Accounting ACCT212 Week4-Midterm Exam Solutions ACCT212 Week8-Final Exam Solutions Accounting ACCT212 Week4-Midterm Exam Solutions ACCT212 Week8-Final Exam Solutions Accounting ACCT212 Week4-Midterm E

********** ************* Student ************ ************* Exam **************** *********** Exam ************** ** *** ********** ******** ** used ** develop the ************* financial reports *** ******** **** ******* ****** is *** ******* *** *** ******* ** ******* ** an owners' ****** account *** points)(Points * 20)Owner’s ****** ** stockholders’ equity ** the ****** left over ***** *********** *** deducted from ****** Using *** ********** equation ****************** * ****** ****** we *** ****** subtract liabilities from each side ** ******* ***** ****** A ******* ***** would ******* ***** ****** ******* *********** ************ a *********** would *** ****** ***** Retained ******** and Dividends ******** to ****** in *** *********** stockholders’ ************* ** *** ********* ********** present a company ** the ****** ** ********* ***** (1) Which ********* ********* ********** *** well the ******* ********* ****** *** **** *** ******* *** *** ******* **** *********** this ********* ********* ******** (10 ************** * ****** ******* sheet is also ***** ** the ********* ** financial ******** ******** *** **** * company ** ********** ****** *** **** The ******* ***** reports * company’s ****** *********** and owner’s *** **************** ****** at * specific point in **** Assets can ******* **** ********* land ***** debits *** include loans *** accounts ***************** ** The ********** ********** ******* * *** ** ********** *** *********** *** ********** ** financial information ****** *** Generally ******** ********** ********** (GAAP) *** ******* what *** ****** ********** is (10 points) *** *** ******* an example ** *** *********** *** ************** * 20)The ****** ********** ** *** part ** organization that stands ***** ** a separate ******** **** ***** ********** *** drawn ****** each ****** so ** *** ** ******* *** affairs **** ***** ** ****** ** ******* ***** ** * company ******* **** * ********* store and then ****** stores ** we separate **** ** *** own ****** *** **** to find why sales *** ******** If **** ****** *** combined it ******* much ****** and ** its better ** **** **** type of ***** ** * separate *************** 2) Transaction analysis ******* in the development ** * journal ***** ******** *** ********* on account ******** ** pay $2500 within ** **** *** **** *** ******** ******** and *** ***** the ****** ******* name/debit ** ************* ****** *** points) *** *** explain *** *** ********** Equation ** ******** (10 points)(Points * ****** *** ******** ** ***** use *** ******** *** ******** payable We ***** debit ******** $2500 *** ****** ******** ******* ********* ******* to *** the ********** equation ***** be ******** ****** *** *********** are ********* $2500 ********* ** * wash **** ** ***** ****** ***** ********* ** ********* ****** = *********** * ******* Equity so ***** = $2500 * ****** Equity 5(TCO ** ********* Entries *** ******** ** the *** of *** period ** ****** **** ******* ********** ********** *** ******* ** *** ********* ** *** ***** **** ** office ******** **** ********* ***** *** not * ********* balance and *** one ******** *** *** only one *** the ***** ** *** *** ** *** month **** ** ******** ******** ******* *** ********* ***** *** Name the ******** ******** *** *** using *** format ******* ********** or ************* amount (10 ******* *** *** ******* *** *** ********** Equation ** ******** (10 points)(Points * 20)We would **** *** ******** ********* ******** and ******* ********* ** would Debit ******** ******* **** *** Credit ****** ******** $250 In ******* ** *** the accounting ******** would be affected ****** *** ****** equity ***** ********* Supplies account ******* the total ****** ** assets of *** ******* and *** ***** to ******** ******* ******* ********* the ***** ******** ** *** ******* ** *** ******** in *** ******** ******* ******* ******* *** net ****** *** reduction ** ****** ******** ******* ******* owner ************* 5) Internal Controls *** ******** ** ********* ****** *** ** ****** ******* business ************ ******** *** ******* the ****** *** *** *** ** *** ***** ******** control ********** *** ******* *** *** ******* ******** ** *** your *** ******** internal ******* ********** will meet the **** ** safeguarding assets *** ********* ******* business ********* (15 points)(Points * ******** seven ******** ******* ********** *** smart ****** practices/separation ** duties *********** and ********** ********** ******** ******* limited ****** ****** ********* *********** technology *** ********* ******** *** of *** control ********* ** *********** of ****** **** *********** ** ****** ** ****** **** to ******* fraud *** ****** involving ********* ****** ** example ** *** ** ******** ***** and promote ******* ********* ***** ** ** assign ****** to ***** task *** establish responsibility ****** ***** ******** *********** for ***** *** ******* ****** * ***** ** ******* ***** one ****** does *** do everything ************* ****** ******** ******* ***** ********* ******** * ******* **** ********* *** ****** ******* ***** ************ *** ***** ** example ***** be ** * **** environment ********* *** ****** cash *** in * ******** ******** Banks **** ***** ******* mandatory vacations *** *** ******** ** improve ******** control ********* **** ********* **** *** ** *** **** improves ****** ** ****** ********* * ***** **** ** the business Also knowing someone **** will ** **** *** **** ***** keeps *** honest  2(TCO 5) The bank ******* as a ******* device **** ***** to ******* **** *** ** the ************ ** to ******* ******** **** statement *************** Using *** ********* **** ******** *** bank statement ************** *** ***** ******** Inc **** *** ****** ***** on **** *** of **** ********* *** ************ **** ********* ********* a ******* ****** ** ********** made * deposit ** *** 31 *** **** ******* *** *** ****** ** *** **** statement ******** credit **** in *** **** statement ********* a **** collection ** * **** *** $1300 **** ******** ******** ** *** **** item *** ***** *** ******** included ** the **** ********* was * debit **** *** * *** check *** **** from ****** ************** ***** *** ***** #1610 *** $1609 *** #1825 *** **** **** ******* ** ***** *** **** ** the respective ********* *** ***** ****** do *** ****** on the **** ************** ******* ** *** **** ********* ** ** *** ** *** $13119·The **** ******* ** ********* ***** ****** ** amount ** $9816(Points : ******** the bank ************** format the ********* ***** **** ** *************** ************** *** ***** ******** Inc for *** 31Balance *** **** ***** Balance per **** ************ ******** ********** ********** $1300 Deposits ** transit ************* revenue *** ************ ******** ************* ****** **** Outstanding checks:Bank ******* ****** *** $370 1406 ***** **** ************* **** ******* ****** **** **** ***** *** bank ******* $10762 ACCT *** **** 4 Midterm ******** *** Financial ********** – ***** ****** *************************************************** :(TCO 1) *** Accounting ******** is used ** develop *** ************* financial ******* *** ******** **** owners' equity ** *** ******* and *** ******* an ******* ** ** owners' ****** ******* *** **************** ****************** ****** ** *************** equity is *** ****** **** **** ***** liabilities are ******** **** ****** ***** *** accounting equation ****************** * Owners ****** ** can easily ******** *********** from **** **** to ******* ***** ****** A balance sheet would ******* ***** ****** ******* *********** ************ * corporation ***** *** ****** ***** ******** ******** *** ********* ******** ** ****** ** *** company’s *************** ****************** ******************** **** ** ******* ****** ********** ******* ****** ** * ******** ******* ** an ******************************* ***** ** *** ********* statements ******* * ******* ** *** public ** financial terms (1) Which ********* ********* ********** *** **** the ******* performed ****** *** **** *** points) *** *** explain **** information **** ********* ********* provides *** points) Student *************** ********* *** ******* ** **** ****** ***** ****** statement) Instructor Explanation:Textbook **** 16 ****** ********* Compares ******* ** expenses  Comments: 3Question ***** ** The ********** ********** ******* a set ** ********** *** measurement *** disclosure ** ********* information ****** the ********* Accepted Accounting ********** ****** *** ******* **** *** ****** ********** ** *** ******* and *** ******* an ******* ** *** *********** *** points) Student ************ ****** ********** ** any **** of ************ that ****** ***** ** * ******** economic unit Sharp ********** *** drawn ****** each ****** ** ** *** to ******* *** ******* with ***** of others ** ******* ***** be * ******* ******* **** * ********* ***** and **** ****** stores ** ** ******** **** ** its own entity *** **** ** **** *** ***** are dropping ** both ****** *** ******** ** ******* **** harder *** ** *** ****** ** **** **** **** ** ***** as * ******** ****************** Explanation:Textbook **** * **** *** organization ***** as * ******** ******** **** ******* ****** is an ******************************* ***** ** Transaction ******** ******* ** *** development ** a ******* ***** Supplies *** ********* ** account ******** ** *** ***** ****** ** days *** **** the ******** ******** *** *** ***** *** ****** account name/debit ** credit/dollar ****** *** points) *** *** ******* *** *** ********** ******** ** ******** *** **************** ************ *** ******** we would *** *** ******** and ******** ******* ** ***** ***** ******** ***** and ****** ******** ******* ***** ** ******* ** how *** accounting equation ***** ** ******** ****** and *********** *** ********* ***** ********* ** * **** **** ** ***** ****** ***** ********* ** ********* Assets * Liabilities * ******* ****** ** ***** * ***** + ****** ****************** ******************** **** ** ******************** and ******* ******************** Assets *** *********** increase and *** Accounting ******** ** in ******************************* :(TCO ** Adjusting Entries *** required ** *** *** of *** ****** ** ****** **** accrual ********** ********** are ******* ** the ********* ** *** month **** ** office ******** were ********* ***** was *** * ********* ******* *** *** *** ******** was the **** *** *** the ***** At *** end ** *** month **** of ******** ******** ******* *** ********* ***** (1) **** the ******** impacted *** *** ***** the ****** ******* name/debit or ************* ****** (10 ******* and *** explain *** the ********** ******** ** impacted (10 points) Student Answer: We would name *** ******** ********* ******** *** "Office ********* ** ***** Debit ******** ******* **** *** Credit Office ******** $250 ** ******* ** how *** ********** ******** ***** ** ******** ****** *** ****** ****** would decreased ******** account reduces the total ****** ** ****** of *** company *** *** ***** ** ******** ******* ******* ********* *** ***** ******** ** *** ******* So *** ******** in *** ******** expense ******* ******* the *** ****** *** ********* ** ****** ******** ******* ******* ***** ****** ******** *** accounting ******** in ******************* Explanation:Textbook **** *** ******** ****************** and ****** Supplies/Credit/$250 ****** *** ******* ****** ******** *** *** Accounting ******** is ** ****************** ***** 5) Internal ******** *** ******** to ********* assets *** ** ensure ethical ******** practices(1) ******** *** ******* *** ****** *** any *** ** *** ***** ******** ******* procedures *** ******* *** (2) ******* ******** ** *** your *** selected ******** ******* procedures **** **** the goal of ************ ****** *** ********* ethical ******** ********* (15 points) Student ************ seven ******** control procedures are ***** hiring ******************** of duties *********** *** ********** monitoring ******** ******* ******* ****** proper ********* *********** ********** *** ********* ******** One of *** ******* procedure ** segregation of ****** This *********** ** ****** ** mostly used ** ******* fraud *** ****** ********* ********* ****** An ******* ** *** to ******** ***** *** promote ******* ********* ***** ** ** assign ****** ** ***** **** *** ********* responsibility ****** ***** ******** accountable *** their own ******* Having a ***** ** ******* where *** person **** *** ** ********** ********** * second internal control would ********* controls * ******* **** ********* *** ****** against ***** inefficiency *** ***** ** example ***** be ** a **** *********** ********* *** ****** **** *** ** a tempting position ***** **** often mandate ********* vacations *** job ******** ** ******* internal control Companies **** employees from job ** *** **** ******** ****** ** ****** ********* a ***** view ** *** ******** Also ******* ******* **** **** do **** job **** month keeps *** ****************** ******************** page ******* *** ***** ******** ******* ********** *** ***** hiring practices/separation of duties *********** and ********** monitoring ******** ******* limited access ****** approvals *********** ********** *** ********* ******** ******** **** probably come from ****** *********************************** ***** ** The **** ******* ** * control ****** **** helps ** ******* cash One ** *** requirements is to ******* ******** **** ********* *************** Using *** ********* **** ******** *** **** statement ************** for ***** ******** *** **** *** ****** shown ** **** *** of **** ********* (25 points)·The **** statement indicated * ******* ****** ** ********** **** * ******* ** *** 31 *** this ******* *** not ****** ** the **** ********* ******** ****** memo ** *** **** ********* ********* * **** collection ** * **** for ***** with ******** ******** ** *** **** **** was ***** *** ******** ******** in *** **** ********* *** * debit memo for a *** ***** for $314 from ****** Smythe·Checks #1406 *** ***** ***** *** ***** and ***** *** **** were written ** ***** and **** ** *** respective ********* *** ***** checks ** *** ****** ** *** **** ************** ******* ** the bank statement ** ** May 31 *** *********** **** ******* ** Acorn’s ***** showed ** ****** ** ************** Answer: Using the **** reconciliation ****** *** ********* ***** **** ** follows Bank ************** *** Acorn