Patterson Planning Corp., You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were damaged. In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.40 per hour. Schedule A B C 1 $10,000 $10,125 $9,240 2 6,000 13,500 6,600 3 3,600 13,500 7,480 4 2,160 13,500 6,600 5 740 3,375 4,400 6 7,040 7 4,840 8 Total $22,500 $54,000 $46,200 . For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank. A B C Useful life 5 4 _____ Residual value _ 0 0 Asset cost 25,000 0 0 Total operating hours 0 0 ________ FILL IN THE BLANK SPOTS ON THE CHART ABOVE

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 3MCQ: When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash...

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Patterson Planning Corp.,

You have been hired by Patterson Planning Corp., an events planning company that recently had a fire in which some of the accounting records were damaged.

In reviewing the fixed asset records, you find three depreciation schedules that are not labeled. They are listed in the following table. One of the assets has a depreciation rate of $4.40 per hour.

	Schedule A	B	C
1	$10,000	$10,125	$9,240
2	6,000	13,500	6,600
3	3,600	13,500	7,480
4	2,160	13,500	6,600
5	740	3,375	4,400
6			7,040
7			4,840
8
Total	$22,500	$54,000	$46,200

. For each of the depreciation schedules shown on the Patterson Planning Corp., fill in the following information. If an amount box does not require an entry, leave it blank.

	A	B	C
Useful life	5	4	___________
Residual value	___________	0	0
Asset cost	25,000	0	0
Total operating hours	0	0	____________

FILL IN THE BLANK SPOTS ON THE CHART ABOVE

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