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Your Questions About An Impaired Asset

December 18, 2012
By


Richard Your Questions About An Impaired Asset

Richard asks…

Accounting 101 help please?

1. A pressurized spray painter was purchased on September 1 of the fiscal year for $4,800. It has a useful life of 4 years and a residual value of $300. Determine depreciation expense for the first two years, assuming a fiscal year end of December 31 and using (a) the straight line method and (b) the declining-balance method. 2.

2. Equipment with a useful life of 5 years and a residual value of $6,000 was purchased on January 3, 2002 for $48,500. The machine was sold on January 5, 2007 for $13,000. (a) What is the book value of the machine on January 5, 2007 assuming that straight-line depreciation is used? (b) Illustrate the effects on the accounts and financial statements of the sale of the machine on January 5, 2007. (c) Illustrate the effects on the accounts and financial statements of the sale of the machine if it had been sold for $18,000 instead.

3. For each of the following items indicate whether the transactions listed below increase (+) decreased (-) or had no effect (o) by inserting the appropriate symbol

. Net Income, Assets, Liabilities, Qwners’ Equity, Cash Flows

(a) Record depreciation expense

(b) Sold equipment for cash at a loss

(c) Record loss on impaired Goodwill

(d) Record depletion expense

(e) Recorded a capital expenditure and issued a note payable

admin answers:

1. A pressurized spray painter was purchased on September 1 of the fiscal year for $4,800. It has a useful life of 4 years and a residual value of $300. Determine depreciation expense for the first two years, assuming a fiscal year end of December 31 and using
(a) the straight line method
(4,800 – 300) / 4 = 1,125 depreciation per year.
Year 1:
1,125 x 4/12 = $375 depreciation expense
Year 2:
$1,125 depreciation expense

(b) the declining-balance method. 2.
100% / 4 years = 25% straight-line depreciation rate
25% x 2 = 50% declining-balance rate
Year 1:
4,800 x 50% x 4/12 = $800 depreciation expense
Year 2:
First 8 months:
4,800 x 50% x 8/12 = 1,600 depreciation expense. Book value is now $2,400
Last 4 months:
2,400 x 50% x 4/12 = 400 depreciation expense
Total depreciation expense for year 2 = $2,000

2. Equipment with a useful life of 5 years and a residual value of $6,000 was purchased on January 3, 2002 for $48,500. The machine was sold on January 5, 2007 for $13,000.

(a) What is the book value of the machine on January 5, 2007 assuming that straight-line depreciation is used?
Since the equipment was depreciated for its full useful life of five years, the book value has been reduced all the way down to its salvage value of $6,000

(b) Illustrate the effects on the accounts and financial statements of the sale of the machine on January 5, 2007.
Dr Accumulated Depreciation 42,500 (assets increase)
Dr Cash 13,000 (assets increase)
Cr Equipment 48,500 (assets decrease)
Cr Gain on Disposal 7,000 (equity increases)

(c) Illustrate the effects on the accounts and financial statements of the sale of the machine if it had been sold for $18,000 instead.
Dr Accumulated Depreciation 42,500 (assets increase)
Dr Cash 18,000 (assets increase)
Cr Equipment 48,500 (assets decrease)
Cr Gain on Disposal 12,000 (equity increases)

3. For each of the following items indicate whether the transactions listed below increase (+) decreased (-) or had no effect (o) by inserting the appropriate symbol

(a) Record depreciation expense
Net Income, -
Assets, -
Liabilities, o
Qwners’ Equity, -
Cash Flows +

(b) Sold equipment for cash at a loss
Net Income, -
Assets, -
Liabilities, o
Qwners’ Equity, -
Cash Flows +

(c) Record loss on impaired Goodwill
Net Income, -
Assets, -
Liabilities, o
Qwners’ Equity, -
Cash Flows +

(d) Record depletion expense
Net Income, –
Assets, -
Liabilities, o
Qwners’ Equity, -
Cash Flows +

(e) Recorded a capital expenditure and issued a note payable
Net Income, o
Assets, +
Liabilities, +
Qwners’ Equity, o
Cash Flows o

Mary Your Questions About An Impaired Asset

Mary asks…

will obama admit his policies are not working or just keep asking for patience?

so were into the 2nd half of his first year and although the stock
market has stabliezed and gnp is not negative the banks are
still standing, we have a tremendous problem with unemployment
and reduced tax revenues.
now the only time tax revenues dropping is a problem is when your
spending too much and have too much budgeted. why not just
admit it. Instead spend more ?? now that sounds risky.
do you think there will be a time when obama admits and agrees
1) holding his hand out to iran and having it burned on national tv was a huge mistake and now his judgment appears to be impaired to observers.
2) banking his whole presidency on a single payor health system and then lying about it, and coming up with a trojan horse program deceitfully designed to hide the fact that its going to put private insurance out of business.
3) breaking every important campaign promise from closing gitmo
to not appionting donors to ambassadorships to not putting in extreme supreme court nominations, to bringing home troops, to not raising taxes on less than 250k incomes, to give avg americans a tax cut,
to use tarp money to buy up the toxic assets, instead of using it for employee bonuses. now can anyone admit this or am i seeing things???

admin answers:

He will keep asking for patience… Its a con game… You can’t let the players (America) know they are being scammed until it is to late for them to do anything about it.

