management has agreed to accept Victor's proposed changes to both the useful life and the salvage value of the Building. How much annual depreciation expense will Carla Vista recognize for the Building in 2017?
Question 4: Using the original values, how much annual depreciation expense did Carla Vista recognize for the Warehouse in 2016?
Question 5: Assume that management has agreed to accept Victor's proposed useful life change for the Warehouse, but decides to retain the original salvage value estimate. How much annual depreciation expense will Carla Vista recognize for the Warehouse in 2017?
Question 6: Now assume that management has agreed to accept Victor's proposed changes to both the useful life and the salvage value of the Warehouse. How much annual depreciation expense will Carla Vista recognize for the Warehouse in 2017?
|
What are the elements of the fraud triangle
: What are the elements of the fraud triangle? Name and then give of each of the 3. Think of a situation. Wjat were the elements of their fraud triangle?
|
|
Prepare journal entries for any revaluations permitted
: Prepare journal entries for any revaluations permitted by accounting standards. Assume that each item listed below represents a separate class of assets.
|
|
Define how does the writer exhibit social responsibility
: Write a research essay of about 1,500 words in length in which you construct an argument drawing on one (or two) of the short stories we have read by Irving.
|
|
Discuss about the analysis of the industry structure
: For our upcoming executive retreat, the Strategy Group has been tasked with competing a strategic analysis of our business and our industry.
|
|
How much annual depreciation expense carla vista recognize
: Victor Mineli, the new controller of Carla Vista Co., How much annual depreciation expense will Carla Vista recognize for the Warehouse in 2017?
|
|
What is the gain that cullumber should recognize
: Assume Cullumber sells the equipment for $37,200 cash on July 30. What is the gain or loss, if any, that Cullumber should recognize?
|
|
Explain the importance of upgrading fbos
: The topic is ( The Importance of upgrading FBOs to the aviation industry ) in general, economic benefits and examples of successful FBOs.
|
|
How arrived at culpability score
: What if the CEO had been involved, and he or she has already been convicted on SEC fraud before? How would that change your culpability score?
|
|
Define how risk and investigate techniques could work
: The readings this week discusses broad context of risk and investigative forensics. Part of risk management is to understand when things go wrong, we need.
|