Exercises E9-1, E9-7, E9-12, P9-7B E9-1 (A) The cost principle states that assets must be recorded at the cost at which they were acquired. Although plant assets can fluctuate in fair market value, their book value will remain consistent. Companies must compute the total deprecation of the asset and allocate it over the useful life of the asset. (B) 1) $5000-Land 2) $200- Factory Equipment/ insurance 3) $850- Delivery Equipment 4) $17,500-Land Improvements 5) $250-Delivery Equipment
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2 Exercises 2. 3 2 1, 2, 14 1A, 3A, 4A, 6A, 7A 1B, 3B, 4B, 6B, 7B 3. 4, 5, 6, 7, 8 3, 4, 5, 6, 7 3, 4, 5, 6 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 4. 9, 10, 11 8 7, 8, 9, 14 6A, 7A 6B, 7B 5. 12, 13, 14, 15, 16 9, 10 10, 11, 12, 13 6A, 7A 6B, 7B 6. 11 10, 11, 12 7A 7B 7. 7A 7B 8. 17 12, 13 6A, 7A 6B, 7B 9. 18, 19 3, 12 14, 15 1A, 6A 1B, 6B 9-1 ASSIGNMENT CHARACTERISTICS
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2 Exercises 2. 3 2 1, 2, 14 1A, 3A, 4A, 6A, 7A 1B, 3B, 4B, 6B, 7B 3. 4, 5, 6, 7, 8 3, 4, 5, 6, 7 3, 4, 5, 6 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 4. 9, 10, 11 8 7, 8, 9, 14 6A, 7A 6B, 7B 5. 12, 13, 14, 15, 16 9, 10 10, 11, 12, 13 6A, 7A 6B, 7B 6. 11 10, 11, 12 7A 7B 7. 7A 7B 8. 17 12, 13 6A, 7A 6B, 7B 9. 18, 19 3, 12 14, 15 1A, 6A 1B, 6B 9-1 ASSIGNMENT CHARACTERISTICS
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XACC/291 – Week 2 Assignment Thank you for using ACCNerd.com! Don’t hesitate to contact us if you have any questions or need additional help with this assignment. Complete Exercises E9-1, E9-7, & E9-12 and P9-7B E9-1 (A). The cost principle states that assets must be recorded at the cost at which they were acquired. Although plant assets can fluctuate in fair market value, their book value will remain consistent. Companies must compute the total deprecation of the asset and allocate
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9-1. According to the Bureau of Census a special district includes “local entities (other than counties, municipalities, townships, or school districts) authorized by state law to provide only one or a limited number of designated functions, and with sufficient administrative and fiscal autonomy to qualify as separate governments.” As can be seen from this definition a special district is a type of special purpose government. A primary government is broader in scope than a special district
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$26,500 E9-12 Dec. 31 Amortization Expenditure: Patent 12,000 12,000 P9-7B A. Jan. 2 Patents 45,000 45,000 Jan. Research and Development June Expenditure 230,000 230,000 Sept. 1 Advertising Expenditure 125,000 125,000 Oct. 1 Copyright 200,000 200,000
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Resources: Ch. 9 of Financial Accounting Complete Exercise E9-1, E9-7, & E9-12. Complete Problem P9-7B. Submit as a Microsoft® Excel® or Word document. E9-1 The following expenditures relating to plant assets were made by Spaulding Company during the first 2 months of 2011 1. Paid $5,000 of accrued taxes at time plant site was acquired Land 2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit Machinery 3. Paid $850 sales
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BUS 591 Entire Course For more classes visit www.indigohelp.com BUS 591 Week 1 DQ 1 Generally Accepted Accounting Principles (G.A.A.P.). BUS 591 Week 1 DQ 2 Annual Reports BUS 591 Week 1 Homework Problems BUS 591 Week 2 DQ 1 Debits and Credits BUS 591 Week 2 DQ 2 Revenue & Expense BUS 591 Week 2 Homework Problems BUS 591 Week 3 DQ 1 Perpetual Inventory System BUS 591 Week 3 DQ 2 Inventory Valuation Methods BUS 591 Week 3 Homework Problems
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E9-1 The following expenditures relating to plant assets were made by Spaulding Company during the first 2 months of 2011. Instructions (a) Explain the application of the cost principle in determining the acquisition cost of plant assets. The cost principle states that assets must be recorded at the cost at which they were acquired. Although plant assets can fluctuate in fair market value, their book value will remain consistent. Companies must compute the total deprecation of the asset and
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E9-1 The following expenditures relating to plant assets were made by Spaulding Company during the first 2 months of 2011. 1. Paid $5,000 of accrued taxes at time plant site was acquired. 2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on new delivery truck. 4. Paid $17,500 for parking lots and driveways on new plant site. 5. Paid $250 to have company name and advertising slogan painted on new delivery
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