Value & Depreciation

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Value & Depreciation


Lecture number:
28
Pages:
2
Type:
Lecture Note
School:
Miami University, Oxford
Course:
Acc 221 - Intro to Financial Accounting
Edition:
1
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Unformatted text preview:

Lecture 28 Outline of Previous Lecture  Section 27: Intro to Bonds  Long term liabilities o What are bonds? o Compounding interest o Table Factors o Pay Demand o Journal Entries Outline of Current Lecture  Section 28: Chapter 7 & 8 Review  Chapter 7 o Value & Depreciation  Chapter 8 o Removing Assets o Goodwill o Payroll o Sales Tax Current Lecture  Section 28: Chapter 7 & 8 Review  Chapter 7 o Value & Depreciation  Book value = original value – accumulated depreciation  When book value = residual, stop depreciation  Straight line depreciation  Cost – residual value / estimated life  Dr. depreciation expense, Cr. Accumulated depreciation  Activity based depreciation  Reach 100,000 mi; cost – residual / life (mi)  Double depreciation method  1 / life of loan x 2  Chapter 8 o Removing assets  No gain / loss  Dr. cash, dr. accumulated depreciation, cr. Equipment  Gain on sale ACC 221 1st Edition



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