which one of the following regarding the book value of an asset is correct? 1it is...
Homework Answers
OPTION 2: it reflects the original cost of the asst less accumulated depreciation
EXPLANATION:
formula:
Book value = historical cost- accumulated depreciation
Add Answer to:
which one of the following regarding the book value of an asset is
correct?
1it is...
1. The balance sheet reports the net value ( book value) of the equipment. The book...
1. The balance sheet reports the net value ( book value) of the equipment. The book value of the equipment is______________. Select one or more: a. The original cost of the asset b. The original cost of the asset less the depreciation cost of current year c. The original cost of the asset less its accumulated depreciation d. The accumulated depreciation on the asset 2.Goodwill is: Select one or more: a. Can be developed internally b. Need to be amortized...
23. What is the formula to compute the book value of an asset? A. The fair...
23. What is the formula to compute the book value of an asset? A. The fair value of the asset if the asset is sold. B. The cost of the asset less its accumulated depreciation C. The cost of the asset minus the asset's residual value. D. The cost at which the asset was purchased 24. Crestview Estates purchased a tractor on January 1, 2018, for $65,000. The tractor's useful life is estimated to be 10 years and has a...
Which of the statements below is FALSE? A) The current book value of an asset serves...
Which of the statements below is FALSE? A) The current book value of an asset serves as the basis for determining the gain or loss at disposal. B) Book value is the original cost of the asset plus the accumulated depreciation. C) A gain on disposal is recognized when the selling price of the asset is greater than the book value. D) A loss on disposal is recognized when the selling price of the asset is less than the book...
Question 1 The book value of an asset is equal to the asset's fair value less...
Question 1 The book value of an asset is equal to the asset's fair value less its historical cost. blue book value relied on by secondary markets. replacement cost of the asset. asset's cost less accumulated depreciation.
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $875,000 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $75,300. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $128,100. Required: 1. Determine the annual depreciation expense...
Question 1 The book value of an asset is equal to the asset's fair value less its historical cost. O blue book valu...
Question 1 The book value of an asset is equal to the asset's fair value less its historical cost. O blue book value relied on by secondary markets. replacement cost of the asset. asset's cost less accumulated depreciation.
which of the following statements is true regarding Depreciation? A.) In some instances it is acceptable...
which of the following statements is true regarding Depreciation? A.) In some instances it is acceptable to depreciate an asset below the slavage value. B.) In the declining balance method, subtract the salvage value from the cost of the asset and multiply the depreciate rate times that depreciable base. C.) When recording depreciation expense, credit the asset account dorectly. D.) The book value of an asset is the cost of the asset minus accumulated depreciation.
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $562,500 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $48,400. The manager requested Information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $82,400. Required: 1. Determine the annual depreciation expense...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present value D) Current (market) value. E) Replacement cost. 14) A company purchased a delivery yan for $28.000 with a salvag ased a delivery van for $2.00 with a salvage value of $3,000 on September 1, Year 1. It ha Year 1. It has an estimated useful life of 5 years. Using the how much depreciation expense should the company roce...
23. What is the formula to compute the book value of an asset? A. The fair value of the asset if the asset is sold. B. The cost of the asset less its accumulated depreciation C. The cost of the asset minus the asset's residual value. D. The cost at which the asset was purchased 24. Crestview Estates purchased a tractor on January 1, 2018, for $65,000. The tractor's useful life is estimated to be 10 years and has a...
Question 1 The book value of an asset is equal to the asset's fair value less its historical cost. blue book value relied on by secondary markets. replacement cost of the asset. asset's cost less accumulated depreciation.
Question 1 The book value of an asset is equal to the asset's fair value less its historical cost. O blue book value relied on by secondary markets. replacement cost of the asset. asset's cost less accumulated depreciation.
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $562,500 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $48,400. The manager requested Information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $82,400. Required: 1. Determine the annual depreciation expense...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present value D) Current (market) value. E) Replacement cost. 14) A company purchased a delivery yan for $28.000 with a salvag ased a delivery van for $2.00 with a salvage value of $3,000 on September 1, Year 1. It ha Year 1. It has an estimated useful life of 5 years. Using the how much depreciation expense should the company roce...
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