Getting wrong answers from people here... Janice check it out.


H

hi

In class, we discussed the take home exam today. I've posted questions about
it here and have been given hints and answers that are completely wrong. For
example...
--------------------------------------------------------
Liberty Corp owns a machine that originally cost $200,000, upon which there
is accumulated depreciation of $140,000.

A. The machine and cash of $80,000 are given for a new machine that fulfills
the same function and has a fair value of $120,000.

Loss Dr. 20,000
New Asset Dr. 120,000
Old Asset Cr. 60,000
Cash Cr. 80,000

The above was my answer before I came here. After, people were telling me I
forgot accumulated depreciation, and this was the answer:

Equip(new) $120,000 <== reflects FMV
Acc Dep'n(old) 140,000 <== as per reported on books--we no
longer have that asset
Loss on disp of equip 20,000
Equip(old) $200,000 <== amount that
is reported on the asset's account
Cash 80,000

--------------------------
Today, in my group study, I found out that accumulated depreciation has
nothing to do with this problem, since the assets exchanged were similar and
were not disposed of. My original answer was correct.

Other questions I've posted here have been met with wrong answers as well.

Who to trust? lol

--
 
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S

Steve

hi said:
In class, we discussed the take home exam today. I've posted questions about
it here and have been given hints and answers that are completely wrong. For
example...
--------------------------------------------------------
Liberty Corp owns a machine that originally cost $200,000, upon which there
is accumulated depreciation of $140,000.

A. The machine and cash of $80,000 are given for a new machine that fulfills
the same function and has a fair value of $120,000.

Loss Dr. 20,000
New Asset Dr. 120,000
Old Asset Cr. 60,000
Cash Cr. 80,000

The above was my answer before I came here. After, people were telling me I
forgot accumulated depreciation, and this was the answer:

Equip(new) $120,000 <== reflects FMV
Acc Dep'n(old) 140,000 <== as per reported on books--we no
longer have that asset
Loss on disp of equip 20,000
Equip(old) $200,000 <== amount that
is reported on the asset's account
Cash 80,000

--------------------------
Today, in my group study, I found out that accumulated depreciation has
nothing to do with this problem, since the assets exchanged were similar and
were not disposed of. My original answer was correct.

Other questions I've posted here have been met with wrong answers as well.

Who to trust? lol
Click to expand...
you get what you pay for!! .... but accumulated depreciation should be
a part of the entry in real life (no matter what your teacher says, you
will find out soon enough!)
 
K

Ken Russell

All I know is that then old machine has to be written out of the books, and
that entails writing back the accumulated depreciation. That machine no
longer physically exists in the company, so how can it remain on the books?

Ken Russell

| In class, we discussed the take home exam today. I've posted questions
about
| it here and have been given hints and answers that are completely wrong.
For
| example...
| --------------------------------------------------------
| Liberty Corp owns a machine that originally cost $200,000, upon which
there
| is accumulated depreciation of $140,000.
|
| A. The machine and cash of $80,000 are given for a new machine that
fulfills
| the same function and has a fair value of $120,000.
|
| Loss Dr. 20,000
| New Asset Dr. 120,000
| Old Asset Cr. 60,000
| Cash Cr. 80,000
|
| The above was my answer before I came here. After, people were telling me
I
| forgot accumulated depreciation, and this was the answer:
|
| Equip(new) $120,000 <== reflects FMV
| Acc Dep'n(old) 140,000 <== as per reported on books--we no
| longer have that asset
| Loss on disp of equip 20,000
| Equip(old) $200,000 <== amount that
| is reported on the asset's account
| Cash 80,000
|
| --------------------------
| Today, in my group study, I found out that accumulated depreciation has
| nothing to do with this problem, since the assets exchanged were similar
and
| were not disposed of. My original answer was correct.
|
| Other questions I've posted here have been met with wrong answers as well.
|
| Who to trust? lol
|
| --
|
|
|
|
 
J

Joe Canuck

hi said:
In class, we discussed the take home exam today. I've posted questions about
it here and have been given hints and answers that are completely wrong. For
example...
--------------------------------------------------------
Liberty Corp owns a machine that originally cost $200,000, upon which there
is accumulated depreciation of $140,000.

