18. The reduction in the ability of a fixed asset to provide service over time is...
18. The reduction in the ability of a fixed asset to provide service over time is called: a. accumulation. b. consolidation. c. deferral recognition. d. depreciation.
Homework Answers
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Answer ) option D Depreciation Periodic expensing of cost which is long term fixed asset which
reflects use of the asset during the period caused by: |
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18. The reduction in the ability of a fixed asset to provide
service over time is...
PART3. A good fixed asset system will provide for quick and efficient asset entry at the time of purchase, accurate...
PART3. A good fixed asset system will provide for quick and efficient asset entry at the time of purchase, accurate tracking, customized depreciation calculations, and user-friendly reports for quick analysis. Required: Illustratethe features of a good fixed asset system. (5 marks)
12) asset investment of $1.0 million. The fixed asset will be depreciated straight-line to zero over...
12) asset investment of $1.0 million. The fixed asset will be depreciated straight-line to zero over its four-year tax life, after which time it will have a zero market value. The project is estimated to generate S1500,000 in annual sales, with costs of $1,200,000. The tax rate is 40 percent and the required return for the project is 10 percent. What is the net present value? StarShine is considering a new four-year expansion project that requires an initial fixed A)...
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...
0 of Monthly, the foxed asset accountant generates the Fixed Asset Roll-forward from the Fixed Assot...
0 of Monthly, the foxed asset accountant generates the Fixed Asset Roll-forward from the Fixed Assot System (FAS) The Fxed Asset Ro- forward inchudes the following Fixed asset Il. Gross fixed assets Ill. Accumulated d at the beginning of the month balance at the end of the month recorded in FAS to the general ledgor at month-end Which of the above data elements s most relevant to reconciling the ending food asset balance to the balance sheet accounts the general...
(a) Comment on the validity of the following statement: “As an asset loses its ability to provide services, cash needs t...
(a) Comment on the validity of the following statement: “As an asset loses its ability to provide services, cash needs to be set aside to replace it. Depreciation accomplishes this goal.” (limit 120 words) (5 marks) (b) How is it possible for a company to suffer a net loss for a given year, yet produce a positive net cash flow from operating activities? (limit 120 words) (5 marks) (c) Describe the major purpose of a fully classified balance sheet and...
Text Mom, Inc. is considering a new five-year expansion project that requires an initial fixed asset...
Text Mom, Inc. is considering a new five-year expansion project that requires an initial fixed asset investment of $5,000,000. The fixed asset will be depreciated straight-line to zero over the project's life, after which time it will be worthless. No bonus depreciation will be taken. The project is estimated to generate $4,000,000 in annual sales, with costs of $2,000,000. The tax rate is 24 percent. What is the annual operating cash flow for this project? A) 51.760.000 B) $2,000,000 C)...
A taxpayer places a $1,050,000 5-year recovery period asset in service in 2019. This is the...
A taxpayer places a $1,050,000 5-year recovery period asset in service in 2019. This is the only asset placed in service in 2019. Assuming half-year convention, an election to expense under Section 179, and no income limitation, what is the amount of total cost recovery deduction (no bonus depreciation)? a. $1,000,000 b. $200,000 c. $1,050,000 d. $1,026,000 e. $210,000 An asset (not an automobile) put in service in June 2019 has a depreciable basis of $35,000 and a recovery period...
The expected average rate of return for a proposed investment of $4,150,000 in a fixed asset,...
The expected average rate of return for a proposed investment of $4,150,000 in a fixed asset, using straight-line depreciation, a useful life of 20 years, no residual value, and an expected total income of $8,300,000 over the 20 years, is (round to two decimal places) a.40.00% b.20.00% c.10.00% d.1.00%
LO5-9 Concept Check: Revenue Recognition Over Time Robertson Construction entered into a contract to construct a...
LO5-9 Concept Check: Revenue Recognition Over Time Robertson Construction entered into a contract to construct a tunnel for a fixed price of $12,000,000. Robertson recognizes revenue over time according to percentage of completion. Here are some facts: Estimated Additional Cost to Complete $6,000,000 2,000,000 Cost incurred $ 3,000,000 5,000,000 2,500,000 2021 2022 2023 How much revenue would Robertson recognize in 2021? a. $4,000,000 b. $5,000,000 $6,000,000 d. $12,000,000 LO5-9 Concept Check: Revenue Recognition Robertson Construction entered into a contract to...
XYZ borrows $500,000 for 2 years at 8% with semi-annual fixed principal is of $125,000. Round...
XYZ borrows $500,000 for 2 years at 8% with semi-annual fixed principal is of $125,000. Round your answers to the nearest dollar. uments Complete the fixed principal plus interest installment schedule (20 marks) Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance 3 Total 2. Prepare the journal entry to receive the loan (4 marks) 3. Prepare the journal entry to record interest period 3's loan payment (6 marks) TERM 5 X1 point): 5 points Match the term...
PART3. A good fixed asset system will provide for quick and efficient asset entry at the time of purchase, accurate tracking, customized depreciation calculations, and user-friendly reports for quick analysis. Required: Illustratethe features of a good fixed asset system. (5 marks)
12) asset investment of $1.0 million. The fixed asset will be depreciated straight-line to zero over its four-year tax life, after which time it will have a zero market value. The project is estimated to generate S1500,000 in annual sales, with costs of $1,200,000. The tax rate is 40 percent and the required return for the project is 10 percent. What is the net present value? StarShine is considering a new four-year expansion project that requires an initial fixed A)...
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...
0 of Monthly, the foxed asset accountant generates the Fixed Asset Roll-forward from the Fixed Assot System (FAS) The Fxed Asset Ro- forward inchudes the following Fixed asset Il. Gross fixed assets Ill. Accumulated d at the beginning of the month balance at the end of the month recorded in FAS to the general ledgor at month-end Which of the above data elements s most relevant to reconciling the ending food asset balance to the balance sheet accounts the general...
Text Mom, Inc. is considering a new five-year expansion project that requires an initial fixed asset investment of $5,000,000. The fixed asset will be depreciated straight-line to zero over the project's life, after which time it will be worthless. No bonus depreciation will be taken. The project is estimated to generate $4,000,000 in annual sales, with costs of $2,000,000. The tax rate is 24 percent. What is the annual operating cash flow for this project? A) 51.760.000 B) $2,000,000 C)...
LO5-9 Concept Check: Revenue Recognition Over Time Robertson Construction entered into a contract to construct a tunnel for a fixed price of $12,000,000. Robertson recognizes revenue over time according to percentage of completion. Here are some facts: Estimated Additional Cost to Complete $6,000,000 2,000,000 Cost incurred $ 3,000,000 5,000,000 2,500,000 2021 2022 2023 How much revenue would Robertson recognize in 2021? a. $4,000,000 b. $5,000,000 $6,000,000 d. $12,000,000 LO5-9 Concept Check: Revenue Recognition Robertson Construction entered into a contract to...
XYZ borrows $500,000 for 2 years at 8% with semi-annual fixed principal is of $125,000. Round your answers to the nearest dollar. uments Complete the fixed principal plus interest installment schedule (20 marks) Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance 3 Total 2. Prepare the journal entry to receive the loan (4 marks) 3. Prepare the journal entry to record interest period 3's loan payment (6 marks) TERM 5 X1 point): 5 points Match the term...
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