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Jimmy Jones

Assignment Details

Submission Assignment

At the beginning of the year, Jimmy Jones Company purchased a quilting machine for $35,000. The following expenditures were incurred:

  • Freight = $1,200
  • Installation = $1,200
  • Property tax on the machine for the first year = $750

The machine is estimated to have a useful life of 7 years and a residual value of $2,500.

Consider the following items (each item stands alone):

  • What is the initial cost of the machine? Provide the journal entry.
  • If Jimmy Jones Company decides to use straight-line depreciation, what is the depreciation for year 1 and year 2? Provide the journal entry for each year.
  • If Jimmy Jones Company decides to use double declining for depreciation, what is the depreciation for year 1 and year 2? Provide the journal entry for each year.
  • If Jimmy Jones Company decides to use the sum of the year’s digits for depreciation, what is the depreciation for year 1 and year 2? Provide the journal entry for each year.
  • Assume that at the end of year 3 (before recording the annual depreciation), Jimmy Jones Company changes the useful life from 7 years to 10 years. Provide the journal entry for year 3 annual depreciation. Assume straight-line depreciation.
  • Assume that on July 1 of year 5, Jimmy Jones Company sells the quilting machine for $16,250. Provide the journal entry to record the sale of the machine. Assume straight-line depreciation.
  • Assume that at the end of year 4, it has been determined that the quilting machine is impaired. Under impairment, the quilting machine is now worth $2,000. Provide the journal entry to record the impairment loss. Assume straight-line depreciation.

After preparing the entries for the above transactions in an Excel spreadsheet (with calculations), draft a 2-page memo to the chief financial officer (CFO) on areas of concern related to tangible assets and recommendations to mitigate areas of concern in future transactions.

Submitting your assignment in APA format means, at a minimum, that you will need the following:

  • Title page: Remember the running head. The title should be in all capitals.
  • Length: Journal entries and 2-page memo
  • Abstract: This is a summary of your paper, not an introduction. Begin writing in third person.
  • Body: This begins on the page following the title page and abstract page and must be double-spaced (be careful not to triple- or quadruple-space between paragraphs). The typeface should be 12-pt. Times Roman or 12-pt. Courier in regular black type. Do not use color, bold type, or italics, except as required for APA-level headings and references. The deliverable length of the body of your paper for this assignment is 2 pages. In-body academic citations to support your decisions and analysis are required. A variety of academic sources is encouraged.
  • Reference page: References that align with your in-body academic sources are listed on the final page of your paper. The references must be in APA format using appropriate spacing, hanging indent, italics, and uppercase and lowercase usage as appropriate for the type of resource used. Remember, the Reference page is not a bibliography but a further listing of the abbreviated in-body citations used in the paper. Every referenced item must have a corresponding in-body citation.

Please submit your assignment.

 

Grading Rubric: Maximum 100 Points

Grading Criteria

Points

Deliverable requirements addressed; understanding of material and presenter’s message and intent are clear 

40 points

Followed assignment guidelines and criteria

20 pts

Yes/Complete

Mostly

Not at all

Overall quality

20 pts

Excellent

Satisfactory

Needs Improvement

Scholarly research that supports the writer’s position is properly acknowledged and cited, and direct quotations do not exceed 10% of the word count of the body of the assignment deliverable 

25 points

Title page, table of contents, tables, exhibits, appendices or reference page included

12.5 pts

Yes

Partially

Not at all

Content is original with less than 35% match

12.5 pts

Yes

36–50%

51% or over

Critical thinking: Position is well-justified; logical flow; examples  

10 points

Position is justified with examples

5 pts

Excellent

Satisfactory

Needs Improvement

Presentation flows logically

5 pts

Excellent

Satisfactory

Needs Improvement

Structure: Includes introduction and conclusion, proper paragraph formatting, and reads as a polished academic paper or professional presentation, as appropriate for the required assignment deliverable

7.5 points

Includes introduction and conclusion

2.5 pts

Excellent

Satisfactory

Needs Improvement

Paragraphs are formatted properly

2.5 pts

Excellent

Satisfactory

Needs Improvement

Reads as polished academic paper or presentation

2.5 pts

Excellent

Satisfactory

Needs Improvement

Mechanical: No spelling, grammatical, or punctuation errors 

10 points

Spelling and grammar are accurate

5 pts

Yes

Partially

Not at all

Punctuation is accurate

5 pts

Yes

Partially

Not at all

APA: Deliverable is cited properly according to the APA Publication Manual 

7.5 points

References are cited in accordance with APA formatting

5 pts

Yes

Partially

Not at all

Reference page is included

2.5 pts

Yes

Partially

Not at all

 

This assignment will also be assessed using the common assessment criteria provided here.

 

For assistance with your assignment, please use your text, Web resources, and all course materials.

 

Your assignment will be graded in accordance with the following criteria. View the grading rubric.

 

Assignment Reminders:

 

  • Please submit your assignment.
  • Make sure you submit this assignment by the listed due date. Late deductions will apply for this assignment. Please refer to the Late Submission of Assignment policy.
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