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This Question: 2 pts 14 of 33 (12 complete) This Test: 66 pts possible Question Help...
This Question: 2 pts 35 of 50 (33 complete) This Test: 100 pts possible 3 Question...
This Question: 2 pts 35 of 50 (33 complete) This Test: 100 pts possible 3 Question Help An asset was purchased for $34,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $19,000 on December 31, 2019, the last day of the accounting period. O A. $9,000 gain OB. $9,000 loss OC. $4,500...
This Question: 1 pt 2 of 12 (1 complete) This Test: 12 pts possil The cost...
This Question: 1 pt 2 of 12 (1 complete) This Test: 12 pts possil The cost of an asset is $1,060,000, and its residual value is $240,000. Estimated useful life of the asset is five years. Calculate depreciation for the first year using the double - declining - balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar) O A. $212,000 OB. $328,000 OC. $164,000 OD. $424.000
This Test: 74 pts possible 33 of 37 (31 complete) This Question: 2 pts Question Help...
This Test: 74 pts possible 33 of 37 (31 complete) This Question: 2 pts Question Help $300,000 of 10%, 20- year bonds were sold for $325,000 on January 1. The bonds require semiannual interest payments on June 30 and December 31. The entry to record the June 30 interest payment on the bonds would be to: (Round your final answer to the nearest dollar.) A. debit Interest Expense $15,000; credit Cash, $15,000. B. debit Interest Expense $14,375; debit Premium on...
Renoir associates purchased a vehicle for $64,000, with an estimated useful life of 8 years and...
Renoir associates purchased a vehicle for $64,000, with an estimated useful life of 8 years and a salvage value of $10,000. The company uses the double-declining - balance method of depreciation, however, after year 3 they switch to the straight-line method. There is no change to the estimated useful life or salvage value. What is the accumulated depreciation balance at the end of year 5? (Round any intermediary calculations to the nearest cent and your final answer to the nearest...
This Question: 2 pts 11 of 17 (10 complete) This Test: 34 pts possible Question Help...
This Question: 2 pts 11 of 17 (10 complete) This Test: 34 pts possible Question Help If total assets are $8,000, what is the common - size figure of Cash, assuming that Cash has a balance of $3,000? (Round your final answer to the nearest percentage.) O A. 38% OB. 63% O c. 267% OD. 100%
This Question: 2 pts 2 of 17 (1 complete) This Test: 34 pts possible Question Help...
This Question: 2 pts 2 of 17 (1 complete) This Test: 34 pts possible Question Help Cheshire, Inc. has a cash balance of $79,000; short-term investments of $19,000; net receivables of $61,000; and inventory of $470.000. Current liabilities total $200,000. What is Cheshire's current ratio? (Round your final answer to two decimal places.) O A. 2.84 to 1 OB. 3.15 to 1 OC. 0.80 to 1 OD. 0.70 to 1
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000....
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000. The machine had an estimated useful life of ten years! estimated salvage value of $12.000. The machine had $27.600 accumulated depreciation at December 31, 2019. In 2020, the company determined that due to technological changes, the machine will have six years estimated life remaining at January 1, 2020 and will not have a salvage value at the end of its estimated useful life. The...
Roberto, Inc. purchased a truck on January 1, 2016, for $96,000. At that time, the truck's...
Roberto, Inc. purchased a truck on January 1, 2016, for $96,000. At that time, the truck's useful life was an estimated s with no salvage value. Before the entry to record 2019 depreciation was made, the truck's estimated useful life was changed to six years with a $1,800 salvage value. Using straight-line deprecation, what is the 2019 depreciation expense? O A $12,000 B.$ 2,700 OC. $ 6,000 OD. $ 7,400 QUESTION 34 2 po At what amount will accounts receivable...
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...
Lorenzo Corporation purchased equipment on January 1, 2019 for $600,000. The equipment had an estimated useful...
