Your Perfect Assignment is Just a Click Away
We Write Custom Academic Papers

100% Original, Plagiarism Free, Customized to your instructions!

glass
pen
clip
papers
heaphones

ACC 206 Strayer Week 5 University Riverbed Company Accounting Assignment

ACC 206 Strayer Week 5 University Riverbed Company Accounting Assignment

Brief Exercise 10-02

Riverbed Company incurs the following expenditures in purchasing a truck: cash price $53,000, accident insurance $4,500, sales taxes $2,900, motor vehicle license $100, and painting and lettering $400. What is the cost of the truck?

Cost of the truck

$

Brief Exercise 10-08

On January 1, 2020, the Whispering Winds Company ledger shows Equipment $68,000 and Accumulated Depreciation”•Equipment $9,700. The depreciation resulted from using the straight-line method with a useful life of 12 years and salvage value of $2,100. On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value.
Compute the revised annual depreciation.

Revised annual depreciation

$

Brief Exercise 10-11 a1-b (Part Level Submission)

Whispering Winds Mining Co. purchased for $9,140,000 a mine that is estimated to have 36,560,000 tons of ore and no salvage value. In the first year, 13,140,000 tons of ore are extracted.

(a1)

Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)

Depletion cost per unit

$ per ton

(a2)

Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

(b)

Show how this mine is reported on the balance sheet at the end of the first year.

Whispering Winds Mining Co.Balance Sheet (Partial)

$

:

$

Exercise 10-08 a-b (Part Level Submission) (Video)

Terry Wade, the new controller of Flint Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as follows.

Date

AccumulatedDepreciation

Useful lifein Years

Salvage Value

Type of Asset

Acquired

Cost

1/1/20

Old

Proposed

Old

Proposed

Building

1/1/14

$821,000

$116,700

40

50

$43,000

$57,500

Warehouse

1/1/15

115,000

22,180

25

20

4,100

20,820

All assets are depreciated by the straight-line method. Flint Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Terry’s proposed changes.

(a)

Compute the revised annual depreciation on each asset in 2020.

Building

Warehouse

Revised annual depreciation

$

Order Solution Now

Our Service Charter

1. Professional & Expert Writers: I'm Homework Free only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by I'm Homework Free are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. I'm Homework Free is known for timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At I'm Homework Free, we have put in place a team of experts who answer to all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.