Homework Answers
1 - A
Land value is included in the property,plant,equipment but does not decline in service potential.
2 - C
Accumulated Depreciation represents The amount of a long-term asset's cost that has been allocated to depreciation expense since the time that the asset was acquired.
3 - A
The goal of companyvin selecting appropriate depreciation is the allocation of an asset's cost over its useful life.
4 - C
The book value of an asset at the end of its useful life after providing for depreciation is called Solvage value of an asset.
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(26 points) PARTL MULT Instructions: Designate the best answer for each of the following questions. 1....
22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the...
22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the operation of business that have a useful life of less than one accounting period. C) Current assets. D) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business. E) Intangible assets used in the operations of a business that have a useful life of more than one accounting period. 23) Salvage value...
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000....
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 3 will be: $18.360 O $21,600 $32,400 $90,000 $27.540 Lomax Enterprises purchased a depreciable asset for $22.500 on March 1, Year 1 The asset will be depreciated...
Instructions: Designate the best answer for each of the following questions. - 1. "GAAP" refers to...
Instructions: Designate the best answer for each of the following questions. - 1. "GAAP" refers to a. General Accounting and Auditing Principles. b. Guidelines for American Accounting Procedures. c. General Association of Accounting Practitioners. d. None of these answer choices are correct. 2. The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the a. historical cost principle. b. monetary unit assumption. c. economic entity assumption. d. both...
Blueprint Connection: Depreciation Methods Depreciation is the process of allocating the cost of an asset to...
Blueprint Connection: Depreciation Methods Depreciation is the process of allocating the cost of an asset to expense over the asset's estimated useful life. The amount depreciated is the cost of the asset less the asset's expected residual value. depreciation method allocates larger amounts of depreciation expense to earlier periods of an asset's life and smaller amounts of depreciation expense to later periods of an asset's life. depreciation allocates an equal amount of the asset's cost to depreciation expense for each...
Which of the following statements is false? Once you select a depreciation method, then you must...
Which of the following statements is false? Once you select a depreciation method, then you must use this method for all depreciable assets. The balance in the accumulated depreciation account will be the same at the end of an asset's useful life under all the methods allowed under GAAP. The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under GAAP. The annual depreciation expense and year-end book values...
Peavey Enterprises purchased a depreciable asset for $32,000 on April 1, Year 1. The asset will...
Peavey Enterprises purchased a depreciable asset for $32,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $4,000, what will be the amount of accumulated depreciation on this asset on December 31, Year 3? Multiple Choice $19,250 $5,833 $5,833 $7,000 $23,333
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
Use the following information for questions 21 through 24. On January 2, 2018, Indian River Groves began construction of...
Use the following information for questions 21 through 24. On January 2, 2018, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2019. Expenditures for the construction were as follows: January 2, 2018 £200,000 September 1, 2018 600,000 December 31, 2018 600,000 March 31, 2019 600,000 September 30, 2019 400,000 Indian River Groves borrowed £1,100,000 on a construction loan at 12% interest on January 2, 2018....
please help with these accounting questions! Styles Styles Pane Sens A I U 1. The Accumulated...
please help with these accounting questions!
Styles Styles Pane Sens A I U 1. The Accumulated Depreciation account represents a cash fund available to replace plant assets. A) True B) False 2. Using the units-of-activity method of depreciating factoryy equipment will generally result in more depreciation expense being recorded over the life of the asset than if the straight-line method had been used. A) True B) False 3. Additions and improvements to a plant asset that increase the asset's operating...
please help with these accouting questions! Pane 22. The following information is provided for Nguyen Company...
please help with these accouting questions!
Pane 22. The following information is provided for Nguyen Company and Northwest Corporation. (in S millions) Net income 2017 Nguyen Company $165 1,650 1,000 Northwest Corporation $420 4,900 2,400 3,000 4,000 Net sales 2017 Total assets 12/31/15 Total assets 12/31/16 Total assets 12/31/17 What is Northwest's return on assets for 2017? A) 15.6% B) 10.5% C) 14.0% D) 12.0% 1,050 1,150 23. A company purchased factory equipment for $450,000. It is estimated that the...
22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the operation of business that have a useful life of less than one accounting period. C) Current assets. D) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business. E) Intangible assets used in the operations of a business that have a useful life of more than one accounting period. 23) Salvage value...
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 3 will be: $18.360 O $21,600 $32,400 $90,000 $27.540 Lomax Enterprises purchased a depreciable asset for $22.500 on March 1, Year 1 The asset will be depreciated...
Instructions: Designate the best answer for each of the following questions. - 1. "GAAP" refers to a. General Accounting and Auditing Principles. b. Guidelines for American Accounting Procedures. c. General Association of Accounting Practitioners. d. None of these answer choices are correct. 2. The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the a. historical cost principle. b. monetary unit assumption. c. economic entity assumption. d. both...
Blueprint Connection: Depreciation Methods Depreciation is the process of allocating the cost of an asset to expense over the asset's estimated useful life. The amount depreciated is the cost of the asset less the asset's expected residual value. depreciation method allocates larger amounts of depreciation expense to earlier periods of an asset's life and smaller amounts of depreciation expense to later periods of an asset's life. depreciation allocates an equal amount of the asset's cost to depreciation expense for each...
Which of the following statements is false? Once you select a depreciation method, then you must use this method for all depreciable assets. The balance in the accumulated depreciation account will be the same at the end of an asset's useful life under all the methods allowed under GAAP. The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under GAAP. The annual depreciation expense and year-end book values...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
please help with these accounting questions!
Styles Styles Pane Sens A I U 1. The Accumulated Depreciation account represents a cash fund available to replace plant assets. A) True B) False 2. Using the units-of-activity method of depreciating factoryy equipment will generally result in more depreciation expense being recorded over the life of the asset than if the straight-line method had been used. A) True B) False 3. Additions and improvements to a plant asset that increase the asset's operating...
please help with these accouting questions!
Pane 22. The following information is provided for Nguyen Company and Northwest Corporation. (in S millions) Net income 2017 Nguyen Company $165 1,650 1,000 Northwest Corporation $420 4,900 2,400 3,000 4,000 Net sales 2017 Total assets 12/31/15 Total assets 12/31/16 Total assets 12/31/17 What is Northwest's return on assets for 2017? A) 15.6% B) 10.5% C) 14.0% D) 12.0% 1,050 1,150 23. A company purchased factory equipment for $450,000. It is estimated that the...
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