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Stern Corporation Essay

514 words - 3 pages

This is what we reviewed in class: Entry number Account (1) Cash Accumulated Depreciation- FM Factory Machinery (2) Tools used Expense Tools Inventory (3) Depreciation Expense-Automotive Accumulated Depreciation-Automotive Cash Accumulated Depreciation- Automotive Loss on sale Automotive equipment (4) Patent Amortization Expense Patent (5) Cash Accumulated Depreciation – OM Gain on sales Office Machines (6) Depreciation Expense-Furniture Accumulated Depreciation-Furniture Cash Accumulated Depreciation-Furniture Furniture and fixtures Gain on sales Now we need to finish the general ledger, number 7 The book states the following rates (all in percentages) Asset Building Factory machinery Furniture and fixtures Automotive equipment Office machines Factory Machinery ...view middle of the document...

Cr. $398,779.28 $48,105.18 $330,935.20 $5,599.40 $9,988.80 $4,150.70

That way we can now calculate the amount we need to add to the depreciation on dec 31, 2005 Accumulated depreciation calculations Factory machinery (1) $27,367.0 (7) $330,935.2 $303,568.2 $4,809.0 Furniture and fixtures (6a) $432 (6b) (7) $37.0 $5,599.0 $5,204.0 (6) Office machines $1,027 (7) $4,151.0 $3,124.0 (3b) Automotive equipment $5,458 (3a) (7) $278 $9,989

The values in yellow are the amounts we need to add to 2005 depreciation. The values we got for the assets values (book value) where correct (we needed to subtract the sale amount - entries) Finally the net value is calculated by subtracting the accumulated depreciation from the actual book value Book value 2005 $186,563 $2,405,259 $3,425,585 Actual book value $186,563 $2,405,259 $3,394,352 Acc dep 2005 ------$663,379 $1,642,358 Acc dep changes ------$48,105 $303,568 Accumulated depreciation ------$711,484 $1,945,926 Net value $186,563 $1,693,775 $1,448,426

Land Building Factory machinery

Furniture and fixtures Automotive equipment Office machines Tools Patent

$56,484 $58,298 $42,534 $53,444 $45,000

$55,994 $49,944 $41,507 $53,444 $45,000

$40,400 $37,156 $28,005 -------------

$5,204 $4,809 $3,124 -------------

$45,604 $41,965 $31,129 -------------

$10,390 $7,979 $10,378 $53,444 $45,000

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