Accounting Depreciation And Income Statement Homework Help
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1. Alliant Corporation sold $100,000,000 face value 8% bonds. The bonds mature in 20 years and pay interest semiannually. The going market rate of interest on bonds of similar risk is 6%. How much will Aliant receive upon the sale of the bonds?
2. Mike purchases a heavy-duty truck (5-year class recovery property) for his delivery service on April 30, 2010. The truck is not considered a passenger automobile for purposes of the listed property and luxury automobile limitations. The truck has a depreciable basis of $39,080 and an estimated useful life of 5 years. Its estimated salvage value is $1,080. Assume no election to expense is made and no bonus depreciation is taken.
a. Calculate the amount of depreciation for 2010 using financial accounting straight-line depreciation (not the straight-line MACRS election) over the truck’s estimated useful life.
b. Calculate the amount of depreciation for 2010 using the straight-line depreciation election under MACRS over the minimum number of years.
c. Calculate the amount of accelerated depreciation for 2010 that Mike could deduct using MACRS.
3. The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations: Units produced 20,000 Units sold 15,000 Selling price per unit $30 Direct material per unit $5 Direct labor per unit $5 Variable manufacturing overhead per unit $2 Variable selling cost per unit $3 Annual fixed manufacturing overhead $160,000 Annual fixed selling and administrative expense $80,000
a. Prepare an income statement using full costing.
b. Prepare an income statement using variable costing.
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4. What is the report called that a firm issues periodically?
5. Investment includes the purchase of: A. stock options of Enron. B. software by an accounting firm. C. global positioning units for cruise missiles by the government. D. new chalk by a local school board.
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