Show:
Capital Assets
Maple Syrup
Depreciation
Vocabulary
Miscellaneous
100

What is the first two steps when getting rid of a capital asset

1) Update depreciation to the date you are disposing

2) Calculate Book Value (Carrying Amount)

100

What lake does Ms. Hendry gather her sap

What is Galla Lake?

100

What is the formula for straight line depreciation

(cost - salvage)/useful life

100
What is Asset, Liability, Owners Capital
What is permanent accounts?
100

Why might you revise depreciation (2 reasons)

Make the asset better (capital expenditure)

Value of asset decreases (impairment)

Changes in depreciation method

Salvage value or estimated life changes

200

What does PPE stand for?

Plant Property and Equipment

200

How many litres of sap do you need to make 1 litre of maple syrup. 

40

200

What is always the transaction for depreciation

DR Depreciation Expense

CR Accumulated Depreciation - asset

200
What is revenue, expenses, owner's withdrawals
What is temporary accounts?
200

if there is an impairment - what is the JE

DR Impairment Loss

CR Accumulated Depreciation

300

Do we include legal expenses in the cost of a capital asset 

What is YES

300

What is the sugar content of Maple Syrup

68

300

If a asset has a 4 year useful life - what is it's double diminishing depreciation rate

4 years = 25%

double = 50%

300
When you buy something and agree to pay for it later
What is Credit?
300

If a business closes, the claims of these individuals are settled first.

Who are creditors?

400

What do we include in the cost of a purchase of a capital asset?

All of the things required to get it ready for use

(tear down, selling stuff that was found, legal expenses, interest expense...)

400
What do you use to measure the sugar of maple syrup

refractometer

400

What are the forumulas for units of production

(cost - salvage)/estimated units of production = depreciable amount per unit

Depreciable amount per unit * units of production used in the period

400
Property or items of value owned by a business
What is assets?
400

What is the JE if their is a loss when you get rid of an asset

DR Cash

DR Acc Dep

DR Loss on Disposal

CR PPE Account

500

If you purchased land, building and equipment for $400,000.  The land was appraised at 135K, Building 270K and equipment 45K - what is the JE for this purchase

DR Land 120000

DR Building 240000

Dr Equipment 40000

CR Cash 400000

500

how many years has ms. hendry been making maple syrup

4

500

Which type of depreciation has the greatest impact on profit over the life of the asset

over the life of the asset - impact on profit is the same regardless of depreciation method used. 

500
Is a list of all accounts used by a business.
What is chart of accounts?
500
Income earned from the sale of goods or services is called?
What is revenue?