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
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