A. The machine and cash of $80,000 are given for a new machine that fulfills
the same function and has a fair value of $120,000.

Loss Dr. 20,000
New Asset Dr. 120,000
Old Asset Cr. 60,000
Cash Cr. 80,000

The above was my answer before I came here. After, people were telling me I
forgot accumulated depreciation, and this was the answer:

Equip(new) $120,000 <== reflects FMV
Acc Dep'n(old) 140,000 <== as per reported on books--we no
longer have that asset
Loss on disp of equip 20,000
Equip(old) $200,000 <== amount that
is reported on the asset's account
Cash 80,000

--------------------------
Today, in my group study, I found out that accumulated depreciation has
nothing to do with this problem, since the assets exchanged were similar and
were not disposed of. My original answer was correct.

Other questions I've posted here have been met with wrong answers as well.

Who to trust? lol
Click to expand...
First, you being a student don't know enough about accounting yet to
recognize when you are being fleeced and when you are not.

Second, you displayed quite the bad attitude a while back with a whole
whack of inappropriate comments. Part of your study to become an
accounting professional should be learning not only the accounting but
how to behave in a professional manner.

In your case, both of these issues need extensive "work". All this to
say you'd be well advised to stick with your study group, classes and
instructors for your source of accounting information.

BTW, you are not quite as anonymous as you may think you are on the
'net. I'm sure you've made it to several "do not hire" lists by now.

Have a nice day.

<plonk>
 
S

Steve

hi said:
I have no idea. Is it because the assets exchanged are similar?
Click to expand...

no, -- ---- but this is a good question to bring up in class. Tell
them you got advice from accountants on the internet -- and see what they
say!
 
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H

hi

i've made it to do not hire lists because of usenet? lol. you're a moron. a
fucking moron.

PLONK
 
P

Paul A Thomas

hi said:
you're a moron. a fucking moron.
Click to expand...

From the PA/NJ area from the looks of it. The ".ca" in the address being,
or course, not all that deceptive.
 
P

Paul A Thomas

hi said:
I have no idea.
Click to expand...

That's why you are in school.

The easiest thing to do is to do _exactly_ what the instructor says. After
all, it's the instructor that grades your tests.

And remember, most classes teach GAAP accounting, while in real life, there
are other methods to account for transactions, and until you get into that
real life situation, do it the instructors way.
 
H

hi

I already told you I was from PA. So what? People crack me up with the "do
not hire" banter... give me a fucking break. You have no idea who I am.
 
P

Paul

I don't care who you are. But if you walk into my office, I'll recognize
you within the first three words out of your mouth.
 
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W

Wayne Brasch

hi said:
In class, we discussed the take home exam today. I've posted questions about
it here and have been given hints and answers that are completely wrong. For
example...
--------------------------------------------------------
Liberty Corp owns a machine that originally cost $200,000, upon which there
is accumulated depreciation of $140,000.

A. The machine and cash of $80,000 are given for a new machine that fulfills
the same function and has a fair value of $120,000.

Loss Dr. 20,000
New Asset Dr. 120,000
Old Asset Cr. 60,000
Cash Cr. 80,000

The above was my answer before I came here. After, people were telling me I
forgot accumulated depreciation, and this was the answer:

Equip(new) $120,000 <== reflects FMV
Acc Dep'n(old) 140,000 <== as per reported on books--we no
longer have that asset
Loss on disp of equip 20,000
Equip(old) $200,000 <== amount that
is reported on the asset's account
Cash 80,000

--------------------------
Today, in my group study, I found out that accumulated depreciation has
nothing to do with this problem, since the assets exchanged were similar and
were not disposed of. My original answer was correct.

Other questions I've posted here have been met with wrong answers as well.

Who to trust? lol
Click to expand...
I believe you will find out that your original answer was not correct. I
also believe that you and your study group are wrong in your assessment of
the problem. Accumulated depreciation is certainly a factor to be
considered in an exchange transaction-especially as it relates to assets
exchanged for similar uses. May I ask what text book you are using? I
would like to look at that publication.

