Acc/291 Week-2 Problems and Assignments

Topics: Depreciation, Generally Accepted Accounting Principles, Asset Pages: 3 (255 words) Published: May 5, 2012
E9-1

A.In this case, with the cost principle, the acquisition cost for the plant asset will contain all expenditures essential to obtain the asset and make it prepared for its specific purpose.

B.1.Land
2.Factory Machinery
3.Delivery Equipment
4.Land Improvements
5.Delivery Equipment
6.Factory Machinery
7.Prepaid Insurance
8.License Expense

E9-7

A.1.2011: $3,500
2012: $3,500

2. $0.28 per mile
2011: $4,200
2012: $3,360

3. 2011: $7,500
2012: $5,625

B.1.Depreciation Expense3,500
3,500
2.Delivery Truck 30,000
Accumulated Depreciation 3,500 $26,500

E9-12
Dec.31Amortization Expense: Patent  12,000
   12,000

P9-7B

A.Jan.2Patents 45,000
 45,000

Jan.Research and Development
June  Expense230,000
230,000

Sept.1Advertising Expense125,000
  125,000

Oct.1Copyright200,000
200,000

B.Dec.31Amortization Expense: Patents  15,000
   15,000

31Amortization Expense: Copyright  7,000
   7,000
  

C.Intangible Assets
Patents 120,000
Copyright 229,000
Total intangible assets $349,000

D.Company’s Intangible Assets: 2 patents and 2 copyrights. -Patent 1: Total cost - $145,000 – we have $100,000 amortized over a period of 10-...
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