Homework Answers
1.
The characteristic of Property, Plant and Equipment is that it is used in the operations of a business.
Second option is the correct option.
- Property, Plant and Equipment cannot be termed as a long term investment.
- Property, Plant and Equipment is not held for sale in the ordinary course of business.
- Property, Plant and Equipment is tangible in nature.
2.
Accumulated depreciation is a contra asset account.
Third option is correct option.
Accumulated depreciation is a contra asset account since it shown by way of deduction from fixed assets.
- Cost expiration of natural resources is termed as depletion expense.
- Cost expiration of intangibles is known as Amortization expense.
Kindly comment if you need further assistance. Thanks‼!
Add Answer to:
Question 4 (1 point) Which of the following is a characteristic of property, plant and equipment?...
Chapter 9 1) Which of the following is NOT a characteristic of a plant asset? A)...
Chapter 9 1) Which of the following is NOT a characteristic of a plant asset? A) The asset is used in the production of income for the business By The asset is available for sale to customers in the ordinary course of business. The asset has physical for Dj The asset has future usefulness and value. 2) Which of the following would be experised, rather than capitalized? Oil change and lubrication 3) Major engine overhaul Modification for new use )...
Land used in the business is included under the classification A. of Property, Plant and Equipment....
Land used in the business is included under the classification A. of Property, Plant and Equipment. B. entitled Intangible Assets. C. of Investments. D. entitled Natural Resources.
The following information relating to property plant and equipment was extracted from
QUESTION THREE [20]
The following information relating to property plant and equipment
was extracted from
the accounting records of Sandile’s Supermarket:
1. Balances at 28 February 2018:
- Equipment at cost R 56 000
- Accumulated depreciation: equipment R 10 860
- Vehicles at cost R560 000
- Accumulated depreciation: vehicles R285 360
2. The following transactions in respect of property, plant and
equipment took place
during the current financial year:
2.1 An old vehicle was sold on 31 August...
Question 1 (1 point) The fair value of the asset, debt, or equity securities given in...
Question 1 (1 point) The fair value of the asset, debt, or equity securities given in a noncash acquisition should determine the value of the consideration received. True False Question 2 (1 point) The interest capitalization period for a self-constructed asset ends either when the asset is substantially complete and ready for use or when interest costs no longer are being incurred. True False Question 3 (1 point) A distinguishing characteristic of intangible assets is that the extent and timing...
21) Which of the following t h earlier years than in later years! A) the double-declining...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
Prepare a corrected lead schedule for the Property, Plant, and Equipment and related accumulated depreciation accounts. ...
Prepare a corrected lead schedule for the Property, Plant, and Equipment and related accumulated depreciation accounts. You are engaged in the audit of the financial statements of Rapidstan Corporation for the year ended December 31, 2017. The chief accountant of the client has prepared the accompanying analyses of the Property, Plant, and Equipment and related accumulated depreciation accounts. You have traced the beginning balances to your prior year’s audit working papers without exception. RAPIDSTAN CORPORATION Analysis of Property, Plant, and Equipment and Related...
Aber Inc. plans to develop a shopping center. In the first quarter, they spent the following...
Aber Inc. plans to develop a shopping center. In the first quarter, they spent the following amounts: Acquisition of land $15000 Surveys and legal fees 600 Land clearing 200 Fencing 1000 Install lighting and signage 860 What amount should be recorded as the cost of land in the books of the corporation? O $16,800 $15,800 $16,660 $16.200 Question 10 6.5 Which of the following best describes the entry for depreciation of Equipment? O Debit Depreciation Expense; Credit Equipment Debit Accumulated...
Edit question What are the types of property, plant, and equipment? How are these initially measured....
Edit question What are the types of property, plant, and equipment? How are these initially measured. What is considered when deciding whether to expense or capitalize an expenditure. What are the accounting procedures for subsequent expenditures and depreciation of an asset. What are the required disclosures for property, plant, and equipment? What are the various characteristics and types of intangible assets. Discuss accounting procedures for intangible assets including amortization, derecognition, and required disclosures. What are the categories of long-term operating...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts:...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts:...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018,...
Chapter 9 1) Which of the following is NOT a characteristic of a plant asset? A) The asset is used in the production of income for the business By The asset is available for sale to customers in the ordinary course of business. The asset has physical for Dj The asset has future usefulness and value. 2) Which of the following would be experised, rather than capitalized? Oil change and lubrication 3) Major engine overhaul Modification for new use )...
QUESTION THREE [20]
The following information relating to property plant and equipment
was extracted from
the accounting records of Sandile’s Supermarket:
1. Balances at 28 February 2018:
- Equipment at cost R 56 000
- Accumulated depreciation: equipment R 10 860
- Vehicles at cost R560 000
- Accumulated depreciation: vehicles R285 360
2. The following transactions in respect of property, plant and
equipment took place
during the current financial year:
2.1 An old vehicle was sold on 31 August...
Question 1 (1 point) The fair value of the asset, debt, or equity securities given in a noncash acquisition should determine the value of the consideration received. True False Question 2 (1 point) The interest capitalization period for a self-constructed asset ends either when the asset is substantially complete and ready for use or when interest costs no longer are being incurred. True False Question 3 (1 point) A distinguishing characteristic of intangible assets is that the extent and timing...
21) Which of the following t h earlier years than in later years! A) the double-declining balance method C) the units-of-production method e cales a higher amount of depreciation in game 27) D) the first in first- w hed 28) A fully depreciated plant asset A) is no longer reported on the balance sheet B) can no longer be used in the business C) is removed from the counting records D) can be discarded, sold or exchanged for another plant...
Aber Inc. plans to develop a shopping center. In the first quarter, they spent the following amounts: Acquisition of land $15000 Surveys and legal fees 600 Land clearing 200 Fencing 1000 Install lighting and signage 860 What amount should be recorded as the cost of land in the books of the corporation? O $16,800 $15,800 $16,660 $16.200 Question 10 6.5 Which of the following best describes the entry for depreciation of Equipment? O Debit Depreciation Expense; Credit Equipment Debit Accumulated...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018, the...
Question 2 At January 1, 2018, Crane Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Equipment $62,800,000 52,600,000 89,700,000 162,600,000 18,100,000 Land The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2018,...
Most questions answered within 3 hours.
-
Please explain how participation income and expenses are
allocated to each partner. Where is this defined?
asked 15 seconds ago -
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 15 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 20 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 19 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 25 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 23 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 47 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 50 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 51 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 47 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 50 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 1 hour ago