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上海海事外国会计选读课件chapter10

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上海海事外国会计选读课件chapter10
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Chapter Chapter 1010 Fixed Assets and Fixed Assets and Intangible AssetsIntangible Assets 1. Nature of Fixed Assets 2. Accounting for Depreciation 3. Capital and Revenue Expenditures 4. Disposal of Fixed Assets 5. Intangible Assets 6. Financial Reporting for Fixed Assets and Intangible Assets ContentsContents Nature of Fixed AssetsNature of Fixed Assets •Fixed assets are long term or relatively permanent assets •Fixed assets are tangible assets because they exist physically. •They are owned and used by the business and are not held for sale as part of normal operations. Fixed Assets/ Property, plant and equipment (PPE) / Tangible assets固定资产: Assets held by the business that have useful lives of more than 1 year. Classifying CostsClassifying Costs Is the purchased item long-lived? Yes Is the asset used in a productive purpose? No Expense Yes Fixed Assets No Investment The costs of acquiring fixed assets include all amounts spent to get the asset in place and ready for use. vAcquisition cost include invoice amounts (less any discount)、sales taxes、transportation charges、 installation costs、costs of trial runs to adjust equipment and costs to refurnish equipment purchased in a used condition. vCosts associated with new construction, such as labor and materials, should be reflected in a “Construction in progress” account. Acquisition CostAcquisition Cost Machinery and Equipment vSales taxes vFreight vInstallation vRepairs (purchase of used equipment) vReconditioning (purchase of used equipment) Machinery and Equipment • Insurance while in transit • Assembly • Modifying for use • Testing for use • Permits from governmental agencies Cost of Acquiring Fixed Assets Excludes:Cost of Acquiring Fixed Assets Excludes: §Vandalism §Mistakes in installation §Uninsured theft §Damage during unpacking and installing §Fines for not obtaining proper permits from government agencies Classification of AcquisitionClassification of Acquisition •Acquisition for Cash •Acquisition through Leasing •Operating lease 经营性租赁 •Financing lease 融资性租赁 •Acquisition from Donation •Acquisition through Self-construction •Acquisition via Exchange Nature of DepreciationNature of Depreciation All fixed assets except land lose their capacity to provide services. This loss of productive capacity is recognized as Depreciation Expense折旧费用. Physical depreciation有形折旧 occurs from wear and tear while in use and from the action of the weather. Functional depreciation功用折旧occurs when a fixed asset is no longer able to provide services at the level for which it was intended, e.g., personal computer. Depreciation Expense FactorsDepreciation Expense Factors Initial CostResidual Value-=Depreciable Cost Useful Life 1 Periodic Depreciation Expense 2 3 4 5 vGuideline for useful lives ›Acquired during the first half of a month, it is treated as if the event occurred on the first day of that month ›Acquired during the second half of a month, it is treated as if the event occurred on the first day of next month Useful LifeUseful Life Use of Depreciation MethodsUse of Depreciation Methods Original Cost.………… $24,000 Estimated Life in years…5 years Estimated Life in hours… 10,000 Estimated Residual Value.$2,000 vStraight-line Method 直线法 vUnits-of-Production Method 产量单位法 vDeclining Balance Method 余额递减法 vSum-of-the-years-digits Method 年数总和法 Methods for DepreciationMethods for Depreciation Straight-Line MethodStraight-Line Method直线法直线法 The Straight-Line Method provides for the same amount of depreciation expense for each year of the assets useful life. Straight-Line MethodStraight-Line Method Cost – estimated residual value Estimated life = Annual depreciation Straight-Line MethodStraight-Line Method $24,000 – $2,000 5 years = $4,400 annual depreciation Accum. Depr.Book ValueDepr.Book Value at Beginningat BeginningExpenseat End YearCostof Yearof Year for Yearof Year 1 $24,000$24,000 $4,400$19,600 2 24,000 $ 4,40019,6004,40015,200 3 24,000 8,800 15,200 4,400 10,800 4 24,000 13,200 10,800 4,400 6,400 5 24,000 17,6006,4004,400 2,000 Cost ($24,000) Cost ($24,000) – – Residual Value ($2,000) Residual Value ($2,000) Estimated Useful Life (5 years)Estimated Useful Life (5 years) = Annual Annual DepreciationDepreciation Expense ($4,400)Expense ($4,400) Straight-Line MethodStraight-Line Method Straight-Line MethodStraight-Line Method The straight-line method is widely used by firms because it is simple and it provides a reasonable transfer of cost to periodic expenses if the asset is used about the same from period to period. The Units-of-Production Method provides for the same amount of depreciation expense for each unit produced or each unit of capacity used by the asset. Units-of-Production MethodUnits-of-Production Method 产量单位法产量单位法 Units-of-Production MethodUnits-of-Production Method Cost – estimated residual value Estimated life in units, hours, etc. = Depreciation per unit, hour, etc. $24,000 – $2,000 10,000 hours = Depreciation per unit, hour, etc.= $2.20 per hour Units-of-Production MethodUnits-of-Production Method The units-of-production method is more appropriate than the straight-line method when the amount of use of a fixed asset varies from year to year. Units-of-Production MethodUnits-of-Production Method The Declining-Balance Method provides for a declining periodic expense over the estimated useful life of the asset. Declining-Balance MethodDeclining-Balance Method 余额递减法余额递减法 Declining-Balance MethodDeclining-Balance Method Step 1 Determine the straight-line rate = 20% 1 5 years Double the straight-line rate. Step 2 .20 x 2 = .40 For the first year, the cost of the asset is multiplied by 40 percent. After the first year, the declining book value (cost minus accumulated depreciation) of the asset is multiplied 40 percent. Declining-Balance MethodDeclining-Balance Method Build a table. Step 3 Declining-Balance MethodDeclining-Balance Method Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600 Declining-Balance MethodDeclining-Balance Method $24,000 x .40 Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 Declining-Balance MethodDeclining-Balance Method Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 214,40040%5,760 Declining-Balance MethodDeclining-Balance Method $14,400 x .40 Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 214,40040%5,76015,3608,640 Declining-Balance MethodDeclining-Balance Method Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 214,40040%5,76015,3608,640 38,64040%3,45618,8165,184 Declining-Balance MethodDeclining-Balance Method Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 214,40040%5,76015,3608,640 38,64040%3,45618,8165,184 45,18440%2,07420,8903,110 Declining-Balance MethodDeclining-Balance Method Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 214,40040%5,76015,3608,640 38,64040%3,45618,8165,184 45,18440% 2,07420,8903,110 53,11040%1,24422,1341,866 STOP! Declining-Balance MethodDeclining-Balance Method Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 214,40040%5,76015,3608,640 38,64040%3,45618,8165,184 45,18440% 2,07420,8903,110 53,11040%1,24422,1341,866 Declining-Balance MethodDeclining-Balance Method If we use this approach in Year 5, we will end the year with a book value of $1,866. Remember, the residual value at the end of Year 5 is expected to be $2,000, so we must modify our approach. Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 214,40040%5,76015,3608,640 38,64040%3,45618,8165,184 45,18440% 2,07420,8903,110 53,110---1,110 Declining-Balance MethodDeclining-Balance Method $3,110 – $2,000 Book Value Accum. Beginning Annual Deprec. Book Value Year of Year Rate Deprec. Year-End Year-End 1$24,00040%$9,600$9,600$14,400 214,40040%5,76015,3608,640 38,64040%3,45618,8165,184 45,18440% 2,07420,8903,110 53,110---1,11022,0002,000 Desired ending book value Declining-Balance MethodDeclining-Balance Method Comparing Straight-Line With the Comparing Straight-Line With the Declining-Balance MethodDeclining-Balance Method Straight-Line Method Depreciation ($) 5,000 4,000 3,000 2,000 1,000 0 Life (years) Declining-Balance Method Life (years) 1 2 3 4 1 2 3 4 Revising Depreciation EstimatesRevising Depreciation Estimates A machine purchased for $130,000 was originally estimated to have a useful life of 30 years and a residual value of $10,000. The asset has been depreciated for ten years using the straight- line method. Annual Depreciation $130,000 – $10,000 30 years $4,000 per year Equipment 130,000 Accumulated Depreciation 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 40,000 Before revisingBefore revising Book value = $90,000 Revising Depreciation EstimatesRevising Depreciation Estimates During the eleventh year, it is estimated that the remaining useful life is 25 years (rather than 20) and that the revised estimated residual value is $5,000. Book value – revised residual value Revised estimated remaining life Revising Depreciation EstimatesRevising Depreciation Estimates $90,000 – $5,000 25 years $3,400 revised annual depreciation = Accounting for expenditures related to the acquisition and use of operational assets requires that they are classified as either capital expenditures 资本性支出or revenue