西方财务会计课后习题答案

Chapter7PlantAssets,NaturalResources,andIntangibles455Chapter7PlantAssets,NaturalResources,andIntangiblesCheckPoints(5min.)CP7-11.Property,PlantandEquipmentMillions2.Property,plantandequipment,atcost………………$26,915Less:Accumulateddepreciation………………………(13,007)Property,Plantandequipment,bookvalue…………$13,908Bookvalueislessthancostbecauseaccumulateddepreciationissubtractedfromcosttocomputebookvalue.FinancialAccounting6/eSolutionsManual456(5min)CP7-2Therelatedcosts(realestatecommission,backpropertytax,removalofabuilding,andsurveyfee)areincludedaspartofthecostofthelandbecausethebuyerofthelandmustincurthesecoststogetthelandreadyforitsintendeduse.Afterthelandisreadyforuse,therelatedcosts(listedabove)wouldbeexpensed.(10min.)CP7-3Land($150,000.50)……………………….75,000Building($150,000.375)………………….56,250Equipment($150,000.125)………………18,750NotePayable………………………………150,000EstimatedMarketValuePercentofTotalLand………………….$80,000$80,000/$160,000=50.0%Building……………..60,000$60,000/$160,000=37.5Equipment…………..20,000$20,000/$160,000=12.5Total……………….…$160,000100.0%Chapter7PlantAssets,NaturalResources,andIntangibles457(10-15min.)CP7-4IncomeStatementRevenuesCORRECTExpensesUNDERSTATEDNetincomeOVERSTATEDBalanceSheetCurrentassetsCORRECTTotalliabilitiesCORRECTPlantassetsOVERSTATEDOwners’equityOVERSTATEDTotalliabilitiesTotalassetsOVERSTATEDandowners’equityOVERSTATEDFinancialAccounting6/eSolutionsManual458(10min.)CP7-51.First-yeardepreciation:Straight-line($20,000,000–$6,000,000)/5years...$2,800,000Units-of-production[($20,000,000–$6,000,000)/5,000,000miles]750,000miles………………….$2,100,000Double-declining-balance($20,000,000/5years2).$8,000,0002.Bookvalue:Straight-LineUnits-of-ProductionDouble-Declining-BalanceCost…………………….$20,000,000$20,000,000$20,000,000LessAccumulatedDepreciation………..(2,800,000)(2,100,000)(8,000,000)Bookvalue…………….$17,200,000$17,900,000$12,000,000Chapter7PlantAssets,NaturalResources,andIntangibles459(10min.)CP7-6Third-yeardepreciation:a.Straight-line($20,000,000–$6,000,000)/5years…..$2,800,000b.Units-of-production[($20,000,000–$6,000,000)/5,000,000miles]1,250,000miles…………………$3,500,000c.Double-declining-balance:Year1($20,000,0002/5)=$8,000,000Year2($20,000,000–$8,000,000)2/5=$4,800,000Year3($20,000,000–$8,000,000–$4,800,000=$7,200,000;$7,200,000–$6,000,000residualvalue)……$1,200,000FinancialAccounting6/eSolutionsManual460(10min.)CP7-71.Thedouble-declining-balance(DDB)methodoffersthetaxadvantageforthefirstyearofanasset’suse.TheadvantageresultsfromthegreateramountofDDBdepreciation(versustheamountofdepreciationundertheothermethods)duringthefirstyear.Thissavescashthatthetaxpayercaninvesttoearnareturn.2.DDBdepreciation…………………………………..$8,000,000Straight-linedepreciation………………………….(2,800,000)Excessdepreciationtaxdeduction……………...$5,200,000Incometaxrate……………………………………….40Incometaxsavingsforfirstyear…………………$2,080,000Chapter7PlantAssets,NaturalResources,andIntangibles461(5-10min.)CP7-8First-yeardepreciation(forapartialyear):a.Straight-line(€40,000,000–€5,000,000)/5years9/12………………………………………………€5,250,000b.Units-of-production(€40,000,000–€5,000,000)/5,000,000miles500,000miles…………….€3,500,000c.Double-declining-balance(€40,000,0002/59/12)….………………………………………….€12,000,000UOPdepreciationproducesthehighestnetincome(lowestdepreciation).DDBdepreciationproducesthelowestnetincome(highestdepreciation).FinancialAccounting6/eSolutionsManual462(10min.)CP7-9DepreciationExpense—HotDogStand………...15,000AccumulatedDepreciation—HotDogStand..15,000Depreciationforyears1-4:$50,000/10years=$5,000peryear$5,0004years=$20,000foryears1-4Asset’sremainingdepreciable(New)Estimated=(New)Annualbookvalueusefulliferemainingdepreciation$50,000–$20,0002years=$15,000peryear$30,000Chapter7PlantAssets,NaturalResources,andIntangibles463(10min.)CP7-10Req.1(a)Straight-linedepreciationmethod:20X5Jan.1Cash………………………………………10,000AcumulatedDepreciation…………….16,000LossonSaleofDeliveryTruck……...15,000DeliveryTruck……………………….41,000(b)Double-declining-balancedepreciationmethod:20X5Jan.1Cash………………………………………10,000AcumulatedDepreciation…………….26,240LossonSaleofDeliveryTruck……...4,760DeliveryTrucks……………………...41,000Req.2Thedifferencebetweentheamountsofthelossondisposalunderthestraight-linedepreciationmethodandthedouble-declining-balancemethodresultsfromthedifferenceindepreciationamountsunderthetwodepreciationmethods.DepreciationishigherunderDDB,sotheasset’sbookvalueislowerunderDDB.Asaresult,therewillbeasmallerlossunderDDB.FinancialAccounting6/eSolutionsManual464(5-10min.)CP7-111.Units-of-productiondepreciationmethodisusedtocomputedepletionexpense.Billions2.DepletionExpense[($120/12)0.6]………….6.0AccumulatedDepletion………………………6.03.AtDecember31,20X5:BillionsCostofmineralassets………………………..$120.0LessAccumulateddepletion($85.0+$6.0).(91.0)Bookvalueofmineralassets………………..$29.0Basedonthebookvalue($29billion)ofoilandgasreserves,ExxonMobil’smineralsappeartobesignificantlydepleted.Toreplenishoilandgasreserves,ExxonMobilmustexploretolocatenewminerals.Chapter7PlantAssets,NaturalResources,andIntangibles465(5-