Page 316 - Accounting Information Systems

CHAPTE R 6 The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures 287

FI G U R E
6-15 ASSET STATUS REPORT

OZMENT’S INDUSTRIAL SUPPLY
ASSET LISTING
Code Type Description
100 OFF&F
COMPUTER SYSTEM
Depn. method: SL
Life in years: 5
Date acquired 1/01/09
Date retired
Cost 40,000.00
Residual 4,000.00
Acc. Depn. 10,800.00
200 OFF&F
OFFICE FURNITURE
Depn. method: SL
Life in years: 5
Date acquired 2/01/09
Date retired
Cost 5,500.00
Residual 500.00
Acc. Depn. 2,222.23
300 MACH
SNOWBLOWER
Depn. method: DDB
Life in years: 5
Date acquired 2/01/09
Date retired
Cost 1,000.00
Residual 0.00
Acc. Depn. 499.96
400 MACH
TRUCK
Depn. method: SL
Life in years: 3
Date acquired 12/01/09
Date retired
Cost 2,000.00
Residual 0.00
Acc. Depn. 2,333.31

fixed assets are being used in accordance with the organization’s policies and business practices. For
example, microcomputers purchased for individual employees should be secured in their proper location
and should not be removed from the premises without explicit approval. Company vehicles should be
secured in the organization’s motor pool at the end of the shift and should not be taken home for personal
use unless authorized by the appropriate supervisor.