Question

11. Which of the following would appear on the balance sheet as a current liability? a. A probable loss in the amount of $4 million from a pending lawsuit. b. A possible loss in the amount of S4 million from a pending lawsuit. c. A probable loss from a pending lawsuit, the amount of which is not yet determinable. d. A lawsuit for $4 million for which the likelihood of loss is remote. - 12. Unemployment taxes are paid by a. the employer. b. the employee c. both a and b. d. neither a nor b. Falling Leaves Lawn Care This company purchased new excavating equipment at the beginning of 2019. The equipment has a cost of $37,000, an estimated life of 5 years, and an estimated residual value of $7,000. A full year's depreciation expense is to be recorded in 2019. The equipment was used 20,000 hours during 2019 and 24,000 hours during 2020. The number of expected hours over 5 years is 100,000. 13. Refer to Falling Leaves Lawn Care. What is the amount by which double-declining-balance depreciation exceeds straight-line depreciation over the entire 5-year life of the equipment? a. S -0- b. $ 7,000 c. $37,000 d. $ 6,000 Fireworks City Information for 2020 and 2019 is presented below for this company which uses the straight-line depreciation method 2020 2019 Property, plant and equipment $ 250,000 $190.000 Accumulated depreciation 100,000 85,000 Depreciation expense 62,500 47,500 Net sales 1,000,000 900,000 Total assets 625,000 475,000 14. Refer to Fireworks City. Using the data for 2020, determine the average age of the company's property, plant, and equipment a. 1.60 years b. 2.50 years c. 4.00 years d. 10.00 years

Answer 1

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11.

A. The probable lossin the amount of $4 million from pending law suit.