The resources provided here are optional. You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid. They provide helpful information about the topics in this unit. The MBA-FP6014 â€“ Financial Accounting Library Guide can help direct your research. The Supplemental Resources and Research Resources, both linked from the left navigation menu in your courseroom, provide additional resources to help support you.The following resources are assessment specific templates for completing the assessment.
The following resources provide relevant financial accounting methods and practices.
Note: Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented.For this assessment, complete Problems 1 and 2. You may use Word or Excel to complete the assessments throughout this course, but you will find Excel to be most helpful for creating spreadsheets. Tutorials for using Excel are provided in the Supplemental Resources in the left navigation menu. If you use Excel, submit the assessment in one Excel document, using separate tabs for each spreadsheet.To complete the first problem, you may choose to use the Assessment 6, Problem 1 Template linked in the Suggested Resources under the Capella Resources heading.
At the end of January 2011, the records of Sheldon and Blair showed the following for a particular item that sold at $20 per unit:
|Inventory, January 1, 2011||500 @ $6.00||$3,000|
|Purchase, January 12||600 @ $7.00||$4,200|
|Purchase, January 26||200 @ $7.10||$1,420|
|Sale||(400 units sold for $20 each)|
|Sale||(300 units sold for $20 each)|
Based on the information provided in the table above, complete the following. An optional template, Assessment 6, Problem 1 Template, is provided in the Suggested Resources under the Capella Resources heading.
Total Workout, Inc. purchased three Ã¯Â¬Ã¯Â¿Â½tness machines from Ace Used Equipment at the beginning of the year. All three were used machines that had to be overhauled and installed before they were put into use. The costs of the machines and their renovation and installation are shown in Table 1 below:
|Account||Machine A||Machine B||Machine C|
|Amount paid for asset||$21,000||$30,750||$8,000|
|Renovation costs prior to use||$2,000||$1,000||$1,500|
By the end of the first year, each machine had been operating 4,800 hours. Depreciation estimates are shown in Table 2 below:
|Machine||Life||Residual Value||Depreciation Method|
|C||4 years||$1,500||Double-declining balance|
Using the data provided above, complete the following: