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Lecture Accounting: What the numbers mean (10/e): Chapter 6 - Marshall, McManus, Viele

Chapter 6 - Accounting for and presentation of property, plant, and equipment, and other noncurrent assets. After reading this chapter, you should be able to answer the following questions: How are the costs of land, buildings, and equipment reported on the balance sheet? How are the terms capitalize and expense used with respect to property, plant, and equipment? . | 2008 The McGraw Hill Companies Inc. All Rights Reserved. McGraw Hill Irwin Copyright 2014 by The McGraw Hill Companies Inc. All rights reserved. Chapter 6 Accounting for and Presentation of Property Plant and Equipment and Other Noncurrent Assets PowerPoint Authors Susan Coomer Galbreath Ph.D. CPA Charles W. Caldwell D.B.A. CMA Jon A. Booker Ph.D. CPA CIA Cynthia J. Rooney Ph.D. CPA McGraw Hill Irwin Copyright 2014 by The McGraw Hill Companies Inc. All rights reserved. 1-3 Noncurrent Assets Land Buildings 1 Classified as assets because they are owned by the organization. Equipment 2 Have the ability to generate revenue beyond one year. Intangible Assets Natural Resources McGraw Hill Irwin 6 3 2008 The McGraw Hill Companies Inc. All Rights Reserved. 1-4 Primary Issues for Noncurrent Assets Decline in asset over its value useful li fe Use Accounting for depreciation of the Acquisition asset. Disposal Accounting for Accounting for the acquisition of the Accounting for disposition of the asset. maintenance and asset. repair costs. McGraw Hill Irwin 6 4 2008 The McGraw Hill Companies Inc. All Rights Reserved. 1-5 LO 1 Land Land is a non- All costs incurred to get depreciable asset. land ready for use are capitalized. Title insurance premiums Purchase Delinquent price taxes Real estate Razing costs commissions of building on the land Title and legal fees McGraw Hill Irwin 6 5 2008 The McGraw Hill Companies Inc. All Rights Reserved. 1-6 LO 1 Buildings and Equipment All costs incurred to get an asset ready for use are capitalized. Purchase Installation price costs Architectural Transportation fees costs Excavation and construction costs McGraw Hill Irwin 6 6 2008 The McGraw Hill Companies Inc. All Rights Reserved. 1-7 LO 2 Depreciation Balance Sheet Income Statement Cost Acquisition Expense Cost Allocation Unused Used Does not reflect decline in value. McGraw Hill Irwin 6 7 2008 The McGraw Hill Companies Inc. All Rights Reserved. 1-8 LO 3 Depreciation Methods In the early