Plumbing *** *** *** 31 ******* *** **** ***** Balance *** bank ****** **** ADD: **** receivable ********** ***** ******** ** ******* $1451 ******** ******* $16 ***** ***** LESS: *** ************* ****** **** *********** checks: Bank service ****** *** **** 1406 $1342 **** ***** ******** **** balance ****** **** **** $3808 *** bank ******* ****************** Explanation:Bank Reconciliation for ***** ******** *** *** May ** 201XBalance per ******************** per ********************************** ********** ************************** in ********************* ******************************************** ************* Smythe314  Outstanding *************** ******* ************************************************* **** balance $10762 18258573808           Adj bank ************************** ***** ***** **** Solutions1(TCO ** ** *** *** of the ****** ** is necessary ** ***** *** ********* accounts *** Explain *** this process ** ******** *** ******* *** *** ******* ** ******* of the closing of ** expense ******* ****** ******* ** *** form of * journal ***** *** points)(Points * ********* * We have ** close temporary accounts ** the *** ** * period ******* **** the ********* ******** *** closed ** ****** their balances **** **** to ******* * would Debit ****** ******* and ****** ** ************************ DR ****** ******* 1000 Cr Payroll *********** ** As ******** ** ******** ****** ******* * *** **** follow the ***** **** ******** ** steps to ******** the accounting cycle *** ******* *** *** ************ ***** *** **** **** developing ******* ******* (10 ******* *** (2) ******* ** example of *** *********** ** *** ************ ***** in *** form of a ******* ***** (10 ************** * 20)1 ** ********** * ***** ********* *** balance *** * credit ********* *** ******* *** ******** **** have a ****** ***** balance *** assets *** ******* ****** ******** *** ****** ****** ****** ******** are *********** ****** ******* and ***** **** ** ***** ** ******* ** ***** the ******* When ** ****** the ******* ** ******** *** ******* ***** * ****** ***** system we ***** ***** *** ******* *** ****** the other ** *** *** ******* ** ********** ** ******* ***** ** ***** **** ******* *** ****** **** *********** **** ******* ****** ******** ******** ****** rent ******* *** *** ***** ** Jan 3(TCO ** Internal Control Procedures *** ******** ** safeguard company assets *** ** ****** ******* ********* of *** ******** *** ******* *** ******* ****** *** ******* the ******* ** ******** ******* *** ******* *** (2) ******* an ******* ** *** **** ******* ***** ** *********** *** points)(Points : 20)1 ** ********** segregation ** ****** company ****** ****** limit ****** to ****** only to those ******* ** *********** **** **** ********* **************** Only ********** ******* ****** have access ** ******* ******* *** ******* ****** ** **** ****** ** ******* to ******* ** the ************* ********** **** ******** ***** ** ********* ******* a ******** ********* *** *** to ***** access ** to ******** protect ********* **** those **** ***** *** user **** *** ******** *** ****** ******* ***** ******* ***** we ***** ** ** ** ******* **** files ** **** cannot be viewed or hacked ****** ** *************** ** Inventory valuation ******* ********* the **** ** ***** **** *** *** ********* ******* (1) Explain *** *** ***** in First *** ****** method ** ******* *** ******* and *** ******* ** ******* of the impact that **** ****** ** ********* ********* **** **** ** Gross ****** *** points)(Points * 20)1 **** ** ** ********* ******* method which ******* **** the first ***** placed in ********* are *** first sold *** ********* ** *** *** ** * year contains *** goods **** ******** ****** ** ********* ***** the **** ****** *** ***** ***** **** ********* *** *** first costs ******** ** cost ** ***** **** ** well 2 The **** method ** ********* ** ****** ** give *** the highest ****** ******* the ***** items ****** *** usually *** ******** ***** prices increase **** time we *** ******** that the trend **** continue  5(TCO ** ** ******** *** ********* ********* *** ****** of * business ***** analysis is **** *** ******* *** ******* *** *** ******* ***** *** ******* *** it is computed (10 ******* *** *** ******* ** ******* ** *** **** ***** *** ** **** in *************** in business *** ************** * ****** ******* ***** * ******* Assets / ******* Liabilities *** ******* ***** formula ***** measures *** ******** ******* ** *** ******* *********** **** ******* assets ** easily computed **** *** **** ***** ****** *** *********** *** ******* * ******* **** Starbucks *** ***** million ******* in assets but *** $2190 ******* ******* ** *********** ***** **** * current ***** ** ** because ********* * ****** ****** are important ** ******** making ** not only stockholders but ***** running *** company ** **** * low ******* ***** ********* **** *** ******* *** **** *********** **** ****** *** *** have ******* ****** ***** ***** ** *** ****** Stockholders may want ** **** away For business ****** * *** ratio ***** **** having ** ****** ***** ** cover ************* 6) ********** ******* ****** * **** delivery ***** ** ******* * 2010 for ****** The *** *** ******** ** ****** ** ******* * ***** ****** miles) ************* accountant estimated **** *** truck’s ******** ***** ***** be ***** ** the end ** its ****** life *** truck ******** **** ***** *** ***** **** **** ***** *** ****** **** 5500 miles *** third **** and **** miles ** the fourth year1Calculate ************ expense *** *** truck *** each year *********** using ****************** methodbDouble-declining ******* ************ ** ********** method(For units-of-production *** **************** ******* ***** ** *** ******* *** ******** ***** **** **** of the calculation)2Which ****** **** ****** the **** *** tear on the ********** method would ********** ****** to use *** ****** tax ********* Explain ** ****** *** ********** ******* **** ************* * ***** ************* Method ($19200 * $2400)/ 4 * $5600 1b **************** method: 1st * $9600 **** ***** *** * $2400 1c ************ **** * ******** Cost - Salavage ***** * ****** ************ *** Unit * $16800 * 30000 miles * 056Yr * * 56 * **** * **** ** * ** * **** * **** Yr * 56 * **** * **** ** * ** * **** = ******* Which **** tracks *** wear *** **** on *** **** ***** of ********** method 3 Which method BagODonuts prefer ** *** for ****** *** ********* Explain *** ********** ***** this **** Double ********* Balance would ** ****** because ** ******** the ******** ********* ** taxable income **** **** **** ** **** money to **** *** business *** ****** ** **** assets 2(TCO 7) ABC *** *** ************ ** ******* Their ********* ******* ********** *** ********* ******* stock:Preferred Stock: 7% *** ***** $100 *** ***** 100000 ************ Stock: ** *** ***** 500000 ********* following transactions ******** during *** ************ *** ****** ****** ****** ** common ***** *** $17 cash *** ************ *** Issued **** shares ** ********* stock *** $115 **** per ************ *** *********** ***** ****** ** ****** ***** *** $22 **** per ************ *** ******** *** paid a ***** dividend of **************** Prepare the ******* ***** *** **** transaction listed above2 ** **** *** ***** ******* the **** *********** ******* ****** and ********* ************ * ***** ABC ************ Cash ********* ****** ***** ******** ******* in ****** ** *** ********* ******* ****** ********** **** 34500000 ********* ***** 30000000 ******* ** ****** of *** ******* ******* ********* *********** Stock Repurchase ******** **** ******** ********** common shares12/1 ********* ******* **** ******* ******** *** **** cash dividends 2 Preferred ***** ** a **** ** ******* ***** which *** ******** dividends **** ** *********** first before ****** stockholders *** ******* *** dividends declared *** **** ** *** ***** ** *********** preferred ************ are prioritized ***** before ****** ************ *** receive *** ********* ****** ** *** company ****** ***** ****** ****** ****** ***** preferred stock don't have ****** ***** receives ********* **** ***** *** ********* ********* *** ********* ***** *** if the business ** ********** it ******** any remaining ****** **** ***** ********* *** preferred ************ **** been **** ** **************** 5) Fraud is an *********** misrepresentation ** ***** **** *** *** ******* ** persuading ******* ***** to act in * *** **** causes ****** or ****** ** **** ***** In *** ******** *** *********** we **** seen ******* ******** ** fraud in ******** ***** **** ********** (1) ******* ** ******* of a ****** ********** ******** ** business **** an *********** of *** *** practice ***** *** (2) **** *** ******** **** ** *** ******** ** *** ***** Triangle  1 ********** ** investment ***** ** * deceptive ******** that ******* ********* ** **** purchases ** **** ********* ** *** basis ** ***** *********** **** *** include ************ ******* ******* misstatements on ******* ********* ******* *** ***** ******* ******* *** three *** elements ** *** ***** ******** *** ****** *************** and opportunity ****** ** **** ****** the ****** to commit the ***** *** ******* results **** ****** ******** **** or ***** on *** **** of the ****** Opportunity ** **** ***** *** ** ****** *** ***** usually *** to **** ******** controls ******** access or lax ******* practices Finally rationalization *** ****** ********** the ***** ********* ********** that **** deserve **** ** **** **** *** ***** it because ** *** ****** **** ****** ** that simply everyone **** **** ***** **** ** ******** ******* ********** *** ** ***** to ******* *** ****** ** ***** ******** as ********* ** *** ******** *** *** discussions Of *** ***** ******** control ********** **** **** ** ***** ******** and ******** *** **** procedure is ****************** * 25) Smart ****** ********* *** ********** ** ****** *********** *** ********** ********** ******** ******* Limited Access *** Proper ********* *** 5 ******** ************** Smart ****** ******** **** person in *** *********** chain ** ********* *** ***** ****** start **** hiring ********** ****** should ** conducted ** *** applicants ***** ********** ********* three *** ******* ***** ******** record ******* *** transaction approval ** ***** ** no *********** for * ****** ** ****** ****************** *** ********** Monitoring ******* that no ****** ** ********** ****** ** **** ** ********** process * *********** **** ********* to end without ***** ************* ** ******* person ** ********** **** **** ****** errors and ********* * ***** ** ***************** Records provide *** details ** ******** transactions *** ******* **** is **** *** major groups ** ************ ****** be ********* ** ****** **** **** documents ** electronic ******* **** **** create * traceable ***** trail Limited ****** * complements segregation ** ****** ******* ****** should ***** ****** ** ****** **** to those ******* ** *********** **** **** custodial **************** *** ******* access to **** should ** limited ** ******* ** *** ************* ****************** ********* ensures ** *********** ****** ** ********* ******* ************** ******* ** specific ******** *** ****** the *********** *** **** ******** ******** ** ****** **** ****** *** balances **** **** ******** *** ***** to minimum  5(TCO2) ***** are the ******** ** ***** **** ******* Inc The ******** **** ****** balances ** **** 30 **** *** accounts *** ****** ** ** ********** orderAccount ************* stock ************* ******* $4400Service revenue ******************** ******* *********************** ************** ******* ************* ********** ************** expense $700Retained ******** ************ expense ************ *** *********** ***** ******* ** of June ** **** ******* ******** ** ****** sequence ** *********** ** *** chapter *** example ******** Receivable ***** before **** List *** expense with the ******* ******* ***** *** ******* with *** **** largest ******* second *** ** ********* : ******** **** ******* *** Trial **************** ***** ********** ** $5200 ******** receivable ** $10600 **** ** ****** ******** ******* ** ********* payable ** *********** ***** ** ************* earnings ** *************** DR ***** ******* ******* ** ************ expense DR ***** ********* ******* DR ************* ******* DR **** ***** ****** ***************** Linda’s ********** ******* ******** ** *** 1 **** **** *** the following ********* ********************* - Jan ********************* **** **************** **** *************** *********** 1200 ************ *********** 1400 *********** *********** **** 225000SalesCustomer **** ******* ******** *** ***** AmountNorilene 01/16/01 *** ******************** *** ****** ********* using *** perpetual inventory ******** ***** FIFOB ***** LIFOC ***** Average ************ *** ********* ****************** **** ******* ************* ** ********** Profit(Points * ********** ********** 1) Ending ********** a **** ****** *********** * **** + *** * 14) * **** * *** * * **** * **** ****** inventories * 2250 + *** x *** * 2250 * *** * * 3090 c Average **** * ***** * 2240 * 2250) * **** + 160 * **** * **** * *** = 1383 ******* **** * 1383 * **** - 200) * 1383 * *** * * ****** 2) ****** ********* **** **** ******* **** ***** 500000 ****** ****** Cost of ***** ****** ****** ****** ***** ****** ****** ****** ****** ************ ** * ******* ** ******** the **** ** long-life ****** ** **** ******** ****** statement *** ******* *** ***** of *** ***** ** the ******* ***** *** ******* *** *** Units-of-Production ****** ** computed *** ******* and (2) provide ** example ** *** this ****** could ** **** on * new ******** truck purchased *** ****** ** be used *** ****** ***** **** * ******* ***** ** ***** for **** *** only (25000 miles driven ** **** ******* *** ***** of ********** ****** ** ******** ** determining the approximate ***** that will ** produced ****** * given year **** production is high and **** ***** *** ******** *** ************ will ** ****** **** year ** *** units ******** from the ******* *** *** *** *** ***** year the ****** ** depreciation **** ** a *** **** than ** ********** ******** provide an example ** *** this ****** ***** be **** ** * *** ******** ***** ********* for ****** to ** used *** ****** ***** **** * ******* value ** ***** *** **** one only ****** miles ****** ** **** one)The ************ value is ***** * **** * ***** / ****** * ** per **** * 25000 ***** in year *** = $5000 **** depreciation for year one ** ********* ***********

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