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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 3
Calculating and journalizing partial year depreciation
This problem continues the Draper Consulting, Inc., situation from Problem 8-42 of Chapter 8. Refer to Problem 2-62 of Chapter 2. In Chapter 2, we learned that Draper Consulting, Inc., had purchased a Dell computer, $1,800, and office furniture, $4,200 on December 3 and 4, respectively, and that they were expected to last five years.
Requirements
1. Calculate the amount of depreciation for each asset for the year ended December 31, 2012, assuming both assets are using straight-line depreciation.
2. Record the entry for the one month's depreciation. Date it December 31, 2012.
This problem continues the Draper Consulting, Inc., situation from Problem 8-42 of Chapter 8. Refer to Problem 2-62 of Chapter 2. In Chapter 2, we learned that Draper Consulting, Inc., had purchased a Dell computer, $1,800, and office furniture, $4,200 on December 3 and 4, respectively, and that they were expected to last five years.
Requirements
1. Calculate the amount of depreciation for each asset for the year ended December 31, 2012, assuming both assets are using straight-line depreciation.
2. Record the entry for the one month's depreciation. Date it December 31, 2012.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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