Wayne Brasch, CPA, M. S. Taxation
 
J

Joe Canuck

hi said:
i've made it to do not hire lists because of usenet? lol. you're a moron. a
fucking moron.
Click to expand...
Lets see, well you are 27 years old and have been dating some girl for a
little over 5 months and one of her habits drives you nuts.

Your IP Address is: 24.229.244.32 ...which gives us this information:

OrgName: PenTeleData Inc. - Cable
OrgID: PENC
Address: 540 Delaware Ave.
City: Palmerton
StateProv: PA
PostalCode: 18071
Country: US

ReferralServer: rwhois://rwhois.ptd.net:4321/

NetRange: 24.229.0.0 - 24.229.255.255
CIDR: 24.229.0.0/16
NetName: PENTEL-CABLE
NetHandle: NET-24-229-0-0-1
Parent: NET-24-0-0-0-0
NetType: Direct Allocation
NameServer: NS1.PTD.NET
NameServer: NS2.PTD.NET
Comment: ADDRESSES WITHIN THIS BLOCK ARE NON-PORTABLE
Comment:
Comment: whois reassignment information for this block is available
at:rwhois.ptd.net port 4321
RegDate: 1997-05-02
Updated: 2002-12-17

TechHandle: DM41-ORG-ARIN
TechName: Domain Master
TechPhone: +1-610-826-4701
TechEmail: (e-mail address removed)

OrgAbuseHandle: ABUSE9-ARIN
OrgAbuseName: Abuse Department
OrgAbusePhone: +1-800-281-3564
OrgAbuseEmail: (e-mail address removed)

OrgTechHandle: SYSTE-ARIN
OrgTechName: Systems Administration
OrgTechPhone: +1-800-281-3564
OrgTechEmail: (e-mail address removed)

Anyone tired of your tripe can complain to your ISP here: (e-mail address removed)

Your ISP: http://www.ptd.net

You are posting in groups (interesting mix), aside from this one:

alt.games.video.nintendo.gamecube
alt.sports.football.pro.oak-raiders
alt.support.shyness
misc.taxes
alt.support.depression
rec.gambling.sports

Oh and this gem of a post below:
Reply-To: "hi" <[email protected]>
From: "hi" <[email protected]>
Newsgroups: sci.med.prostate.prostatitis
Subject: Few drips after urinating...
Lines: 24
X-Priority: 3
X-MSMail-Priority: Normal
X-Newsreader: Microsoft Outlook Express 6.00.2800.1158
X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1165
Message-ID: <[email protected]>
Date: Fri, 10 Oct 2003 18:20:31 GMT
NNTP-Posting-Host: 24.229.244.32 <-------- the giveaway
X-Complaints-To: (e-mail address removed)
X-Trace: nnrp1.ptd.net 1065810031 24.229.244.32 (Fri, 10 Oct 2003 14:20:31 EDT)
NNTP-Posting-Date: Fri, 10 Oct 2003 14:20:31 EDT
Organization: PenTeleData http://www.ptd.net


Lurker here. 27 year old male, experiencing some slight problems.

1) After urinating, there is always one drip or two that comes out when i'm
walking around or when i sit down/stand up. When urinating, I can stand for
another 30 seconds and shake the rest off (making sure i'm finished) but
it's difficult to get it all.

2) I notice the same problem (for awhile now) when I ejaculate after sex. A
fair amount comes out, but about 2-3 minutes after ejaculation, a little
more squeezes out.

An enlarged prostate? A narrow urethra? I've had the ejaculation problem
long before this urine thing. I should also mention that i do have anal sex
occassionally with my girlfriend, and I read that could lead to an enlarged
prostate.

thanks for any thoughts.

I have no other pains, burning, stds or an
Click to expand...
Maybe you can get an answer to that one here. LOL

Anyways, I have just scratched the surface here and I'm sure you get the
idea. :)
 
B

Bob

Joe Canuck said:
Lets see, well you are 27 years old and have been dating some girl for a
little over 5 months and one of her habits drives you nuts.

