Homework Answers
1.
| Cost of photocopier | $ 96,000 |
| Less: Accumulated depreciation | $ (95,000) |
| Loss on discard | $ 1,000 |
Answer is C. Loss of $1,000
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A photocopier cost $96,000 when new and has accumulated depreciation of $95,000. If the business discards...
A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant...
A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant asset OB. is no longer reported on the balance sheet O c. can no longer be used in the business OD. is removed from the accounting records Masonry Construction Group paid $9,000 for a plant asset that had a market value of $9,500. At which of the following amounts should the plant asset be recorded? O A. $9,500 O B. $9,000 O c. $18,000...
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is...
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 46,000 barrels of oil during the year? All 46,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 271,860 271,860 271,860 271,860 O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil...
QUESTION 18 A photocopier cost $104,000 when new and has accumulated depreciation of $95,000. If the...
QUESTION 18 A photocopier cost $104,000 when new and has accumulated depreciation of $95,000. If the business discards this plant asset, the result is again of $9000 a loss of $9000 • a loss of $95.000 no gain or no loss QUESTION 19 Social Security (FICA) tax is withheld from the employees' pay and matched by the employer. True False financial statemente
O'Keith Company purchased a mine on January 1, 2018, for $500,000. The mine is estimated to...
O'Keith Company purchased a mine on January 1, 2018, for $500,000. The mine is estimated to contain 38,000 tons of iron ore. There is no residual value. The business extracted and sold 12,500 tons of ore in 2018 and 5,800 tons of ore in 2019. What is the book value of the mine at the end of 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O A. $500,000 O B. $259,172...
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal....
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000....
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000. There is no overtime pay. Based on Vincent's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Vincent had $21,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Vincent Sanders for the month of August. (Record debits first, then credits....
Just want to double check my answers. and it its wrong, which one is the corrwcr...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
Venezuela Co. is building a new hockey arena at a cost of $2,500,000. It received a...
Venezuela Co. is building a new hockey arena at a cost of
$2,500,000. It received a downpayment of $500,000 from local
businesses to support the project, and now needs to borrow
$2,000,000 to complete the project. It therefore decides to issue
$2,000,000 of 10.5%, 10-year bonds. These bonds were issued on
January 1, 2019, and pay interest annually on each January 1. The
bonds yield 10%.
List Of Accounts
Accumulated Depreciation-Equipment
Accumulated Depreciation-Machinery
Accumulated Depreciation-Plant and Equipment
Allowance for Doubtful...
> nase a new catering van for the business D K ABC F H 1 1...
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I need answers for my reviewer. 1. The time period assumption assumes that an organization's activities...
I need answers for my reviewer.
1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B Quarters C. Calendar years. D. Days 2. The 12-month period that ends when a company's sales activities are at their lowest level is called the A Fiscal year. B Calendar year. C. Natural business year. D. Accounting period 3. Courtney Company purchased equipment on November 1, 2018 and...
A fully depreciated plant asset O A. can be discarded, sold, or exchanged for another plant asset OB. is no longer reported on the balance sheet O c. can no longer be used in the business OD. is removed from the accounting records Masonry Construction Group paid $9,000 for a plant asset that had a market value of $9,500. At which of the following amounts should the plant asset be recorded? O A. $9,500 O B. $9,000 O c. $18,000...
An oil well cost $2,010,000 and is calculated to hold 340,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 46,000 barrels of oil during the year? All 46,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 271,860 271,860 271,860 271,860 O A. Cost of Goods Sold - Oil Reserve Accumulated Depletion - Oil...
QUESTION 18 A photocopier cost $104,000 when new and has accumulated depreciation of $95,000. If the business discards this plant asset, the result is again of $9000 a loss of $9000 • a loss of $95.000 no gain or no loss QUESTION 19 Social Security (FICA) tax is withheld from the employees' pay and matched by the employer. True False financial statemente
O'Keith Company purchased a mine on January 1, 2018, for $500,000. The mine is estimated to contain 38,000 tons of iron ore. There is no residual value. The business extracted and sold 12,500 tons of ore in 2018 and 5,800 tons of ore in 2019. What is the book value of the mine at the end of 2019? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O A. $500,000 O B. $259,172...
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
3. Vincent Sanders works for Peterson Company all year and earns a monthly salary of $3,000. There is no overtime pay. Based on Vincent's W-4, Peterson withholds income taxes at 10% of his gross pay. As of July 31, Vincent had $21,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Journalize the accrual of salary expense for Peterson Company related to the employment of Vincent Sanders for the month of August. (Record debits first, then credits....
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
Venezuela Co. is building a new hockey arena at a cost of
$2,500,000. It received a downpayment of $500,000 from local
businesses to support the project, and now needs to borrow
$2,000,000 to complete the project. It therefore decides to issue
$2,000,000 of 10.5%, 10-year bonds. These bonds were issued on
January 1, 2019, and pay interest annually on each January 1. The
bonds yield 10%.
List Of Accounts
Accumulated Depreciation-Equipment
Accumulated Depreciation-Machinery
Accumulated Depreciation-Plant and Equipment
Allowance for Doubtful...
> nase a new catering van for the business D K ABC F H 1 1 AMAZING GRACE MVENT CATERING 2 LIST OF TRANSACTIONS 3 2020 4 5 The following is a list of transactions for 2020 for Amazing Grace Event Catering (Assume this is the first year of operations) 8 9 Ex. John and Jane Doe start a new business, Amazing Grace Event Catering a caterer. The first 10 transaction is the Does' personal investment of $10,000 in cash...
I need answers for my reviewer.
1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B Quarters C. Calendar years. D. Days 2. The 12-month period that ends when a company's sales activities are at their lowest level is called the A Fiscal year. B Calendar year. C. Natural business year. D. Accounting period 3. Courtney Company purchased equipment on November 1, 2018 and...
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