23. Additions and improvements are costs incurred to increase the operating efficiency, productive capacity, or expected...
23. Additions and improvements are costs incurred to increase the operating efficiency, productive capacity, or expected useful life and are referred to as _________________.
24. A _____________ decline in the market value of an asset is referred to as an impairment.
25. If disposal of a plant asset occurs at any time during the year, ___________________ for the fraction of the year to the date of disposal must be recorded.
26. If the proceeds from the sale of a plant asset exceed its ______________, a gain on disposal will occur.
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23. Additions and improvements are
costs incurred to increase the operating efficiency, productive
capacity, or expected...
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...
Stanley Corp. incurred the following costs to accquire land, make land improvements, construct a Warehouse and...
Stanley Corp. incurred the following costs to accquire land, make land improvements, construct a Warehouse and purchase equipment to start operating its sporting goods business. Line 1 Cost of land 300,000 2 Attorney’s fee, land acquisition 15,000 3 Architect’s fee, building design 35,000 4 Accrued Taxes on Land 2,500 5 Construction cost of Building 975,000 6 Annual Salary of staff who supervised the construction of the building for six months 80,000 7 Interest charges on loan for building paid during...
23. What is the formula to compute the book value of an asset? A. The fair...
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please , help with these exercises . thanks repare general journal entries for the transactions. (Round...
please , help with these exercises . thanks
repare general journal entries for the transactions. (Round to t to acquis come statem Durile 1. Land sile E10-23 (L05) (Analysis of Subsequent Expendare is important that they be accounted for properly. Any analysis of Subsequent Expenditures) Plant assets often require expec accounted for properly. Any errors will affect both the balance sheera real estate ag were recover number of years the land val at a cost of Instructions in the for...
24. Over the course of the life of a fixed asset a. Accumulated Depreciation will increase...
24. Over the course of the life of a fixed asset a. Accumulated Depreciation will increase but not exceed depreciable cost. b. book value will decrease but not fall below residual value. c. book value may or may not approximate replacement cost. d. all of the above are correct. 25. During the current year, Gardner Home Center sold 800 power washers for $350 each. The power washers carry a 2-year warranty for repairs. Estimates indicate that repair costs will average...
The cash flow statement reports the cash purchases for property, plant and equipment. How much did...
The cash flow statement
reports the cash purchases for property, plant and equipment. How
much did the company purchase and sell?
Property, Plant and Equipment Property, plant and equipment, which includes assets under capital leases, are carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use, including internal labor and overhead in some cases. Depreciation is computed using the straight-line method over estimated useful lives of the assets, generally ranging from...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, durmg which the machine was used 5,000 hours? A) 890,000 B) S160,000 C) S150,000 D) S130,000 39. Intangible assets include each of the following except A) goodwill. B) patents. C) copyrights. D)...
Please show the functions that are required as well as what to enter into each function to get the correct output. excel is preferred over hand written. 4 ABC Manufacturing expects to sell 1,025 u...
Please show the functions that are required as well as what to
enter into each function to get the correct output. excel is
preferred over hand written.
4 ABC Manufacturing expects to sell 1,025 units of product in 2019 at an average price of S100,000 per unit based on current demand The Chief Marketing Officer forecasts growth of 50 units per year through 2023. So, the demand will be 1,025 units in 2019, 1,075 units n 2020, etc. and the...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2 points O True False 2 points Factors that cause the bank statement balance of a chequing account to be different from the business chequing account balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. * True O False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as...
The use of internal controls provides guaranteed protection against losses due to operating activities. True False...
The use of internal controls provides guaranteed protection against losses due to operating activities. True False Factors that cause the bank statement balance of a chgawineaccount to be different from the business cRRHeaccount balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. True False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to...
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...
23. What is the formula to compute the book value of an asset? A. The fair value of the asset if the asset is sold. B. The cost of the asset less its accumulated depreciation C. The cost of the asset minus the asset's residual value. D. The cost at which the asset was purchased 24. Crestview Estates purchased a tractor on January 1, 2018, for $65,000. The tractor's useful life is estimated to be 10 years and has a...
please , help with these exercises . thanks
repare general journal entries for the transactions. (Round to t to acquis come statem Durile 1. Land sile E10-23 (L05) (Analysis of Subsequent Expendare is important that they be accounted for properly. Any analysis of Subsequent Expenditures) Plant assets often require expec accounted for properly. Any errors will affect both the balance sheera real estate ag were recover number of years the land val at a cost of Instructions in the for...
24. Over the course of the life of a fixed asset a. Accumulated Depreciation will increase but not exceed depreciable cost. b. book value will decrease but not fall below residual value. c. book value may or may not approximate replacement cost. d. all of the above are correct. 25. During the current year, Gardner Home Center sold 800 power washers for $350 each. The power washers carry a 2-year warranty for repairs. Estimates indicate that repair costs will average...
The cash flow statement
reports the cash purchases for property, plant and equipment. How
much did the company purchase and sell?
Property, Plant and Equipment Property, plant and equipment, which includes assets under capital leases, are carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use, including internal labor and overhead in some cases. Depreciation is computed using the straight-line method over estimated useful lives of the assets, generally ranging from...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, durmg which the machine was used 5,000 hours? A) 890,000 B) S160,000 C) S150,000 D) S130,000 39. Intangible assets include each of the following except A) goodwill. B) patents. C) copyrights. D)...
Please show the functions that are required as well as what to
enter into each function to get the correct output. excel is
preferred over hand written.
4 ABC Manufacturing expects to sell 1,025 units of product in 2019 at an average price of S100,000 per unit based on current demand The Chief Marketing Officer forecasts growth of 50 units per year through 2023. So, the demand will be 1,025 units in 2019, 1,075 units n 2020, etc. and the...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2 points O True False 2 points Factors that cause the bank statement balance of a chequing account to be different from the business chequing account balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. * True O False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as...
The use of internal controls provides guaranteed protection against losses due to operating activities. True False Factors that cause the bank statement balance of a chgawineaccount to be different from the business cRRHeaccount balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. True False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to...
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