Welcome to Obama-nation 09.

P.S.
We really ain’t seen nothin yet!

Susan Your Questions About An Impaired Asset

Susan asks…

Should I grow them Indoors, in a Greenhouse or outside in the garden?

Basically, I’ve seen these seeds for sale (in the link below) and I think there is a gap in the market where I can make quite a lot of money growing and selling them. The only problem is should I grow them indoors or outdoors? When I make enough money I could buy a greenhouse but until then it’s outside or inside. Has anyone had any experience growing these? If so is there any special requirements? I’m thinking of feeding them miracle grow to make them really big, but I don’t want this to impair the taste. Thankyou in advance for any help or advice you can share with me icon biggrin Your Questions About An Impaired Asset

http://familyfun.go.com/assets/cms/printables/doughnut-seeds-printables-photo-420-FF0411CREAT_A17_retouched.jpg

admin answers:

Http://familyfun.go.com/printables/plant-some-laughs-1003660/

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Your Questions About Improve Vision Naturally Book

September 26, 2011
By


Donald Your Questions About Improve Vision Naturally Book

Donald asks…

Is Better Vision Naturally by- Wolfgang Rosenbauer a good book to improve yourt eyesight? Has Anyone read it?

Is Better Vision Naturally by- Wolfgang Rosenbauer a good book to improve yourt eyesight? Has Anyone read it?

admin answers:

It’s a load. Just a scheme to take your money from you and put it in Wolfgang Rosenbauer’s pocket.

There are some ways to improve your vision, but none could be called “naturally.” Corrective lenses and laser surgery are the only methods presently known to science.

Mark Your Questions About Improve Vision Naturally Book

Mark asks…

how to improve your vision without surgery?

hi
well i have a small prescription for distance are there any books that will tell me how? what can i do to improve my vision naturally

admin answers:

Hi ,many people have myopia, especially students, when people yong, people get myopia, but when people old ,will get presbyopia,what i said is most of people .The following methods can regulate eyesight.
1. See more greenery as possible as you can
2.make sure rest your eyes after work and study
3.take an glasses that can regulate your eyesight
If the problem of your eyes is very serious, you can take some traditional chinese medicine, such as eye-protector polls ,which is good for poor vision and other eye-diseases

Helen Your Questions About Improve Vision Naturally Book

Helen asks…

Does prescription eyewear make your vision worse?

I’ve heard from several websites that wearing eyeglasses and contacts makes your vision worse. They cite a research project where several monkeys were fitted with lenses for mild and moderate myopia, even thought hey had none. Apparently the monkeys developed the type of myopia that the lenses were prescribed to heal. The websites claim that it is better to use a prescription -.25 to -.5 diopters below your subscription, or to wear your prescriptions only for dangerous situations.

I have severe myopia, with -7 D in one eye and -6.8 in the other.

1.) Do you think that this may actually work, and if so, for someone like me?
2.) Do eye exercises like the Bates method actually work?
3.) Is it bad for my eyes if I use long-distance glasses to read books or to browse the internet?

Website: http://www.improve-vision-naturally.com/exercise-the-eyes.html#eyesadapttolenses

admin answers:

Look at the research you just cited and you’ll find a big flaw in it.

1. The monkeys saw perfectly fine without correction.
2. They were implanted with lenses to make them nearsighted.
3. Their eyes corrected themselves to the new lenses so they could see clearly again.

The research is about the ability of the eye to adapt, not any damage corrective lenses do (they don’t do any damage). It’s like when NASA did a research project many, many years ago where they fitted astronauts with lenses that turn everything upside down. After 30 days, they saw everything normal again. That was a study on how the brain adapts, not on the lenses.

That’s the problem with citing ‘research’. People don’t think when they read it and start taking it for fact. It pulls in thousands of people who just take it for fact when it really isn’t.

The website you are referring to and basing your question on is wrong. Glasses do not make your eyes worse. They do nothing but focus light where your eyes need the light to be in order for you to see clearly. If your eyes get better or worse it’s because of your eyes, nothing else.

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Eye exercises to improve your tennis game

August 16, 2011
By


To my surprise, some simple eye exercises I got from Aldous Huxley’s book, “The Art Of Seeing” are improving my focus and reaction time on the tennis court. The improvement is dramatic. How could these exercises help you?
Video Rating: 5 / 5

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Eye Exercises Video

August 7, 2011
By


default Eye Exercises Video

“How toLook Years Younger Naturally” an exciting and must-read book by Derek Boughton….They say that a picture tells a thousand words and a moving picture even more! Although most of the Derek’s videos stand in their own right, they were produced to be used in conjunction with the book ‘How to Look Years Younger Naturally’ details are at www.yearsyoungernaturally.com
Video Rating: 4 / 5

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