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Financial Accounting

by: Morris Beer II

Financial Accounting ACCT 2300

Marketplace > Texas Tech University > Accounting > ACCT 2300 > Financial Accounting
Morris Beer II
GPA 3.94

Quepha Lynn

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Quepha Lynn
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This 1 page Class Notes was uploaded by Morris Beer II on Thursday October 22, 2015. The Class Notes belongs to ACCT 2300 at Texas Tech University taught by Quepha Lynn in Fall. Since its upload, it has received 32 views. For similar materials see /class/226430/acct-2300-texas-tech-university in Accounting at Texas Tech University.

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Date Created: 10/22/15
Exam 3 Review Chapter 8 We purchased a machine costing 21000 on Jan 1 Estimated salvage value is 1000 and estimated life is four years Estimated life in units is 20000 units Actual annual units produced was as follows Year 1 7 8000 units year 2 7 5000 units year 3 7 4000 units year 4 7 3000 units Compute annual depreciation expense and book value for each year under the following methods straight line units of production and double declining balance What is the book value under each method at the end of the machine s life A machine we had purchased for 25000 some years ago is being disposed of on Dec 31 We have already recorded Dec 31 depreciation and Accumulated Depreciation is 18000 now Case A 7 prepare the journal entry to sell the asset assuming a 10000 selling price Case B 7 prepare the journal entry to sell the asset assuming a 5000 selling price Chapter 9 We borrowed 500000 using a 9 3month Note Payable on Dec 1 Principal and interest are paid at maturity Prepare journal entries to borrow on Dec 1 to adjust for interest on Dec 31 and to pay off the note on Feb 28 These are three different journal entries We are offered the following severance package for employees who have been laid off 100000 in cash now PLUS another 100000 to be paid in one year PLUS annual year end payments of 30000 for 20 years Assuming an 8 interest rate what is this package worth today If you were offered an alternative of 500000 in cash today which would give you the better deal the higher PV We deposited 12000 in an account today What will be the balance at the end of year 9 assuming 11 interest What is the total interest earned We will make 6 annual yearend deposits of 2000 What will be the balance at the end of year 6 assuming 11 interest What is the total interest earned What amount must be deposited today to generate a balance of 40000 by the end of year 7 assuming 11 interest What is the total interest earned What amount must be deposited today to provide annual yearend withdrawals of 15000 for 10 years assuming 11 interest What is the total interest earned Chapter 10 We issue a 350000 bond on Jan 1 with an 11 stated rate an 8 market rate and a 10 year maturity Annual interest payments are made on Dec 31 Prepare journal entries to issue the bond Jan 1 and pay the first interest payment Dec 31 and then show what the Dec 31 balance sheet will look like


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