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Accounting Test

This document is a test on accounting concepts. It contains questions calculating depreciation of plant assets using the straight-line method, journalizing accounting entries related to plant assets, and calculating depreciation of a truck using the double-declining balance method. The test includes tables to calculate depreciation expense, accumulated depreciation, and ending book values of various assets over multiple years.

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100 views2 pages

Accounting Test

This document is a test on accounting concepts. It contains questions calculating depreciation of plant assets using the straight-line method, journalizing accounting entries related to plant assets, and calculating depreciation of a truck using the double-declining balance method. The test includes tables to calculate depreciation expense, accumulated depreciation, and ending book values of various assets over multiple years.

Uploaded by

jaimepro204
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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CENTRO CULTURAL CHINO PANAMEÑO

INSTITUTO SUN YAT – SEN


COMMERCE DEPARTMENT
TEST No. 2

Name: Teacher: MARIA TEJEIRA


Level: 10 A B C D List No.:
Subject: ACCOUNTING Total score: /
Quarter: Grade:
Date: Parent’s signature:

General Directions: Please avoid erasing, scratching, parentheses. Check your spelling. Write your answers in printed letter with BLACK INK. Talking
and staring at other papers will be understood as copy, answers written in pencil are null. Cheating and using liquid paper invalids your test. Follow
the instructions and read carefully. CHAPTER 19

Calculating Depreciation and Book Value; Journalizing Entries for Plant Assets and Property
Tax. (6 pts)

Ending
Original Estimated Estimated Depreciation Book
Plant Asset Cost Salvage Useful Expense Value
Asse Account Date Bought Value Value Life 20X6 12/31/20X6
t
1 Store Equipment Jan 04, 20X1 $3,200.00 $500.00 6 Years $450 $500
2 Store Equipment Jan 01, 20X3 $5,500.00 $1,000.00 5 Years $900 $1000
3 Store Equipment July 01, 20X6 $1,100.00 $100.00 4Years $250 $100

Directions:
1. Complete a plant asset record for plant asset No. 1 (above) through December 31, 20X6. Additional
information follows: Asset is a copy machine used in the store, serial number 439XMK8821; the account
number for Store Equipment is 1210. Use the plant asset record below. Also record the depreciation
expense and ending book value for the year 20X6 on the first line of the table above. Use the straight-line
method of calculating depreciation.

(Here) Plant Asset Record. (37 pts).

2. Use the table at the top of page. Calculate the annual depreciation expense for plant assets No. 2 and 3 for the
year ended December 31, 20X6. Use the straight-line method of calculating depreciation.
3. Continue using the table at the top of page. Calculate the book value of plant assets No. 2 and 3 as of
December 31, 20X6.
4. Journalize the following transactions using the journals. Source documents are abbreviated as follows: check,
C; receipt, R.

Transactions 20X6
July 1. Paid cash for plant asset No. 3. C478. Dec. (5pts).
30. Paid cash for property tax expense, $3,110.00. C512. (5pts).
31. Journalize the adjusting entry for depreciation expense on store equipment for the year. (6pts).

20X7
Jan. 1. Received cash, $450.00, from the sale of plant asset No. 1. R43. (9 pts).
Also record the sale on the plant asset record.
5. Calculate the depreciation rate, beginning book value, annual depreciation expense, accumulated
depreciation, and ending book value for a truck, using the double declining-balance method. The truck was
bought on January 1, 20X6, for $45,000. Estimated salvage value is $4,000.00. Estimated useful life is five
years. (19pts).
Beginning Book Annual Accumulated Ending Book
Year Value Depreciation Depreciation Value
20X6 $45,000.00 $8200 $8200 $36800
20X7 $36800 $8200 $16400 $28600
20X8 $28600 $8200 $24600 $20400
20X9 $20400 $8200 $32800 $12200
20Y0 $12200 $8200 $41000 $4000

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