Which of the following would be debited to an expense account? A) $3,200 spent to repair...
Which of the following would be debited to an expense account?
A) $3,200 spent to repair the motor on a machine. The expenditure did not increase the life of the machine beyond the original estimate.
B) $4,000 spent in overhauling an engine, which increased its estimated useful life by four years
C) Installation of automatic controls on a factory machine
D) Purchase of a new automobile to be used by the owner of a business
Homework Answers
| Option A is the answer | |
|
Regular expenses which do not prolong the useful life of the asset are expensed in the period they are incurred. Hence option A is the answer Comment if you face any issues |
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Which of the following would be debited to an expense
account?
A) $3,200 spent to repair...
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amortized over its useful life? would be 11. Which of the following A, $100,000 spent the B. $25,000 paid to successfully C. $150,000 paid for the exploratianof a natural resource deposit. D. $75,000 paid to purchase a regstered trademark spent on the development of a 12. Which of the following costs should be expensed when incurred? A. Replacement cost of machine component which extends the machine's useful life B. Cost of a machine which will be used exclusively for...
Iridium Co. purchased a machine on the first day of a year. The following data is...
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what are the correct answers? sorry for the long post, just need some help :) Please...
what are the correct answers?
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Please use the following information to answer Questions 7-9: At the end of January, the unadjusted trial balance of Windsor, Inc. included the following accounts: Debit Credit $500.000 Sales (80%o represent credit sales) Accounts Receivable Allowance for Doubtful Accounts $340,000 $800 7. Windsor uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be...
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Case 27 To Use or Not to Use?
Beaufort Sea Production Company (BSPC) operates a medium-sized oil
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amortized over its useful life? would be 11. Which of the following A, $100,000 spent the B. $25,000 paid to successfully C. $150,000 paid for the exploratianof a natural resource deposit. D. $75,000 paid to purchase a regstered trademark spent on the development of a 12. Which of the following costs should be expensed when incurred? A. Replacement cost of machine component which extends the machine's useful life B. Cost of a machine which will be used exclusively for...
Iridium Co. purchased a machine on the first day of a year. The following data is available for the machine: The following information is available for Zircon Inc. $35.000 1.800 Purchase price of equipment Freight costs Installation con Damage during installing 1,100 Initial 560,000 Expected useful life 10 years Estimated residual value 52.000 Determine the depreciation for the second year using the double-declining-balance method 3. $9,600 b. $12.000 $5.500 d. $5,800 The equipment purchased would be recorded at a $27.900...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
what are the correct answers?
sorry for the long post, just need some help :)
Please use the following information to answer Questions 7-9: At the end of January, the unadjusted trial balance of Windsor, Inc. included the following accounts: Debit Credit $500.000 Sales (80%o represent credit sales) Accounts Receivable Allowance for Doubtful Accounts $340,000 $800 7. Windsor uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
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Beaufort Sea Production Company (BSPC) operates a medium-sized oil
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maximum rate, 325,000 barrels of oil per day (BOPD). However, to
sustain this rate the company started a waterflood of the reservoir
two years ago. Now a capacity bottleneck in the water disposal
process is threatening to curtail production. In waterflooding,
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