Your IP Address is: 24.229.244.32 ...which gives us this information:

OrgName: PenTeleData Inc. - Cable
OrgID: PENC
Address: 540 Delaware Ave.
City: Palmerton
StateProv: PA
PostalCode: 18071
Country: US

ReferralServer: rwhois://rwhois.ptd.net:4321/

NetRange: 24.229.0.0 - 24.229.255.255
CIDR: 24.229.0.0/16
NetName: PENTEL-CABLE
NetHandle: NET-24-229-0-0-1
Parent: NET-24-0-0-0-0
NetType: Direct Allocation
NameServer: NS1.PTD.NET
NameServer: NS2.PTD.NET
Comment: ADDRESSES WITHIN THIS BLOCK ARE NON-PORTABLE
Comment:
Comment: whois reassignment information for this block is available
at:rwhois.ptd.net port 4321
RegDate: 1997-05-02
Updated: 2002-12-17

TechHandle: DM41-ORG-ARIN
TechName: Domain Master
TechPhone: +1-610-826-4701
TechEmail: (e-mail address removed)

OrgAbuseHandle: ABUSE9-ARIN
OrgAbuseName: Abuse Department
OrgAbusePhone: +1-800-281-3564
OrgAbuseEmail: (e-mail address removed)

OrgTechHandle: SYSTE-ARIN
OrgTechName: Systems Administration
OrgTechPhone: +1-800-281-3564
OrgTechEmail: (e-mail address removed)

Anyone tired of your tripe can complain to your ISP here: (e-mail address removed)

Your ISP: http://www.ptd.net

You are posting in groups (interesting mix), aside from this one:

alt.games.video.nintendo.gamecube
alt.sports.football.pro.oak-raiders
alt.support.shyness
misc.taxes
alt.support.depression
rec.gambling.sports

Oh and this gem of a post below:


Maybe you can get an answer to that one here. LOL

Anyways, I have just scratched the surface here and I'm sure you get the
idea. :)
Click to expand...
so what if the obnoxious student is from Pennsylvania - his posts to the
"prostate" newsgroup is more than I want to know
 
J

Janice Davis

Steve said:
no, -- ---- but this is a good question to bring up in class. Tell
them you got advice from accountants on the internet -- and see what they
say!
Click to expand...
Well, I am not an accountant yet, and I already replied to one of "hi"'s
post that my corrections I gave from earlier posts nearly two weeks ago were
correct as per GAAP, my text, and my instructor. I suggested that "hi" was
getting too caught up in the numbers and not paying attention to what was
going on in the books.

Janice
 
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J

Janice Davis

BTW, you are not quite as anonymous as you may think you are on the
'net. I'm sure you've made it to several "do not hire" lists by now.

Have a nice day.

<plonk>
Click to expand...
That's pretty scary that you can find all that info. However, I hope that I
have been courteous enough, and that my intellect (though strained due to
school) has shown in my replies and reasoning's to various posts. I always
like to receive feedback, so that I can correct any misunderstandings, and
realize that real world accounting doesn't always comply with GAAP. By the
way, I will be moving from FL to TN(possibly) in about 4 years. That will be
when I finish my bachelor's at UWF. I hope to make good future prospects.

Janice
 
B

Bob

Janice Davis said:
I will gladly admit that I am not up to speed on usenet lingo. What does
plonk mean?

Janice
Click to expand...

I think it means the person will put you in their "spam" or "block sender"
file (with MS outlook)
but i don't use it
 
B

Bob

Janice Davis said:
That's pretty scary that you can find all that info. However, I hope that I
have been courteous enough, and that my intellect (though strained due to
school) has shown in my replies and reasoning's to various posts. I always
like to receive feedback, so that I can correct any misunderstandings, and
realize that real world accounting doesn't always comply with GAAP. By the
way, I will be moving from FL to TN(possibly) in about 4 years. That will be
when I finish my bachelor's at UWF. I hope to make good future prospects.

Janice
Click to expand...

I predict you will!
 
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