Submission 3 (12 points) - due Tuesday April 24 before 5pm - You must submit you
ID: 2516191 • Letter: S
Question
Submission 3 (12 points) - due Tuesday April 24 before 5pm - You must submit your total excel file with the equity option section of the financing options worksheet tab completed, the equity option section of the partial balance sheets tab completed, the ratios tab completed, the choice and reasons tab completed, and the balance sheet and ratios formula tabs completed. Your file must be named correctly - "Your name (first and last) Project 3 part 3. Failure to name your file correctly will result in a 1 point deduction
$ 2,787,816
Submission 1 (6 points) - due Tuesday April 10 before 5pm - You must submit your completed Depreciation schedules and the Depreciation formulas tab. Your file must be named correctly - "Your name (first and last) Project 3 part 1. Failure to name your file correctly will result in a 1 point deduction Submission 2 (12 points ) - due Tuesday April 17 before 5pm - You must submit your completed Bonds portion of the financining options tab and the Bonds portion of the partial balance sheets. . Your file must be named correctly - "Your name (first and last) Project 3 part 2. Failure to name your file correctly will result in a 1 point deductionSubmission 3 (12 points) - due Tuesday April 24 before 5pm - You must submit your total excel file with the equity option section of the financing options worksheet tab completed, the equity option section of the partial balance sheets tab completed, the ratios tab completed, the choice and reasons tab completed, and the balance sheet and ratios formula tabs completed. Your file must be named correctly - "Your name (first and last) Project 3 part 3. Failure to name your file correctly will result in a 1 point deduction
NFT Consulting and Sales Inc Post Closing Trial Balance October 31, 2018 Cash $ 304,900 Accounts Receivable 76,580 Allowance for Uncollectible Accounts $ 5,690 Supplies 56,500 Inventory 68,596 Prepaid Insurance 57,890 Land 260,000 Building 550,000 Accumulated Depr – Building 25,650 Office Equipment 856,850 Accumulated Depr – Office Equip 22,500 Computer Equipment 556,500 Accumulated Depr - Computer Equip 10,250 Accounts Payable 56,560 Utilities Payable 16,850 Wages Payable 58,950 Interest Payable 25,000 Long term Note Payable 390,000 Mortgage Payable 406,800 Common Stock ($1 par, 1,000,000, 400,000 shares authorized, 400,000 issued and outstanding) Retained Earnings 1,369,566 $ 2,787,816$ 2,787,816
Additional information related to the $200,000 delivery equipment purchase: It is ESTIMATED that the equipment will be ABLE TO DRIVE 150,000 total miles over its lifetime. To complete the depreciation schedule, PRESUME that the actual miles driven for its useful life are as indicated below. Also, round depreciation expense per unit to the nearest cent and depreciation expense to the nearest dollar. Year 1 12,560 Year 2 32,560 Year 3 31,650 Year 4 29,850 Year 5 26,500 Year 6 22,350 155,470 Building Depreciation Schedule Depreciation for the Year Asset Dep'ble Depreciation Accumulated Book Date Cost basis Rate Expense Depreciation Value 11/1/2018 10/31/2019 10/31/2020 10/31/2021 10/31/2022 Office Equipment Depreciation Schedule Depreciation for the Year Asset Dep'ble Depreciation Accumulated Book Date Cost basis Rate Expense Depreciation Value 4/1/2019 10/31/2019 10/31/2020 10/31/2021 10/31/2022 10/31/2023 Delivery Equipment Depreciation Schedule Depreciation for the Year Depreciation Asset per unit Units of Depreciation Accumulated Book Date Cost Production Expense Depreciation Value 5/1/2019 10/31/2019 10/31/2020 10/31/2021 10/31/2022 10/31/2023 10/31/2024Explanation / Answer
1) Depreciaton for the year for Building = (Cost-Salvage Value)/Useful Life
= ($465,500-$15,500)/30 yrs = $15,000 per year
Depreciation Rate = 1/30 = 3.33%
Building Depreciation Schedule (Amounts in $)
2) Depreciation for year for Office Equipment = (Cost-Salvage Value)/Useful Life
= ($150,500-$10,500)/4 yrs = $35,000 per year
Depreciation Rate = 1/4 = 25%
Depreciation for first year = $35,000*7/12 (from April to October)
= $20,417
Depreciation for last year = $35,000*5/12 = $14,583
Office Equipment Depreciation Schedule (Amounts in $)
3) Depreciation per mile = (Cost-Salvage Value)/Estimated Production
= ($200,000-$20,000)/150,000 miles = $1.20 per mile
Deliver Equipment Depreciation Schedule (Amounts in $)
Date Asset Cost (A) Depreciable basis (B = A-$15,500)) Rate (C) Depreciation Expense (B*C) Accumulated Depreciation (D) Book Value (A-D) 11/1/18 465,500 450,000 - 0 0 465,500 10/31/19 465,500 450,000 3.3333% 15,000 15,000 450,500 10/31/20 465,500 450,000 3.3333% 15,000 30,000 435,500 10/31/31 465,500 450,000 3.3333% 15,000 45,000 420,500 10/31/22 465,500 450,000 3.3333% 15,000 60,000 405,500