If an asset is lengthy lived and is used in a fertile manner in a business, it will certainly be classified as a(n)a. Expense.b. Investment.c. Solved asset.d. Intangible asset.
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Cardinal markets purchased a generator that cost $11,000. It has an estimated life of 5 years and a residual value of $1,000. The is approximated to be great for 5,000 hours. Compute the depreciation price for the second year utilizing the double-declining-balance an approach of depreciation.a. $1,000b. $2,000c. $2,640d. $4,400
Cardinal sectors purchased a generator that cost $11,000. It has an approximated life of five years and a residual worth of $1,000. That is estimated to be great for 5,000 hours. If depreciation is computed because that the an initial full year utilizing the straight-line technique of depreciation, which information is necessary for the calculation?a. $11,000 cost, 5,000-hour life, five-year life, and $1,000 salvage valueb. $11,000 cost, 5,000-hour life, and also $1,000 rescue valuec. $11,000 cost and also five-year lifed. $11,000 cost, five-year life, and $1,000 rescue value
Which the the complying with fixed legacy is no depreciated?a. Equipmentb. Buildingc. Landd. Nobody of these selections are correct.
Which that the complying with is not among the most typical depreciation methods?a. Straight-line methodb. Units-of-output methodc. Double-declining-balance methodd. Sum-of-the-years-digits method
A an equipment was purchased at a expense of $70,000. The tools had one estimated useful life of eight years and a residual value of $6,000. Assuming the equipment was sold at the end of Year 6 because that $14,000, identify the obtain or lose on the sale of the equipment. (Assume the straight-line depreciation method.)a. A gain of $8,000b. A loss of $8,000c. A lose of $14,000d. A acquire of $14,000
In regard come discarding solved assets, i beg your pardon of the following is not true?a. If a addressed asset is no much longer used and also has no residual value, the is discarded.b. If one asset has not been fully depreciated, depreciation need to not it is in recorded before removing the asset native the accountancy records.c. If one asset has not been totally depreciated, depreciation should be recorded prior to removing the asset native the accounting records.d. If a addressed asset is no longer used and has no residual value, the is written off.
b. If an asset has not been totally depreciated, depreciation must not it is in recorded before removing the asset native the accounting records.
A addressed asset must be gotten rid of from the account excepta. Once it is fully depreciated.b. When it is sold.c. Once it is discarded.d. When it is given away.
A machine was purchased at a price of $78,000. The tools had one estimated valuable life of five years and a residual value of $3,000. Assuming the devices was offered at the end of Year 4 for $8,000, identify the obtain or lose on the sale of equipment. (Assume the straight-line depreciation method.)a. A get of $18,000b. A lose of $18,000c. A loss of $10,000d. A obtain of $10,000
Coal Miner Co. Got coal rights for $100,000,000. That is estimated that there space 2,500,000 tons of the resource, and also during the current year 500,000 loads were mined and sold. What is the quantity of depletion because that the present year?a. $20,000,000b. $2,000,000c. $10,000,000d. $2,500,000
The journal entry to document depletion includesa. A debit come Depletion Expense.b. A credit to accumulated Depreciation.c. A debit to accumulated Depletion.d. A credit transaction to Depletion Expense.
The calculation of depletion price isa. Depletion rate × Estimated helpful Life.b. Quantity Extracted × Estimated advantageous Life.c. Depletion price × amount Extracted.d. Nobody of these options are correct.
Shale Miner Co. Got mineral legal rights for $60,000,000. It is approximated that there space 80,000 tons of the resource, and also during the current year 10,750 loads were mined and sold. What is the amount of depletion for the existing year?a. $8,062,500b. $8,000,000c. $100,750d. $60,000,000
Which of the complying with statements is true regarding goodwill?a. Goodwill is amortized based on the lesser of the helpful life or the legit life.b. Goodwill is the exclusive usage of a name, term, or symbol provided to determine a service or the product.c. Goodwill is amortized based upon a 10-year period.d. In a purchase of a business at a price in overabundance of the fair worth of its net assets, goodwill is videotaped as the excess.
d. In a acquisition of a organization at a price in excess of the fair worth of its network assets, goodwill is videotaped as the excess.
The expensing that intangible heritage is calleda. Expense.b. Depletion.c. Amortization.d. Depreciation.
Tangible and also intangible assets are normally presenteda. In two separate sections on the balance sheet as Property, Plant, and also Equipment and also Intangible Assets.b. ~ above the revenue statement.c. All together on the balance paper in Property, Plant, and Equipment.d. Top top the balance paper in categories referred to as Tangible and also Intangible Assets.
a. In two different sections on the balance sheet as Property, Plant, and also Equipment and Intangible Assets.
A get or ns on the exchange of comparable assets will be taped if the transaction hasa. A high value.b. A trade-in allowance.c. Advertising substance.d. Boot.
On December 31, Tradewinds agency decides to trade in one of its ships for another one that has actually a price of $800,000. The seller the the delivery is ready to enable a trade-in lot of $60,000. The initial cost of the old equipment was $600,000 v an collected depreciation the $550,000. Depreciation has been taken up to the finish of the year. The difference will be paid in cash. What is the amount of the get or lose on this transaction?a. Lose of $10,000b. Obtain of $10,000c. Loss of $60,000d. No ns or gain
A diminish in the resolved asset turnover proportion from 3.0 to 2.2 indicatesa. Negative trend in the effectiveness of using fixed assets to generate sales.b. A favorable tendency in the effectiveness of using addressed assets to create sales.c. An adverse trend in the efficiency of using fixed assets to pay down debt.d. None of these choices are correct.
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An rise in the addressed asset turnover proportion from 2.0 come 2.7 indicatesa. Negative trend in the efficiency of using resolved assets to generate sales.b. A favorable trend in the performance of using fixed assets to generate sales.c. A favorable tendency in the effectiveness of using addressed assets to pay down debt.d. Nobody of these options are correct.
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