expenditures收益性支出 Capital and Revenue ExpendituresCapital and Revenue Expenditures The costs of acquiring fixed assets, adding to a fixed asset, improving a fixed asset, or extending a fixed asset’s useful life are called capital expenditures资本性支出. Capital and Revenue ExpendituresCapital and Revenue Expenditures Costs that benefit only the current period of costs incurred for normal maintenance and repairs are called revenue expenditures收益性支出. Capital and Revenue ExpendituresCapital and Revenue Expenditures EXPENDITURE Increases operating efficiency or adds to capacity? Capital Expenditure YesYes Capital and Revenue ExpendituresCapital and Revenue Expenditures Increases useful life (extraordinary repairs)? NoNo Capital Expenditure YesYes Revenue Expenditure NoNo LIABILITIES OWNER’S EQUITY REVENUES ASSETS EXPENSES CAPITAL CAPITAL EXPENDITURESEXPENDITURES 1. Initial cost1. Initial cost 2. Additions2. Additions 3. Betterments3. Betterments 4. Extraordinary 4. Extraordinary repairsrepairs net income Capital and Revenue ExpendituresCapital and Revenue Expenditures LIABILITIES OWNER’S EQUITY REVENUES ASSETS EXPENSES net income Normal and Normal and ordinary repairs ordinary repairs and maintenanceand maintenance REVENUE REVENUE EXPENDITURESEXPENDITURES Capital and Revenue ExpendituresCapital and Revenue Expenditures Accounting for Fixed Asset DisposalsAccounting for Fixed Asset Disposals 固定资产固定资产处置处置 When fixed assets lose their usefulness they may be disposed of in one of the following ways: 1. discarded, 2. sold, or 3. traded (exchanged) for similar assets. Required entries will vary with type of disposition and circumstances, but the following entries will always be necessary: An asset account must be credited to remove the asset from the ledger, and the related Accumulated Depreciation account must be debited to remove it’s balance from the ledger. Gains or losses on the discarding of fixed assets are nonoperating items and are normally reported in the Other Income or Other Expense section of the income statement. Discarding Fixed AssetsDiscarding Fixed Assets When a fixed asset are no longer useful to the business and have no residual or market value, they are discarded. Gain or loss will be reported in the income statement as Other Income or Other Loss. When fixed assets are sold, the owner may break even, sustain a loss, or realize a gain. 1.If the sale price is equal to book value, there will be no gain or loss. 2.If the sale price is less than book value, there will be a loss equal to the difference. 3.If the sale price is more than book value, there will be a gain equal to the difference. Sale of Fixed AssetsSale of Fixed Assets Intangible Assets Intangible Assets 无形资产无形资产 ü Intangible Asset: Rights or economic benefits, such as patents, trademarks, copyrights and goodwill, that are not physical in nature. ü The basic principles of accounting for intangible assets are like those for fixed assets •Determination of the initial cost •Determination of the amortization 摊销 •Amortization: the amount of cost to transfer to expense (Straight-line method) Intangible AssetsIntangible Assets Patents 专利: Grants by the government to an inventor, bestowing the exclusive right to produce and sell a given invention for a specific period. ü A business may purchase patent rights from others, or obtain patents developed by its own research and development efforts. •The initial cost of a purchased patent, including any related legal fees is debited to “Patent” Account •Research and development costs are usually accounted for as current operating expenses and are not recorded in asset account ü Cost is allocated over no more than the number of years that the patent right will exist DateDateDescriptionDescriptionDebitDebitCreditCredit Intangible Assets and AmortizationIntangible Assets and Amortization Dec. 31 Amortization Expense 20,000 Patents20,000 Paid $100,000 for patent rights. The patent life is 11 years and was issued 6 years prior to purchase. Amortization is the periodic cost expiration of intangible assets which do not have physical attributes and are not held for sale (patents, copyrights, and goodwill). 11 years – 6 years = 5-year life ($100,000 / 5 years) = $20,000 per year Intangible AssetsIntangible Assets ü Copyrights版权: Exclusive rights to reproduce and sell a book, musical composition, film, or similar creative items. ü Trademarks商标权: Distinctive identifications of a manufactured product or of a service taking the form of a name, a sign, a slogan, a logo, or an emblem. ü Goodwill商誉: an intangible asset of a business that is created from such favorable fac
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