Homework Answers
Answer: A. can be discarded, sold, or exchanged for another plant asset
A fully depreciated plant asset continues to be reported on the balance sheet at its cost along with the accumulated depreciation. Hence, option B. is incorrect.
I can be continued to be used in the business hence, option C. is incorrect.
The fully depreciated plant asset is not removed from the accounting records until such time that it is disposed by either discarding, selling, or exchange and hence, option D. is incorrect.
Masonry Construction Group
Answer: B. $9,000
The plant asset acquired will recorded at the cost of acquisition which in this case is $9,000.
Tim
Answer: D. $597.68
OASDI = 6.2% x ($118,500 - $111,000) = 6.2% x $7,500 = $465
Medicare = 1.45% x $9,150 = $132.675
Total FICA tax withheld = $465 + $132.675 = $597.675 = $597.68
Classic Music Company
Answer: A. 6.26 times
Times-interest-earned ratio = Earnings before interest and tax (EBIT)/Interest expense
EBIT = Net income + Income tax expense + Interest expense = $275,000 + $114,000 + $74,000 = $463,000
Times-interest-earned ratio = $463,000/$74,000 = 6.26 times
Per HOMEWORKLIB RULES, the first 4 MCQs have been answered. Please post the remaining separately. Thank you.
Add Answer to:
A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant...
A photocopier cost $96,000 when new and has accumulated depreciation of $95,000. If the business discards...
A photocopier cost $96,000 when new and has accumulated depreciation of $95,000. If the business discards this plant asset, the result is O A. a gain of $1,000 O B. a loss of $95,000 O c. a loss of $1,000 O D. no gain or no loss A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant asset OB. is no longer reported on the balance sheet O c. can no longer be used...
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is...
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 46,000 barrels of oil during the year? All 46,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 271,860 271,860 271,860 271,860 O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil...
O'Keith Company purchased a mine on January 1, 2018, for $500,000. The mine is estimated to...
O'Keith Company purchased a mine on January 1, 2018, for $500,000. The mine is estimated to contain 38,000 tons of iron ore. There is no residual value. The business extracted and sold 12,500 tons of ore in 2018 and 5,800 tons of ore in 2019. What is the book value of the mine at the end of 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O A. $500,000 O B. $259,172...
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000....
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000. There is no overtime pay. Based on Vincent's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Vincent had $21,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Vincent Sanders for the month of August. (Record debits first, then credits....
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal....
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
An asset has a cost of $60,000 with a residual value of $10,000. It has a life of 5 years and was p...
An asset has a cost of $60,000 with a residual value of $10,000. It has a life of 5 years and was purchased on January 1. Its fourth full year of depreciation expense under double-declining - balance will be: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $8,640 OB. $0. O C. $5,184 OD. $2,960. A company purchased a computer system on March 1. Its cost was $45,000, and it...
Just want to double check my answers. and it its wrong, which one is the corrwcr...
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...
4. Simmons guarantees its vacuums for three years. Prior experience indicates that warranty costs will be...
4. Simmons guarantees its vacuums for three years. Prior experience indicates that warranty costs will be approximately 7% of sales. Assume that Simmons made sales totaling $190,000 during 2018. Record the warranty expense for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit This Question: 4 pts < 14 of 41 (6 complete) ► Which of the following is paid by the employer only?...
FIFO tends to increase cost of goods sold when: O A. costs are declining O B....
FIFO tends to increase cost of goods sold when: O A. costs are declining O B. costs are constant O C. costs are increasing OD. FIFO will always yield the lowest possible cost of goods sold If ending inventory on December 31, 2016, is overstated, then O A. gross margin for the year ended December 31, 2016, will be understated OB. cost of goods sold for the year ended December 31, 2016, will be overstated O c. gross margin for...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 272,600 272,600 272,600 272,600 O A. Depletion Expense - Oil Reserve Oil Revenue O B. Cost of...
A photocopier cost $96,000 when new and has accumulated depreciation of $95,000. If the business discards this plant asset, the result is O A. a gain of $1,000 O B. a loss of $95,000 O c. a loss of $1,000 O D. no gain or no loss A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant asset OB. is no longer reported on the balance sheet O c. can no longer be used...
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 46,000 barrels of oil during the year? All 46,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 271,860 271,860 271,860 271,860 O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil...
O'Keith Company purchased a mine on January 1, 2018, for $500,000. The mine is estimated to contain 38,000 tons of iron ore. There is no residual value. The business extracted and sold 12,500 tons of ore in 2018 and 5,800 tons of ore in 2019. What is the book value of the mine at the end of 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O A. $500,000 O B. $259,172...
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000. There is no overtime pay. Based on Vincent's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Vincent had $21,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Vincent Sanders for the month of August. (Record debits first, then credits....
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
An asset has a cost of $60,000 with a residual value of $10,000. It has a life of 5 years and was purchased on January 1. Its fourth full year of depreciation expense under double-declining - balance will be: (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $8,640 OB. $0. O C. $5,184 OD. $2,960. A company purchased a computer system on March 1. Its cost was $45,000, and it...
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...
4. Simmons guarantees its vacuums for three years. Prior experience indicates that warranty costs will be approximately 7% of sales. Assume that Simmons made sales totaling $190,000 during 2018. Record the warranty expense for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit This Question: 4 pts < 14 of 41 (6 complete) ► Which of the following is paid by the employer only?...
FIFO tends to increase cost of goods sold when: O A. costs are declining O B. costs are constant O C. costs are increasing OD. FIFO will always yield the lowest possible cost of goods sold If ending inventory on December 31, 2016, is overstated, then O A. gross margin for the year ended December 31, 2016, will be understated OB. cost of goods sold for the year ended December 31, 2016, will be overstated O c. gross margin for...
An oil well cost $2,030,000 and is calculated to hold 350,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 47,000 barrels of oil during the year? All 47,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 272,600 272,600 272,600 272,600 O A. Depletion Expense - Oil Reserve Oil Revenue O B. Cost of...
Most questions answered within 3 hours.
-
How much must I invest today if I want to withdraw 1/3 of my
original investment...
asked 1 hour ago -
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 2 hours ago -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 3 hours ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 3 hours ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 3 hours ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 3 hours ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 3 hours ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 3 hours ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 4 hours ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 4 hours ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 4 hours ago -
Draw the condensed structural formula for alkenes and alkynes or
the line-angle structural formula for cycloalkenes...
asked 4 hours ago