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Asset Tetap
DISUSUN OLEH:
DEPARTEMEN AKUNTANSI
TAHUN 2018/2019
P11-5
The following data relate to the plant assets account of eeshkol, Inc. at December 31,2010
Plant Assets
A B C D
Original cost $ 46,000 $ 51,000 $80,000 $80,000
Year purchased 2005 2006 2007 2008
Useful life 10 years 15,000 hours 15 years 10 years
Residual value $3,100 $3,000 $5,000 $5,000
Depreciation Sum of years Activity Straight line Double
method digits declining balace
Accum, depr. $31,200 $35,200 $15,000 $16,000
Though 2010
*in the year an asset to purchased, Eshkol, inc. does not record any depreciation expense on the
assets
in the year an asset is retired or traded in, Eshkol, inc. takes a full year’s depreciation on the assets
a) On may 5, assets A was sold for $13,000 cash. The company’s bookkeeper recorded
this retirement in the following manner in the cash receips journal
Cash 13,000
Assets 13,000
b) On December 31, it was determined that assets B had been used 2,100 hours during
2011
c) On December 31, before computing depreciation expense on assets c, the
management of Eshkol, inc, decided the useful life remaining from january1, 2011,
was 10 years
d) On December 31, it was discovered that a plant assets purchased in 2010 had been
espensed completely in that year. This assets cost $28,000 and has a useful life of 10
years and no residual value manajement has decided to use the double declining
balance method fpr this assets, witch can berefered to as “asset E”
Instruction
Prepare the necessary correcting entries for the year 2011. Record the appropriate expense on
the above mentioned assets
Answer
(Accounting for organization costs) Fontenot corporation was organized in 2009 and began
operations at the beginning of 2010. The company is involved in interior design consulting
services. The following costs were incurred prior to the start of operations.
Answer
of the company
............................................................................ $17,000
Total organization
costs............................................................... $25,000
Drafting and design equipment, $10,000, should be classified as part of fixed assets,
rather than as organization costs.