Or beginning book value of the current year depreciation expense. Plant assets, natural resources, and intangible assets powerpoints the powerpoint viewer has been retired. Companies may choose to report plant assets as a single amount, with a note to the financial statements that provides. If the fair value of the old machine is less than its book value, tatum. Indicate how plant assets, natural resources, and intangible assets are reported and analyzed.
The cost of an intangible asset with an indefinite life should. Explain the nature of intangible assets, including goodwill. Chapter 9 plant and intangible assets plant assets are ordinarily presented in the balance sheet. Chapter 9 plant assets, natural resources, and intangible assets learning objectives after studying this chapter, you should be able to. Explain selection from financial and managerial accounting book. Study chapter 9 plant assets, natural resources, and intangibles flashcards from amanda. Chapter 9 plant assets, natural resources, and intangibles. Principles of accounting chapter 9 ppt depreciation. Chapter 10 plant assets natural resources and intangible assets assignment classification table study objectives questions brief exercises exercises a problems b problems 1 describe how the cost principle applies to plant assets compute periodic depreciation using different methods describe the procedure for revising periodic depreciation. View test prep chapter 09 plant assets natural resources and intangible as from accounting acct 2 at city college of san francisco. Companies usually combine plant assets and natural resources under property, plant, and equipment. Financial accounting chapter 9 plant and intangible assets. Chapter 9 plant assets natural resources and intangible assets. Chapter 9 plant assets, natural resources, and intangibles youtube.
Prepare entries for cash and lumpsum purchases of property, plant and equipment. Petty cash fund journal entries establish an imprest petty cash fund for s200 on april 1, 2011 replenish the petty cash fund on may 1 when the fund has si4 in cash and receipts for s12 postage, si7 office supplies, s23 for a taxi fare used for travel. Be1 1 ap simple 24 be2 1 ap simple 12 be3 3 ap simple 24 be4 3 e moderate 46 be5 3 ap simple 46 be6 3 ap simple 24 be7 3 ap simple 46 be8 4 an moderate 46 be9 4 an moderate 46 be10 5 ap simple 24. Chapter 9 plant assets, natural resources, and intangibles accounting for plant assets financial accounting cpa exam far ch 9 p 1 visit.
To access resources such as quizzes, powerpoint slides, cpa exam questions, and cpa. This playlist covers cost of plants assets, depreciation methods, disposal of plant assets, accounting of natural resources, intangible assets and exchange of plant assets. To access resources such as quizzes, powerpoint slides, cpa exam questions, and cpa simulations. Accounting 1 chapter 9 book answers chapter 9 plant. As years pass, and the services are used, the cost is transferred to depreciation expense.
Explain how to account for the exchange of plant assets appendix. Indicate how plant assets, natural resources, and intangible assets are reported and analyzed plant assets plant assets o tangible resources used in the operations of a business o not intended for sale to customers plant assets are subdivided into four classes. Chapter 9 reporting and analyzing longlived assets. Intangible assets in financial accounting duration. Chapter 9 plant assets natural resources and intangible. Chapter 9 plant assets and intangibles short exercises 5 min. The overpayment by microsoft is not necessarily a bad business decision, but rather the premium or value of those intangible assets that linkedin. Chapter 9 plant and intangible assets flashcards quizlet. The cost of plant assets is the advance purchase of services. Accounting for plant assets financial accounting cpa. C cost of the asset and the accumulated depreciation to date.
Start studying chapter 9 plant assets, natural resources, and intangibles. In a sale of plant assets, the book value of the asset is compared to the proceeds received from the sale. Your plane has landed, youve finally found your bags, and youre dying to hit the tylosand beach in halmstad, swedenbut first you need a vehicular unit to get you there. Explain the accounting for plant asset expenditures. If the proceeds of the sale are less than the book value of the plant asset sold, a loss on. Weygandt accounting principles 11e solutions manual ch10. Chapter 16 accounting for plant assets and depreciation. Indicate how plant assets, natural resources, and intangible assets are reported. Plant assets, natural resources, and intangible assets powerpoint.
Study 31 chapter 8 reporting and interpreting property, plant, and equipment. View notes accounting 1 chapter 9 book answers from acct 201 at howard university. The cost of a plant asset minus the total recorded depreciation, as shown by the. Chapter 9 plant assets, natural resources, and intangible assets section 1 plant assets plant assets three characteristics. If the proceeds of the sale are less than the book value of the plant asset sold, a loss on disposal occurs. Plant assets, natural resources and intangible assets. Chapter 09 plant assets natural resources and intangible. Plant assets are longlived, tangible assets used in the operation of a business.
Weygandt financial 2e ifrs ch09 tamkang university. Journalize entries for disposal of property, plant and equipment assets for the following circumstances. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Companies normally use the straightline method for amortising intangible assets. The book value of a plant asset is the difference between the. Plant assets are reported at book value on the balance sheet. The cost of intangible assets with indefinite lives is not amortised. Plant assets, natural resources, and intangible assets flashcards from sean r. In a sale of plant assets, the book value of the asset is compared to the proceeds received from the. Chapter 8 reporting and interpreting property, plant, and.
Chapter 9 plant assets, natural resources, and intangible assets feature story how much for a ride to the beach. When intangibles are purchased, the cost is recorded as an intangible asset. Take the following quiz on plant assets and then check the answers on the last page of the lecture. Identify the basic issues related to reporting intangible assets. Webassign financial accounting and reporting 2nd edition.
Aplia accounting answers chapter 9 using source documents. For example, if it sold an asset on april 1 and last recorded depreciation on december 31, the company should record depreciation for three months january 1april 1. Study chapter 9 plant assets, natural resources, and intangibles flashcards from tracy flottes class online, or in brainscapes iphone or android app. Start studying chapter 9 plant and intangible assets. Financial accounting and reporting, 2nd edition, by murphy smith, katherine taken smith and shannon knight deer, is especially designed to present financial accounting in a onesequence course in 2year or 4year colleges. Weygandt ifrs 1e chapter 9 plant assets, natural resources, and intangible assets number so bt difficulty time min.
Assets that are expected to be used by the business for more than one year are considered longterm assets. Plant assets, natural resources, and intangible assets accounting 101 with elle parsons at massachusetts bay community college studyblue. Plant assets, natural resources, and intangibles 1. Plant assets financial accounting cpa exam far youtube. Chapter 9 plant assets, natural resources, and intangible. The book can also effectively be used in a graduatelevel financial accounting course for mba students who are from nonbusiness major backgrounds. The historical cost of a plant asset includes the purchase price plus taxes, purchase commissions, and all other amounts paid to ready the asset. Describe how the cost principle applies to plant assets. Weygandt intermediate accounting 9e solutions manual ch09.
They are not intended for resale and are anticipated to help generate revenue for the business in the future. Chapter 9 plant assets, natural resources, and intangible assets. Weygandt financial accounting 9e chapter 9 plant assets, natural resources, and intangible assets number lo bt difficulty time min. Plant assets are reported on the balance sheet at book value cost. Examples include land, buildings, equipment, furniture, and automobiles. Way more information than you ever wanted on how to fell a tree. Chapter plant assets, natural resources, and intangible assets after studying this chapter, you should be able to.
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