Which of the following will it is in classified as a addressed asset because that a movie theater?a. Land because that saleb. Trademarkc. A popcorn machined. The latest movie
All the the adhering to are factors used in identify depreciation price with the straight-line method excepta. The asset"s expected valuable life.b. The asset"s approximated residual value.c. The asset"s early stage cost.d. No one of these selections are correct.
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Which that the adhering to is not among the most common depreciation methods?a. Double-declining-balance methodb. Sum-of-the-years-digits methodc. Units-of-activity methodd. Straight-line method
Which the the adhering to fixed assets is not depreciated?a. Buildingb. Landc. Equipmentd. None of these choices are correct.
Which of the adhering to is not true in to the to offering fixed assets?a. Built up Depreciation will be credited.b. The journal entry is similar to discarding addressed assets.c. The cash receipt is recorded.d. If the selling price is much more than the book value, a acquire is recorded.
The expensing of a natural resource is calleda. Depreciation.b. Amortization.c. Depletion.d. Replenishing.
The journal entry to document depletion consists of aa. Debit to accumulated Depletion.b. Credit transaction to Depletion Expense.c. Credit transaction to built up Depreciation.d. Debit to Depletion Expense.
The calculation of depletion cost isa. Amount Extracted × Estimated beneficial Life.b. Depletion rate × amount Extracted.c. Depletion rate × Estimated helpful Life.d. None of these options are correct.
Which the the adhering to is no classified together an intangible asset?a. Goodwillb. Trademarkc. Investmentd. Patent
Which that the complying with statements is true regarding goodwill?a. Goodwill is amortized based on a 10-year period.b. In a purchase of a business at a price in excess of the fair value of its network assets, goodwill is tape-recorded as the excess.c. Goodwill is the exclusive usage of a name, term, or symbol supplied to recognize a service or the product.d. Goodwill is amortized based upon the lesser that the beneficial life or the legit life.
b. In a acquisition of a company at a price in excess of the fair worth of its net assets, goodwill is tape-recorded as the excess.
The expensing of intangible legacy is calleda. Amortization.b. Depreciation.c. Depletion.d. Replenishing
Intangible assets are reported on the balance sheeta. Prior to the present assets.b. Prior to property, plant, and equipment.c. Instantly after the property, plant, and also equipment.d. Instantly after the present assets.
long term supplied day come day not readily available for normal part of sales Examples: plant property or equipment
Initial cost of a addressed asset includes all quantities spent to acquire asset in place and also ready for usage (freight cost, installment)
(1) the fixed asset"s initial cost, (2) the beneficial life of the asset(3) the residual value of the asset.
1) Deprecation every unit= (Cost - residual value) / full Estimated systems of activity 2) Depreciation expense= Depreciation per unit x units of task per period
1) identify straight line percentage (Annual deprecation = (Cost-Residual Value)/ useful Life)2) Determine double declining by multiplying directly line x23) Compute the depreciation price by multiply double decline x publication value
Depreciation may be revised right into the future for alters in one asset"s valuable life or residual value.
When discarding a addressed asset any type of _____________ because that the current period is recorded, and the _________ the the heritage is then eliminated from the accounts.
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When a solved asset is sold, the ____________ is removed, and also the cash or various other asset obtained is recorded.
Which that the complying with expenditures incurred in connection with gaining machinery is a suitable charge to the asset account?FreightInstallation costsBoth A and also BNeither A nor B
What is the quantity of depreciation, making use of the double-declining-balance technique for the 2nd year of use for devices costing $9,000, with an estimated residual worth of $600 and also an approximated life of three years?Answer$6,000$3,000$2,000$400
Equipment purchase on January 3 because that $80,000 to be depreciated utilizing the straight-line technique based upon a five-year life and $7,500 residual value. The devices was sold three years after that December 31 for $40,000. What is the acquire on the sale of the equipment?Answer$3,500$14,500$36,500$43,500