Depreciation: Airplanes and Garbage Trucks Part I: Airplanes Assume that on January 1‚ 2005‚ each of the three airlines purchases a new Boeing 757 for $75 million. Each airline estimates that the residual value will be 5% of cost. Each airline uses the average depreciation period that is consistent with its policies as stated in the Appendix‚ found on page 3. On January 1‚ 2009‚ each firm sells the plane. First‚ assume that Northwest sells its plane for $55 million‚ Delta sells its plane
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ACCTNG 3402 – Financial Accounting and Reporting II Assignment due February 13‚ 2013 Spring‚ 2013 Depreciation: Airplanes and Garbage Trucks Your answers to the questions below should be clear‚ well-written‚ free of grammar and spelling errors‚ double-spaced with margins of at least one inch on all sides‚ and word-processed. In preparing this assignment‚ you may discuss the issues with each other or with anyone else‚ but your written answers must be your own work. If you need to quote someone
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people would still like to travel even if the invention of an airplane never happened? Imagine having to spend days in a car or on a train just to get to you destination‚ would you still want to travel? I believe the invention of an airplane was brilliant. The airplane is not only one of the greatest inventions in the 20th century‚ but also the most wonderful scientific creation of the human history. The inventors of the first airplane were Orville and Wilbur Wright. On December 17‚ 1903‚ the Wright
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CHAPTER ONE 1:1 INTRODUCTION It is globally belief that the computers are able to provide useful information if properly fed with a reasonable input or it will result in “Garbage in Garbage out”. The use of computer to carry out a very wide range of activities for work‚ study and leisure has become part of our everyday life. It is no longer something that you may want to use if you are interested; rather like motor car it is an essential part of our lives. We are constantly told that anyone
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INDIAN INSTITUTE OF MANAGEMENT LUCKNOW PGP TERM IV (JULY 2009) MID TERM EXAMINATION CORPORATE VALUATION AND RESTRUCTURING Time Allowed: 2 hours MM: 25 Marks Instructions 1. Answer all the five questions. 2. Ideally I would prefer if the questions are answered in the same sequence as they appear in the question paper. In any case attempt all parts of a question at one place. 3. Make assumptions that you find absolutely necessary and state them clearly. Unreasonable assumptions
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Oral Biology Departement Descriptive Dental Anatomy Q Bank HPT 121 Q Bank HPT 121 I- Put (√) or (X) in front of each sentence and correct the wrong sentence. 1- The distal cusp is the smallest cusp in the occlusal surface of the lower 1st permanent molar. ( ) 2- The lower third molar has no distal contact area. ( ) 3- The three buccal cusps of
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town in Wyoming. In the process of doing so‚ TM has acquired various types of assets. Below is a list of assets acquired during 2010: Asset Cost Date Place in Service Office equipment $10‚000 02/03/2010 Machinery $560‚000 07/22/2010 Used delivery truck* $15‚000 08/17/2010 *Not considered a luxury automobile‚ thus not subject to the luxury automobile limitations During 2010‚ TM had huge success (and had no §179 limitations and Steve acquired more assets the next year to increase its production capacity
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straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Prepare the journal entry to record the sale. Assuming the company’s year end is March 31. Depreciation for 2007-08: ((80000-5000)/5) X 9/12 = 11250 Depreciation for 2008-09: ((80000-5000)/5) = 15000 Depreciation for 2009-10: ((80000-5000)/5) = 15000 Depreciation for 2010-11: ((80000-5000)/5) = 15000 Total Depreciation 46250 Carrying
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PLANT AND EQUIPMENT OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial costs Subsequent costs MEASUREMENT AT RECOGNITION Elements of cost Measurement of cost MEASUREMENT AFTER RECOGNITION Cost model Revaluation model Depreciation Depreciable amount and depreciation period Depreciation method Impairment Compensation for impairment DERECOGNITION DISCLOSURE TRANSITIONAL PROVISIONS EFFECTIVE DATE WITHDRAWAL OF OTHER PRONOUNCEMENTS 1 2–5 6 7–14 11 12–14 15–28 16–22 23–28 29–66 30 31–42 43–62 50–59 60–62
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PARTNERSHIP AGREEMENT A business case Presented to the Accountancy Department De La Salle University In partial fulfillment Of the course requirements in ACTPACO 35 Fucoy‚ Regina Rae F. 10 July 2013 1. Discuss whether Reyes is acting in an ethical manner. Reyes stating that “an agreement is an agreement” is true‚ however‚ in a partnership‚ a partner should make an effort to make sure that everyone is to divide equally the profit and losses. According to my PARTCOR class if a
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