Bundle: Financial Accounting: Tools for Business Decision Making 8e Binder Ready Version + WileyPLUS Registration Code
8th Edition
ISBN: 9781119221647
Author: Paul D. Kimmel
Publisher: Wiley (WileyPLUS Products)
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 9, Problem 13Q
To determine
Useful life of an asset: The useful life of the plant assets represents the time period that the company estimates the asset to be operationally efficient to be able to generate revenue. It can be expressed either in terms of time, units of activity such as machine hours or units of output.
To find: the estimated useful life on the buildings, and machinery and equipment the Company A use.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Indicate whether each of the following companies is primarily a service, merchandies, or manufacturing business. If you are unfamiliar with the company, you may use the internet to locate the company's home page or use the finance web site of Yahoo.com
Swift Company is a merchandising business organized in 2020. It is located in J. Hernandez Avenue, Naga City, with telephone number 1989-1213, and website tswiftmerchandising.com
You were asked by the owner, Ms. T. Swift, to create a simple computerized accounting system for her business which they will use for records keeping, preparation of financial statements, and as substantiation for regulatory requirements.
The December 31, 2021 post-closing trial balance for the Swift Company follows:
Swift Company
Post-Closing Trial Balance
December 31, 2021
110
Cash
₱ 240,000
120
Accounts Receivable
210,000
130
Merchandise Inventory
730,000
140
Prepaid Rent
90,000
150
Office Supplies
160,000
160
Office Equipment
1,000,000
165
Accumulated Depreciation
₱…
describe how would you start doing the accounting of a Shopify online store. What software would you use? What system would you put in place?
Chapter 9 Solutions
Bundle: Financial Accounting: Tools for Business Decision Making 8e Binder Ready Version + WileyPLUS Registration Code
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - Prob. 4QCh. 9 - Prob. 5QCh. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Prob. 9QCh. 9 - In the fourth year of an assets 5-year useful...
Ch. 9 - Prob. 11QCh. 9 - Prob. 12QCh. 9 - Prob. 13QCh. 9 - Prob. 14QCh. 9 - Prob. 15QCh. 9 - Prob. 16QCh. 9 - Prob. 17QCh. 9 - Prob. 18QCh. 9 - Prob. 19QCh. 9 - Prob. 20QCh. 9 - Prob. 21QCh. 9 - Prob. 22QCh. 9 - Give an example of an industry that would be...Ch. 9 - Prob. 24QCh. 9 - Prob. 25QCh. 9 - Prob. 26QCh. 9 - Prob. 27QCh. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Prob. 9.6BECh. 9 - Prob. 9.7BECh. 9 - Prob. 9.8BECh. 9 - Prob. 9.9BECh. 9 - Prob. 9.10BECh. 9 - Prob. 9.11BECh. 9 - Prob. 9.12BECh. 9 - Prob. 9.13BECh. 9 - Prob. 9.14BECh. 9 - Prob. 9.1DIECh. 9 - Prob. 9.2ADIECh. 9 - Prob. 9.2BDIECh. 9 - Prob. 9.3DIECh. 9 - Match the statement with the term most directly...Ch. 9 - Prob. 9.5DIECh. 9 - Prob. 9.1ECh. 9 - Prob. 9.2ECh. 9 - Prob. 9.3ECh. 9 - Prob. 9.4ECh. 9 - Prob. 9.5ECh. 9 - Prob. 9.6ECh. 9 - Prob. 9.7ECh. 9 - Prob. 9.8ECh. 9 - Prob. 9.9ECh. 9 - Prob. 9.10ECh. 9 - Prob. 9.11ECh. 9 - Prob. 9.12ECh. 9 - Prob. 9.13ECh. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Prob. 9.16ECh. 9 - Prob. 9.17ECh. 9 - Prob. 9.18ECh. 9 - Prob. 9.19ECh. 9 - Prob. 9.20ECh. 9 - Prob. 9.1APCh. 9 - Prob. 9.2APCh. 9 - Prob. 9.3APCh. 9 - Prob. 9.4APCh. 9 - Prob. 9.5APCh. 9 - Prob. 9.6APCh. 9 - Prob. 9.7APCh. 9 - Prob. 9.8APCh. 9 - Prob. 9.9APCh. 9 - Prob. 9.1CACRCh. 9 - Prob. 9.2CACRCh. 9 - Prob. 9.1EYCTCh. 9 - Prob. 9.2EYCTCh. 9 - Prob. 9.3EYCTCh. 9 - Prob. 9.4EYCTCh. 9 - Prob. 9.6EYCTCh. 9 - Prob. 9.7EYCTCh. 9 - Prob. 9.8EYCTCh. 9 - Prob. 9.9EYCTCh. 9 - Prob. 9.10EYCTCh. 9 - CONSIDERING PEOPLE, PLANET, AND PROFIT The March...Ch. 9 - Prob. 9.1IFRSCh. 9 - Prob. 9.2IFRSCh. 9 - Prob. 9.3IFRSCh. 9 - Prob. 9.4IFRS
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Mateo makes gizmos. He would like to set up a system to help him manage his business. The gizmos are made in a standard process. There is a certain amount of material and labor that goes into each gizmo. The only difference between the gizmo is the color of the material. What information should Mateo collect, how should he format it, and what kind of reports should he prepare to help him run his business?arrow_forwardHow much is the Starting Capital/loan when doing a business plan for a coffee shop? (What are the breakdown of your capital, cost and expenses?)arrow_forwardThe following transactions occurred for Luminary Engineering: View the transactions. Journalize the transactions of Luminary Engineering. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Luminary, Capital; Luminary, Withdrawals; Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Date Jul. 2 Transactions Jul. 2 Accounts and Explanation Jul. 4 Jul. 5 Jul. 10 Jul. 12 Jul. 19 Jul. 21 Jul. 27 Debit Received $15,000 contribution from Bobby Luminary, owner, in exchange for capital. Paid utilities expense of $440. Purchased equipment on account, $2,600. Performed services for a client on account, $3,500. Borrowed $7,200 cash, signing a notes payable. Luminary withdrew $650 cash from the business. Purchased…arrow_forward
