Answer the following questions: Required: a-1. Find the discussion of Property, Plant, and Equipment and depreciation methods used by Campbell's. Use data from the Campbell Soup Company annual report O Straight-line method O Double declining method O Written down value method a-2. Why the particular method is used for the purpose described. O Straight-line depreciation is used for financial reporting purposes because depreciation expense will be lower than under any of the accelerated depreciation methods. O Straight-line depreciation is used for financial reporting purposes because depreciation expense will be higher than under any of the accelerated depreciation methods. a-3. What method do you think the company uses for income tax purposes? O Accelerated depreciation using the MACRS rates is probably used for tax purposes to minimize taxes payable. O Straight line Method using the MACRS rates is probably used for tax purposes to minimize taxes payable. O Written down value Method using the MACRS rates is probably used for tax purposes to minimize taxes payable.

A depreciation method that charges a varying amount to expense for each period of an asset's useful life depending on its usage. An expenditure to make a plant asset more efficient or productive. 2 An expenditure reported on the current income statement as an expense because it does not provide a material benefit in future periods. 10 A revision in a financial statement amount that results from new 1. Depletion 2. Betterment information, subsequent developments, better insight, or improved judgment. 3. Units of Production 4. Intangible Assets A method that yields larger depreciation expense during the early years of an asset's life and smaller expense in the later years. 5. Ordinary Repair 6. Accelerated Depreciation 7. Change in Accounting Estimate An expenditure made to keep a plant asset in normal, good operating 8. Goodwill condition. 9. Total Asset Turnover The process of allocating 10. Revenue Expenditure the cost of natural resources to periods when they are consumed. The amount…

A gain or loss on the sale of a plant asset is determined           by comparing the:       A. Asset's original cost with the sales proceeds       B.  Asset's book value with the sales proceeds       C. Asset's original cost with the asset's book value.       D. Initial estimate of the asset's salvage value with the sales proceeds.       E. None of these.

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With regards to depreciation, which of the following is not true? O Straight Line depreciation includes initial cost and salvage value in the depreciation calculation. In straight line depreciation, the depreciation life (n) is set based on the MACRS property class. MACRS Depreciation method is the only method allowed for accounting and tax purposes. In MACRS depreciation, the salvage value is assumed to be zero. In straight line depreciation, the asset is depreciated down to a book value equal to the salvage value.

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Which depreciation method would result in the same depreciation expense amount regardless of the partial period cor Select one: a. Sum-of-the-years'-digits b. Declining-balance c. Units-of-production d. Straight-line

Which of the following is true? O The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under generally accepted accounting principles. The annual depreciation expense will usually differ under the various depreciation methods. The total depreciation in the accumulated depreciation account will be the same at the end of the asset's useful life under all the methods allowed under generally accepted accounting principles. O All are true.

For each of the following depreciable assets determine the missing amount abbreviations for depreciation methods or SL for straight line and DDB for double declining balance

Allocating the cost of a natural resource to the units removed is called amortization. True False 2.Costs incurred to acquire long-lived assets are capital expenditures. True False 3.Accumulated depreciation, as used in accounting, may be defined as: o An expense of doing business. o Funds (or cash) set aside to replace the asset being depreciated. o portion of the cost of plant asset recognized as expense since asset was acquired. o Earnings retained in the business.4.  On January 1, 1999, Ubot Inc. purchased a piece of equipment for $60,000. It is estimated to have an economic life of 5 years and a salvage value of $10,000. The 200% declining-balance method for depreciation is used. What is the book value of the asset at the end of year 2000 ? A. o $24,000 B. o $40,000 C. o $36,000 D. o $21,600 5.It is not necessary to disclose the maturity dates of long-term obligations on the financial statements. True False   6.The…