Homework Answers
The book value of an asset is equal to the assets cost less accumulated depreciation. Because
Book value = asset's original cost - depreciation
Book value of an asset is defined as the value of an asset in the book of records of a company.
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Question 1 The book value of an asset is equal to the asset's fair value less its historical cost. O blue book valu...
Question 1 The book value of an asset is equal to the asset's fair value less...
Question 1 The book value of an asset is equal to the asset's fair value less its historical cost. blue book value relied on by secondary markets. replacement cost of the asset. asset's cost less accumulated depreciation.
The total cost of an asset less its accumulated depreciation is called: Multiple Choice Ο Historical...
The total cost of an asset less its accumulated depreciation is called: Multiple Choice Ο Historical cost. Ο Book value. Ο Present value. Ο Current (market) value. Ο. Replacement cost.
The book value of an asset is the historical cost of the asset less the accumulated...
The book value of an asset is the historical cost of the asset less the accumulated depreciation. True False Question 11 ( 20 Points Petry Corp. is a growing company with sales of $1.25 million this year. The firm expects to grow at an annual rate of 25 percent for the next three years, followed by a growth of 20 percent per year for the next two years. What will be Petry's sales at the end of five years? (Round...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present value D) Current (market) value. E) Replacement cost. 14) A company purchased a delivery yan for $28.000 with a salvag ased a delivery van for $2.00 with a salvage value of $3,000 on September 1, Year 1. It ha Year 1. It has an estimated useful life of 5 years. Using the how much depreciation expense should the company roce...
please help with these accouting questions! IV ab X X APA 1 Styles Styles Pane Sensiti...
please help with these accouting questions!
IV ab X X APA 1 Styles Styles Pane Sensiti 7. Burke Company purchases land for $180,000 cash. Burke assumes $5,000 in property taxes due on the land. The title and attorney fees totaled $2,000. Burke has the land graded for $4,400. They paid $20,000 for paving of a parking lot. What amount does Burke record as the cost for the land? A) $186,400. B) $211,400 C) $191,400 D) $180,000. 8. Ramirez Company acquires...
Question 16 1 pts Once an asset is recorded on the books, its value always remains...
Question 16 1 pts Once an asset is recorded on the books, its value always remains at historical cost unless the Fair Market Value falls below HC, in which case the asset's book value is reduced to the lower FMV. True False Question 17 1 pts In an asset account, Debit always means increase. O True O False
23. What is the formula to compute the book value of an asset? A. The fair...
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...
1. The balance sheet reports the net value ( book value) of the equipment. The book...
1. The balance sheet reports the net value ( book value) of the equipment. The book value of the equipment is______________. Select one or more: a. The original cost of the asset b. The original cost of the asset less the depreciation cost of current year c. The original cost of the asset less its accumulated depreciation d. The accumulated depreciation on the asset 2.Goodwill is: Select one or more: a. Can be developed internally b. Need to be amortized...
Residual value is Multiple Choice The cost of an asset minus its accumulated depreciation An estimate...
Residual value is Multiple Choice The cost of an asset minus its accumulated depreciation An estimate of the asset's value at the end of its useful life All of these The same as an asset's service life O Another name for market value
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Sloan Company uses its...
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Sloan Company uses its own executive charter plane that originally cost $800,000. It has recorded straight line depreciation on the plane for six full years, with a $80,000 expected salvage value at the end of its estimated 10 year useful life. Sloan disposes of the plane at the end of the sixth year a. At the disposal date, what is the (1) accumulated depreciation and (2) net book...
Question 1 The book value of an asset is equal to the asset's fair value less its historical cost. blue book value relied on by secondary markets. replacement cost of the asset. asset's cost less accumulated depreciation.
The total cost of an asset less its accumulated depreciation is called: Multiple Choice Ο Historical cost. Ο Book value. Ο Present value. Ο Current (market) value. Ο. Replacement cost.
The book value of an asset is the historical cost of the asset less the accumulated depreciation. True False Question 11 ( 20 Points Petry Corp. is a growing company with sales of $1.25 million this year. The firm expects to grow at an annual rate of 25 percent for the next three years, followed by a growth of 20 percent per year for the next two years. What will be Petry's sales at the end of five years? (Round...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present value D) Current (market) value. E) Replacement cost. 14) A company purchased a delivery yan for $28.000 with a salvag ased a delivery van for $2.00 with a salvage value of $3,000 on September 1, Year 1. It ha Year 1. It has an estimated useful life of 5 years. Using the how much depreciation expense should the company roce...
please help with these accouting questions!
IV ab X X APA 1 Styles Styles Pane Sensiti 7. Burke Company purchases land for $180,000 cash. Burke assumes $5,000 in property taxes due on the land. The title and attorney fees totaled $2,000. Burke has the land graded for $4,400. They paid $20,000 for paving of a parking lot. What amount does Burke record as the cost for the land? A) $186,400. B) $211,400 C) $191,400 D) $180,000. 8. Ramirez Company acquires...
Question 16 1 pts Once an asset is recorded on the books, its value always remains at historical cost unless the Fair Market Value falls below HC, in which case the asset's book value is reduced to the lower FMV. True False Question 17 1 pts In an asset account, Debit always means increase. O True O False
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...
Residual value is Multiple Choice The cost of an asset minus its accumulated depreciation An estimate of the asset's value at the end of its useful life All of these The same as an asset's service life O Another name for market value
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Sloan Company uses its own executive charter plane that originally cost $800,000. It has recorded straight line depreciation on the plane for six full years, with a $80,000 expected salvage value at the end of its estimated 10 year useful life. Sloan disposes of the plane at the end of the sixth year a. At the disposal date, what is the (1) accumulated depreciation and (2) net book...
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