ACC 221 1st Edition 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 These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute No gain loss Dr cash dr accumulated depreciation cr Equipment Gain on sale Dr Cash dr accumulated depreciation cr Equipment cr Gain on disposable fixed assets Loss on sale Dr cash dr accumulated depreciation dr loss on disposable fixed assets cr Equipment o Goodwill Total value paid physical assets Dr cash accounts receivable inventory property and equipment goodwill Cr Accounts payable notes payable cash o Payroll FICA tax social security Medicare Dr salaries payable Cr FICA tax payable Payoff dr FICA tax payable Cr Cash Federal state income tax Dr salaries payable Cr federal state income tax payable Pay employee Dr salaries payable cr Cash Unemployment tax Employer pays a percentage based on how often they lay off employees o Sales tax 100 7 pay total 107 Dr cash 107 Cr Sales revenue 100 Cr sales tax payable 7 Paid 107 7 tax what is original price 107 1 07 100 original price
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