ACC 557 Week 7 Questions

 ACC 557 Week 7 Quiz Dissertation

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Multiple Decision Question 214

A company has the following assets:

Buildings and Equipment, much less accumulated depreciation of $2, 000, 000

$

six, 600, 000

Copyrights

960, 000

Us patents

4, 1000, 000

Timberlands, less gathered depletion of $2, 800, 000

some, 800, 500

The total amount reported under Home, Plant, and Equipment would be

$16, 500, 000.

$13, 360, 500.

$12, 400, 000.

$17, 360, 500.

2-

Multiple Decision Question a hundred and forty four

Expenditures that maintain the functioning efficiency and expected successful life of the plant asset are generally

expensed when received.

not registered until they may become material in amount.

capitalized as a part of the price tag on the advantage.

debited to the Accumulated Depreciation account

3-

Multiple Choice Issue 149

An increase or reduction on disposal of a flower asset depends upon comparing the

original cost of the advantage with the takings received from the sale.

book value from the asset with all the asset's original cost.

book value in the asset while using proceeds received from its deal.

replacement cost with the asset together with the asset's first cost.

4-

IFRS Multiple Decision Question 326

Salem Organization hired Kirk Construction to construct an office building for ВЈ8, 000, 500 on property costing ВЈ2, 000, 500, which Salem Company possessed. The building was complete and ready to be used on January you, 2013 and it has a useful life of 40 years. The price of the building included land improvements costing ВЈ600, 000 and personal property costing ВЈ750, 000. The valuable lives from the land advancements and the personal items are ten years and five years, correspondingly. Salem Business uses component depreciation, and the company uses straight-line depreciation for additional similar assets. What is the web amount reported for home on Salem Company's 12 , 31, 2013 statement of economic position?

ВЈ7, 573, 750

ВЈ6, 483, 750

ВЈ7, 800, 1000

ВЈ7, 665, 000

5-

Multiple Choice Problem 77

Yocum Company acquired equipment on January 1 at a list price of hundred buck, 000, with credit conditions 2/10, n/30. Payment was made within the discount period and Yocum was given a $2, 000 money discount. Yocum paid $5, 000 florida sales tax on the equipment, and paid installation charges of $1, 760. Prior to installation, Yocum paid $4, 000 to pour a concrete piece on which to put the equipment. Precisely what is the total expense of the new equipment?

$104, 760

$108, 760

$110, 760

$101, 500

A company acquired factory equipment for $350, 000. It is estimated that the equipment could have a $35, 000 repair value at the conclusion of their estimated 5-year useful your life. If the company uses the double-declining-balance approach to depreciation, how much annual depreciation recorded for the 2nd year after purchase can be

$84, 500.

$140, 500.

$126, 1000.

$60, 480.

7-

Multiple Choice Query 175

Over a balance sheet, organic resources could possibly be described more specifically as all of the following besides

oil stores.

timberlands.

property improvements.

mineral deposits.

On January 1, 2013, Donahue Business, a calendar-year company, released $500, 500 of notes payable, of which $125, 000 arrives on January 1 for each of the following four years. The proper "balance sheet" presentation in December 31, 2013, can be

Current Liabilities, $125, 1000; Long-term Debt, $375, 500.

Current Financial obligations, $375, 500; Long-term Debts, $125, 000.

Current Financial obligations, $500, 500.

Long-term Debts, $500, 1000.

When an interest-bearing note matures, the balance in the Notes Payable account is usually

less than the total amount repaid by the borrower.

the between the maturity value from the note as well as the face worth of the be aware.

equal to the total amount repaid by borrower.

higher than the total amount refunded by the debtor

10-Multiple Decision Question a hundred and twenty-five

From the standpoint of the giving company, a drawback of using bonds as a means of long-term financing...

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