Lorenzo Corporation purchased equipment on January 1, 2019 for $600,000. The equipment had an estimated useful life of 5 years and an estimated salvage value of $40,000. After using the equipment for 2 years, the company determined that the equipment could be used for an additional 6 years and have a salvage value of $8,000. Assuming Lorenzo Corporation uses straight-line depreciation, compute depreciation expense for the year ending December 31, 2021. (Round your final answer to the nearest dollar.) O...
This Question: 2 pts 35 of 50 (33 complete) This Test: 100 pts possible 3 Question Help An asset was purchased for $34,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $19,000 on December 31, 2019, the last day of the accounting period. O A. $9,000 gain OB. $9,000 loss OC. $4,500...
This Question: 1 pt 2 of 12 (1 complete) This Test: 12 pts possil The cost of an asset is $1,060,000, and its residual value is $240,000. Estimated useful life of the asset is five years. Calculate depreciation for the first year using the double - declining - balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar) O A. $212,000 OB. $328,000 OC. $164,000 OD. $424.000
This Test: 74 pts possible 33 of 37 (31 complete) This Question: 2 pts Question Help $300,000 of 10%, 20- year bonds were sold for $325,000 on January 1. The bonds require semiannual interest payments on June 30 and December 31. The entry to record the June 30 interest payment on the bonds would be to: (Round your final answer to the nearest dollar.) A. debit Interest Expense $15,000; credit Cash, $15,000. B. debit Interest Expense $14,375; debit Premium on...
Renoir associates purchased a vehicle for $64,000, with an estimated useful life of 8 years and a salvage value of $10,000. The company uses the double-declining - balance method of depreciation, however, after year 3 they switch to the straight-line method. There is no change to the estimated useful life or salvage value. What is the accumulated depreciation balance at the end of year 5? (Round any intermediary calculations to the nearest cent and your final answer to the nearest...
This Question: 2 pts 11 of 17 (10 complete) This Test: 34 pts possible Question Help If total assets are $8,000, what is the common - size figure of Cash, assuming that Cash has a balance of $3,000? (Round your final answer to the nearest percentage.) O A. 38% OB. 63% O c. 267% OD. 100%
This Question: 2 pts 2 of 17 (1 complete) This Test: 34 pts possible Question Help Cheshire, Inc. has a cash balance of $79,000; short-term investments of $19,000; net receivables of $61,000; and inventory of $470.000. Current liabilities total $200,000. What is Cheshire's current ratio? (Round your final answer to two decimal places.) O A. 2.84 to 1 OB. 3.15 to 1 OC. 0.80 to 1 OD. 0.70 to 1
2 pts Question 23 On January 1, 2018, the Transition Company purchased a machine for $150,000. The machine had an estimated useful life of ten years! estimated salvage value of $12.000. The machine had $27.600 accumulated depreciation at December 31, 2019. In 2020, the company determined that due to technological changes, the machine will have six years estimated life remaining at January 1, 2020 and will not have a salvage value at the end of its estimated useful life. The...
Roberto, Inc. purchased a truck on January 1, 2016, for $96,000. At that time, the truck's useful life was an estimated s with no salvage value. Before the entry to record 2019 depreciation was made, the truck's estimated useful life was changed to six years with a $1,800 salvage value. Using straight-line deprecation, what is the 2019 depreciation expense? O A $12,000 B.$ 2,700 OC. $ 6,000 OD. $ 7,400 QUESTION 34 2 po At what amount will accounts receivable...
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...
Lorenzo Corporation purchased equipment on January 1, 2019 for $600,000. The equipment had an estimated useful life of 5 years and an estimated salvage value of $40,000. After using the equipment for 2 years, the company determined that the equipment could be used for an additional 6 years and have a salvage value of $8,000. Assuming Lorenzo Corporation uses straight-line depreciation, compute depreciation expense for the year ending December 31, 2021. (Round your final answer to the nearest dollar.) O...
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