ACCT 201 SEU Accumulated Depreciation and Book Value of the Machine Questions: Accounting Answers 2021

ACCT 201 SEU Accumulated Depreciation and Book Value of the Machine Questions: Accounting Answers 2021

ACCT 201 SEU Accumulated Depreciation and Book Value of the Machine Questions: Accounting Answers 2021

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ACCT 201 SEU Accumulated Depreciation and Book Value of the Machine Questions

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College of Administrative and Financial Sciences
Assignment 3
Deadline: 19/07/2021@ 23:59
Course Name: Financial Accounting
Student’s Name:
Course Code: ACCT 201
Student’s ID Number:
Semester: Summer
CRN:
Academic Year: 1441/1442 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: Marks Obtained/Out of 5
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via
allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover
page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
1
• All answered must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism).
• Submissions without this cover page will NOT be accepted.
2
Assignment Question(s):
(Marks 5)
Q1. DBC Corporation purchased a new machine on January 1st, 2010. The cost of this machine
was $200,000. The company estimated that the machine would have a salvage value of $20,000
at the end of its service life. Its life is estimated at 5 years and its working hours are estimated
at 40,000 hours.
(2 Marks)
Calculate deprecation expenses, accumulated depreciation and book value of the machine for each of
the year using:
i.
Straight Line Method
ii.
Declining balance method (Based on twice the straight line rate)
iii.
Activity Method if DBC uses the machine hours as follows:
Year
Hours used
2010
7,000
2011
8,500
2012
8,000
2013
9,000
2014
7,500
You can use following table to present your answer:
Year
Depreciation Expense
Accumulated Depreciation
Answer:
3
Book Value
Q2. ABC Company exchanged equipment used in its manufacturing operations plus $4,500 in
cash for similar equipment used in the operations of XYZ Company. The following
information pertains to the exchange:
(2 Marks)
ABC
XYZ
$63,000
$63,000
Accumulated Depreciation
42,750
22,500
Fair value of equipment
30,375
34,875
Equipment (cost)
Cash given up
4,500
Required:
i. Calculate gain or loss on exchange.
ii. Prepare the journal entries to record the exchange on the books of both companies when:
a)
b)
c)
d)
ABC has commercial substance
ABC lacks commercial substance
XYZ has commercial substance
XYZ lacks commercial substance
Answer:
Q3. Discuss the Gross Profit Method and Retail inventory method of estimating inventory.
Outline the basic differences between these methods. Provide numerical examples for each
method.
(1 Mark)
Answer:
.
4

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