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
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
• 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
• 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.
• 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.
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:
Straight Line Method
Declining balance method (Based on twice the straight line rate)
Activity Method if DBC uses the machine hours as follows:
Hours used
You can use following table to present your answer:
Depreciation Expense
Accumulated Depreciation
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)
Accumulated Depreciation
Fair value of equipment
Equipment (cost)
Cash given up
i. Calculate gain or loss on exchange.
ii. Prepare the journal entries to record the exchange on the books of both companies when:
ABC has commercial substance
ABC lacks commercial substance
XYZ has commercial substance
XYZ lacks commercial substance
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
(1 Mark)

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