- Users of Accounting Information and Their Needs Havre Company would like to buy a building and equipment to produce a new product line. Information about Havre is more useful to some people involved in the project than to others. Required Complete the following chart by identifying the information listed on the left with the users need to know the information. Identify the information as one of the following: Need to know Helpful to know Not necessary to knowarrow_forwardD6. research a technical computer or accounting or business magazine for their most current list of the best accounting software programs. describe and compare their four programs for their features, advantages and disadvantages and cost which one would you use if you were starting a small retail store and whyarrow_forwardFor each of the following assets, state whether the asset is tangible/intangible property, personal/real property, and depreciable/nondepreciable property. a. A computer used for personal e-mail, blogging, and hobbies. b. A file cabinet in your business office. c. A commercial delivery truck. d. An office complex for business.arrow_forward
- Provide a good illustration of how businesses should adhere to accounting principles and assumptions, as discussed on slide 16 of Chapter 1. Use this example as a guide for your answer. According to the cost accounting principle, if a firm purchases land for SR400,000 but an outside appraiser values it at SR600,000, the land should still be recorded in the books at SR400,000.arrow_forwardCapital & Revenue Expenditure Consider the following list of expenses incurred by a company: Purchase of a motor car Claim for a meal Purchase of shares in a supplier Purchase of a new computer Payment for hotel accommodation Installation cost for server Purchase of raw materials Repair of motor vehicles Purchase of new stationery Payment of an insurance premium Wages Purchase of a new plot of land. Required: Examine this list and determine if each expense is revenue or capital expenditure. You are required to provide a short explanation for your choice.arrow_forwardWhat is the role of the journal in the accounting system? Explain and give examples of the cost items that should be included in the recording of the purchase of a machine?arrow_forward
- Solar Solutions began operations on January 1, 2015, and is now in its sixth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2020 appears below, along with prior year balance sheet data and some additional transaction data for 2020. SOLAR SOLUTIONS Adjusted Trial Balance 12/31/2020 2020 2019 Account Title Adjusted Trial Balance Post-Closing Trial Balance Debit Credit Debit Credit Cash $ 122,200 55,000 125,600 Accounts Receivable 35,000 Prepaid Insurance 5,000 6,000 |Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable-Long Term Common Stock, $10 par 46,000 15,600 63,000 47,000 59,000 21,000 21,000 16,000 11,200 16,800 2,600 2,700 2,000 4,000 31,000 22,100 240,000 160,000 Retained Earnings 28,600 28,600 Dividends 10,000 Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense 235,000 127,600 20,000 36,000 Insurance…arrow_forwardYou are assigned as the financial advisor of the would-be entrepreneur James Udderlie. Write a 100-wordreport of the possibilities of James getting a loan for hisnew business.Type your report below (you may attach tables /appendices / calculations as you see fit). Be mindful ofthe word limit. Do not send PDF document formatreport. You may like to consider some template toframe your answer e.g., 5 "C" (condition / collateral /capacity / character/ capital; 4 Ps (Price / Product /Promotion / Place); or SWOT (Strength / Weakness /Opportunity / Threat).arrow_forwardyou will find an article in a scholarly journal dealing with items from the reading of chapters 1 to 4 in the textbook. Topics may include Accounting Information Systems, Enterprise Systems, E-business, and understanding how accounting information systems works. Then, you will write a summary on this article, The student will post one thread of at least 1000 - 2000 wordsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Cost Classifications - Managerial Accounting- Fixed Costs Variable Costs Direct & Indirect Costs; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=QQd1_gEF1yM;License: Standard Youtube License