Chapter 7 Summary. Tangible Land Land Improvements Buildings Equipment Vehicles Natural Resources Actual Ownership Rights to Mine Intangibles Patents.

Slides:

Advertisements

Similar presentations

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011.

Advertisements

Dr. Mohamed A. Hamada Lecturer of Accounting Information Systems 1-1 Chapter 6 Depreciation.

Long-Term Assets 11. Management Issues Related to Long-Term Assets OBJECTIVE 1: Define long-term assets, and explain the management issues related to.

Plant Assets, Natural Resources, and Intangibles

© 2004 The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin Chapter 11 Operational Assets: Utilization and Impairment.

Accounting Fundamentals Dr. Yan Xiong Department of Accountancy CSU Sacramento The lecture notes are primarily based on Reimers (2003). 7/11/02.

8-1 Acquiring Plant Assets  Long-term operational assets  Assets that last for more than one accounting period  Used to help a business generate revenue.

Overview of Long-Lived Assets Long-lived assets - resources that are held for an extended time, such as land, buildings, equipment, natural resources,

1 Chapter 8 Operating Assets: Property, Plant, and Equipment, Natural Resources, and Intangibles Financial Accounting, Alternate 4e by Porter and Norton.

1 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Chapter 8 Operating Assets: Property, Plant, and Equipment, Natural Resources,

Long-term Assets. Types of Long-Term Assets n Property, plant, and equipment –Long-term assets acquired for use in operations n Natural resources –Long-term.

Copyright © 2007 Prentice-Hall. All rights reserved 1 Plant Assets and Intangibles Chapter 10.

Chapter 10 Review. REVIEW QUESTION 1 Which of the depreciation methods writes off more depreciation near the start of an asset’s than in later years?

Valuation and Reporting of Fixed and Intangible Assets Chapter 7.

CHAPTER 6 ACCOUNTING FOR AND PRESENTATION OF PROPERTY, PLANT, AND EQUIPMENT, AND OTHER NONCURRENT ASSETS McGraw-Hill/Irwin©The McGraw-Hill Companies, Inc.,

Copyright 2003 Prentice Hall Publishing1 Chapter 5 Acquisitions: Purchase and Use of Business Assets.

Chapter 8, Slide #1 Using Financial Accounting Information: The Alternative to Debits and Credits Fifth Edition Gary A. Porter and Curtis L. Norton Copyright.

Ch.8 Operating Assets: Plant Assets, Natural Resources, and Intangible Assets.

Plant Assets, Natural Resources, and Intangibles

1 Chapter 10 Long-term Assets: Property, Plant, and Equipment, Natural Resources, and Intangibles Adapted from Financial Accounting 4e by Porter and Norton.

Financial and Managerial Accounting John J. Wild Third Edition John J. Wild Third Edition McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies,

Long-Lived Assets Presentations for Chapter 9 by Glenn Owen.

HFT 2401 Chapter 11 Property, Equipment and Other Assets.

©2006 Prentice Hall Business Publishing Financial Accounting, 6/e Harrison/Horngren 1 Chapter 7 Plant Assets, Intangible Assets, and Related Expenses.

Reporting and Interpreting Property, Plant and Equipment; Natural Resources; and Intangibles Chapter 8 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies,

Plant Assets and Intangibles

Financial Accounting - BUS Spring 2015 Sessions Tangible & Intangible Assets.

Chapter 9: Reporting and Interpreting Long-Lived Tangible and Intangible Assets Learning Objective 1 Define, classify, and explain the nature of long-lived.

GLENCOE / McGraw-Hill. Property, Plant, and Equipment.

AC113 Accounting for Non- Accounting Majors Seminar: Unit 8 Super Bowl Sunday Emil Koren, CPA, MBA.

9 Fixed Assets and Intangible Assets Student Version.

Depreciation Chapter 22 Accounting II.

1 Learning Objectives After studying the material in this chapter you will be able to do the following: LO1Define capital assets and recognize their different.

Accounting Principles Using Excel for Success PowerPoint Presentation by: Douglas Cloud, Professor Emeritus Accounting, Pepperdine University © 2011 Cengage.

