Option A is the answer Cash |
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Cash is the asset which is used mostly in the course of day to day operations. Hence option A is the answer Comment if you face any issues |
What is the asset that mostly will be used importantly? A. Cash B. Land C. Inventory...
30. What is sum-of-the-vears'-digits depreciation for 2018 $586,667 b. $660,000 c. $720,000 d. $781,485 a. 31. If, at the end of 2019, Davis Company decides the equipment still has five more years of life beyond 12/31/19, with a salvage value of $200,000, what is straight-line depreciation for 2019? (Assume straight-line used in all years.) a. $240,000 b. $256.667 c. $290,000 d. $440,000 32. Property, plant and equipment is usually presented in the balance sheet at: Replacement costs less accumulated depreciation....
Allocating payment xed asset accounts The following payents and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asteris a. Fee paid to attorney for title seardch $2,500 b. Cost of real estate acquired as a plant site: Land 285,000 Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,500 d. Cost of razing and removing building acquired in (b)...
Which of the following is an intangible asset? O A. building B. land OC. copyright D. equipment
C. 6. Journalise the following transactions: a. A restaurant purchased land for $50,000 for cash b. A client makes a banquet reservation to be held in December, 2020. The total cost would be $12,000. The client makes an advance payment today for half of the cost. Received a $1,850 invoice from a supplier to be paid in 15 days. d. Paid $1,600 for insurance premiums to cover the next six months. e. Paid rent $600 for the month. f. Purchased...
Paid $400 cash on accounts payable. Made a cash purchase of land for a building site for the business, $89,000. Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000). a. b. C. Received $15,400 cash from customers on account. d. Purchased medical equipment and signed a $90,000 promissory note in e. payment. f. Purchased a flat-screen TV for Smith's home. Paid Smith a cash dividend of 4,000. g. h. Purchased office supplies...
Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. $2,000 a. Fee paid to attorney for title search b. Cost of real estate acquired as a plant site: Land 285,000 Building (to be 60,000 demolished) Delinquent real estate taxes on property, assumed by purchaser 16,000 C. d. Cost of razing and removing building...
S9-1 Determining the cost of an asset Highland Clothing purchased land, paying $96,000 cash and signing a $300.000 payable. In addition, Highland paid delinquent property tax of $1,100, title in costing $600, and $4,600 to level the land and remove an unwanted building the journal entry for purchase of the land.
Which of the following assets held by a manufacturing business is not a Section 1231 asset? a. Inventory b. A machine used in the business and held for more than one year. c. A factory building used in the business and held for more than one year. d. Land used in the business and held for more than one year.
a. 4. A cash payments journal is used to record: Sales of inventory on account. b. Purchases of inventory on credit. Correcting and adjusting entries. d. Only cash purchases of inventory. All cash paid out including cash purchases of inventory. C.
Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $91,000. The appraised value of the land is $28,000, and the appraised value of the building is $107,000. Required: a. Assuming that the building is to be used in Dorsey Co.'s business activities, what cost should be recorded for the land? b. Indicate why, for income tax purposes, management of Dorsey Co. would want as little of the purchase...