accounting chapter 10 test 495013

GLICKMAN – ACC111 End of Chapter 10 Test – (40 points) Name: _______________________________________ Please show all calculations!!! PROBLEM #1 – 4 points Classify each of the following as A – ordinary maintenance and repairs, B – asset improvements, or C – extraordinary repairs. Resurfacing a pool in an apartment building. ___________________ Installing a new air conditioner in an old building. ___________________ Exterior and interior painting. ___________________ Fixing damage due to a car accident. ___________________ PROBLEM #2 – 14 points Equipment acquired at a cost of $126,000 and has a book value of $42,000. Journalize the disposal of equipment under the following independent assumptions. Identify each assumption by letter. (a)?The equipment had no market value and was discarded.??(b)?The equipment is sold for $53,000.??(c)?The equipment is sold for $27,000.??(d)?The equipment is traded-in for a similar asset. The list price of the new equipment is $63,000. The exchange has no commercial substance. ??Journal Date? Description?? Debit? Credit?????????????????????????????????????????????????????????????????????????????????????????????????????????????? PROBLEM #3 – 22 points An asset was purchased January 1, 20XX and the fiscal year ends December 31st. Calculate depreciation expense, accumulated depreciation, and net book value under the straight-line and the double declining balance methods. Round your answers to the nearest whole dollar. Asset Cost = $200,000 Salvage Value = $25,000 Estimated Life = 8 Years Straight-line method: Year? ?Depreciation Expense? ?Accumulated Depreciation? ?Net Book Value?? ? ? ? ? ? ???20XX? ? ? ? ? ? ??20X1? ? ? ? ? ? ??20X2? ? ? ? ? ? ??20X3? ? ? ? ? ? ??20X4? ? ? ? ? ? ??20X5? ? ? ? ? ? ??20X6? ? ??This document was truncated here because it was created in the Evaluation Mode.