Chapter 7 Summary. Tangible Land Land Improvements Buildings Equipment Vehicles Natural Resources Actual Ownership Rights to Mine Intangibles Patents.

Plant Assets -Long-lived assets acquired for use in business operations. Major Categories of Plant Assets – Tangible Plant Assets – Intangible Assets –

©2008 Pearson Prentice Hall. All rights reserved. 7-1 Plant Assets and Intangibles Chapter 7.

©2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publically accessible website, in whole or in part.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide Reporting and Analyzing Long-Term Assets.

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fifth Edition Wild, Shaw, and Chiappetta Fifth Edition McGraw-Hill/Irwin Copyright © 2013.

Fixed Assets and Intangible Assets Chapter 7. Characteristics of Fixed Assets  They exist physically and thus are tangible assets.  The are owned and.

Chapter 7 Fixed Assets and Intangible Assets. Learning Objectives After studying this chapter, you should be able to…  Define, classify, and account.

Chapter 6 Long Term Assets. Depreciation Expense The portion of the cost of a long-lived asset recorded as an expense in an accounting period. Depreciation.

Slide 17 Basket Purchase Example - On 1/1/14, a used truck and fork lift are purchased for $50,000 cash. The Fair Market Value (FMV) on the truck is $30,000.

Financial Accounting John J. Wild Seventh Edition John J. Wild Seventh Edition Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction.

Financial Accounting Chapter 8. Property, Plant and Equipment and Intangibles.

Acquisition Cost of P,P&E  All costs necessary to acquire asset and prepare for intended use Purchase Price + Taxes LO 2 Examples: Purchase price Taxes.

Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment Chapter 11.

Chapter 16 Recording and Evaluating Capital Resource Process Activities: Investing McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc.

FINANCIAL ACCOUNTING A USER PERSPECTIVE

Fixed Assets and Intangible Assets

Plant and Intangible Assets

© 2007 McGraw-Hill Ryerson Ltd.

Plant Assets, Intangible Assets, and Related Expenses

Long-term Assets

Plant Assets, Natural Resources, & Intangibles

Financial Accounting Chapter 8

Fixed Assets Fixed assets are those assets: that have a long life,

Unit VII Flashcards Chapter 10.

Plant assets and depreciation

Fixed Assets and Intangible Assets

Fixed and Intangible Assets

Plant and Intangible Assets

CHAPTER 6 Accounting for and Presentation of Property, Plant, and Equipment, and Other Noncurrent Assets Chapter 6: Accounting for and Presentation of.

Recording and Evaluating Capital Resource Activities: Investing

Operational Assets: Utilization and Impairment

Unit 13 Long-Term Assets.

Test Tomorrow Have you got your assignments turned in?

Accelerated Amortization

Depreciation of Fixed Assets

Presentation transcript:

Chapter 7 Summary

Tangible Land Land Improvements Buildings Equipment Vehicles Natural Resources Actual Ownership Rights to Mine Intangibles Patents Copy Rights Trade Marks

 All Costs Associated with Purchase of Asset ◦ Costs needed to use Asset for Intended Purpose

Lump-Sum (Basket) Purchase Determine Market (Appraised) Value of each Asset separately Determine relative % of each assets Market Value to Total Market value Multiply market value % (weight) by Lump-Sum Cost

 Assets: ◦ Economic Resources that provide a future Benefit ◦ Benefit provided by Long-Term Assets  Revenue  Matching Principle ◦ Record any costs associated with Revenue Earned in the Period ◦ Consumption of Assets are a Cost, so we must Expense

Depreciation Tangible Asset Depletion Natural Resource Amortization Intangible

(Cost – Residual Value) / Useful Life Straight Line (Cost – Residual Value) / Total Units Cost per Unit x Units Produced Units of Production 2 x SL Rate = 2 x (1/Useful Life) Book Value x 2xSL rate Double Declining Balance

 Deprecation Expense xxxx  Accumulated Depreciation xxxxxx  Accumulated Depreciation is a ◦ Contra Asset  Asset – Accumulated Depreciation = ◦ Book Value of the Asset