BADM*1060- Midterm Exam Guide - Comprehensive Notes for the exam ( 13 pages long!)
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Accounting week 2: iloveaccounting. com acquires land for ,000 cash. 1,000: salvage value of lumber from shed (570) 78,680: gh inc. bought a truck for ,000 on july 1st, 20xx. Gh inc estimates that truck will be used for. At the end of that time, the truck will be sold for ,000. ,(cid:1004)(cid:1004)(cid:1004)/(cid:455)ear: di(cid:373)i(cid:374)ishi(cid:374)g bala(cid:374)(cid:272)e (cid:894)(cid:373)at(cid:272)hi(cid:374)g (cid:373)ost e(cid:454)pe(cid:374)ses (cid:449)ith earl(cid:455) re(cid:448)e(cid:374)ue(cid:895) Step (cid:1005): (cid:272)o(cid:374)(cid:448)ert ti(cid:373)e i(cid:374)to a % (cid:894)(cid:1009) (cid:455)ears = (cid:1005)(cid:1004)(cid:1004)%, therefore (cid:1005) (cid:455)ear = (cid:1006)(cid:1004)%(cid:895) Dou(cid:271)les the % (cid:894)(cid:1006)(cid:1004)% (cid:454) (cid:1006) = (cid:1008)(cid:1004)%(cid:895) Depreciation expense/year = cost estimated salvage / estimated life. 35,000: 30,000 km x sh. 30/km = ,000, 20,000 km x sh. 30/km = ,000, 15,000 km x sh. 30/km = ,500, 35,000 km x sh. 30/km = ,500. Initial depreciation expense/year = cost estimated salvage / estimated life. Exp. /year = cost revised estimated salvage accum. dep/estimated remaining life. Chapter 9 part b intangible assets. July 1st, 2016, defend the patent for ,400.
