Financial Accounting Harrison Solution Manual Chapter 7

9421 words - 38 pages

Chapter 7

Plant Assets & Intangibles

Short Exercises

(5 min.) S 7-1

|1. |Property and Equipment, at Cost | |
| | |Millions |
| |Aircraft………………………………………………… |$ 2,392 |
| |Package handling and ground support | |
| | equipment………………………………………… ...view middle of the document...

(5 min) S 7-2

|Land ($210,000 × .30*)…………………………….. |63,000 | |
|Building ($210,000 × .10)………………………….. |21,000 | |
|Equipment ($210,000 × .60)………………………. |126,000 | |
| Note Payable…………………………………….. | |210,000 |

*Supporting computations:
| |Current | |Percent of Total |
| |Market | | |
| |Value | | |
|Land…………………. |$ 66,000 | |$66,000 / $220,000 |= | 30.0% |
|Building……………... | 22,000 | |$22,000 / $220,000 |= | 10.0% |
|Equipment………….. | 132,000 | |$132,000 / $220,000 |= | 60.0% |
|Total……………….… |$220,000 | | | |100.0% |

(5 min.) S 7-3

|Income Statement |
|Revenues |CORRECT |
|Expenses |UNDERSTATED |
|Net income | OVERSTATED |

(10 min.) S 7-4

1. First-year depreciation:

|Straight-line ($44,400,000 − $5,400,000) / 5 years ……… |$ 7,800,000 |
| | |
|Units-of-production [($44,400,000 − $5,400,000) / | |
| 6,500,000 miles] × 725,000 miles…………………….. |$ 4,350,000 |
| | |
|Double-declining-balance ($44,400,000 × 40%)………... |$17,760,000 ...

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