Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Sep 2017 My Price 10.00

Conover Company

Conover Company ordered a machine on January 1, 2009, at a purchase price of $20,900. On the date of delivery, January 2, 2009, the company paid $7,500 on the machine and signed a note payable for the balance. On January 3, 2009, it paid $390 for freight on the machine. On January 5, Conover paid installation costs relating to the machine amounting to $1,200. On December 31, 2009 (the end of the accounting period), Conover recorded depreciation on the machine using the straight-line method with an estimated useful life of 12 years and an estimated residual value of $3,350.

 

Requirement 1:

Indicate the effects (accounts, amounts, and + , ' , or "NE" for no effect) of each transaction (on January 1, 2, 3, and 5) on the accounting equation. Use the following schedule:

 

Date Assets = Liabilities + Stockholders' Equity
Jan. 1 (Click to select) Note payable Accounts payable Cash No effect Equipment (Click to select) -1,200 +390 -390 +1,200 -20,900 -13,400 +13,400 +20,900 NE   (Click to select) Cash Accounts payable Note payable No effect Equipment (Click to select) +1,200 -13,400 -20,900 -390 -1,200 +390 +20,900 NE +13,400   (Click to select) Note payable Accounts payable Equipment Cash No effect
Jan. 2 (Click to select) Accounts payable No effect Cash Equipment Note payable (Click to select) +1,200 +390 +13,400 -1,200 -7,500 NE -390 -13,400 +7,500   (Click to select) Note payable Equipment Cash No effect Accounts payable (Click to select) +13,400 -1,200 +20,900 +390 +1,200 -390 NE -20,900 -13,400    
  (Click to select) Equipment Cash Accounts payable Note payable No effect (Click to select) +13,400 +20,900 +390 +1,200 -20,900 NE -1,200 -390 -13,400          
Jan. 3 (Click to select) Cash Note payable Accounts payable Supplies No effect (Click to select) +20,900 +390 +13,400 -20,900 NE -13,400 +1,200 -1,200 -390          
  (Click to select) No effect Note payable Equipment Supplies Accounts payable (Click to select) +1,200 +13,400 -390 -20,900 NE -13,400 +20,900 -1,200 +390          
Jan. 5 (Click to select) No effect Note payable Supplies Accounts payable Cash (Click to select) +20,900 +13,400 -390 +1,200 NE +390 -13,400 -20,900 -1,200          
  (Click to select) No effect Supplies Equipment Note payable Accounts payable (Click to select) -20,900 -1,200 -390 NE +1,200 +13,400 +20,900 +390 -13,400          
Requirement 2:
Compute the acquisition cost of the machine.(Omit the "$" sign in your response.)
Acquisition cost $
Requirement 3:
Compute the depreciation expense to be reported for 2009.(Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
Depreciation $
Requirement 4:
What should be the book value of the machine at the end of 2010?(Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
Book value $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 03:09 PM My Price 10.00

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