Which of the following will be classified as a resolved asset for a movie theater?a. Land also for saleb. Trademarkc. A popcorn machined. The latest movie
All of the following are factors used in determining depreciation expense via the straight-line technique excepta. the asset"s expected beneficial life.b. the asset"s estimated residual value.c. the asset"s initial expense.d. None of these choices are correct.
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Which of the complying with is not one of the a lot of widespread depreciation methods?a. Double-declining-balance methodb. Sum-of-the-years-digits methodc. Units-of-task methodd. Straight-line method
Which of the complying with fixed assets is not depreciated?a. Buildingb. Landc. Equipmentd. Namong these choices are correct.
Which of the adhering to is not true in regard to marketing solved assets?a. Accumulated Depreciation will certainly be attributed.b. The journal enattempt is comparable to discarding solved assets.c. The cash receipt is recorded.d. If the selling price is even more than the book value, a obtain is videotaped.
The expensing of a organic resource is calleda. depreciation.b. amortization.c. depletion.d. replenishing.
The journal entry to document depletion contains aa. debit to Accumulated Depletion.b. credit to Depletion Expense.c. credit to Accumulated Depreciation.d. delittle to Depletion Expense.
The calculation of depletion cost isa. Quantity Extracted × Estimated Useful Life.b. Depletion Rate × Quantity Extracted.c. Depletion Rate × Estimated Useful Life.d. None of these selections are correct.
Which of the following is not classified as an intangible asset?a. Goodwillb. Trademarkc. Investmentd. Patent
Which of the following statements is true about goodwill?a. Goodwill is amortized based upon a 10-year duration.b. In a purchase of a company at a price in excess of the fair worth of its net assets, goodwill certainly is videotaped as the excess.c. Goodwill certainly is the exclusive usage of a name, term, or symbol offered to identify a company or its product.d. Goodwill certainly is amortized based upon the lesser of the valuable life or the legal life.
b. In a purchase of a company at a price in excess of the fair value of its net assets, goodwill certainly is recorded as the excess.
The expensing of intangible assets is calleda. amortization.b. depreciation.c. depletion.d. replenishing
Intangible assets are reported on the balance sheeta. before the present assets.b. prior to residential or commercial property, plant, and devices.c. automatically after the building, plant, and devices.d. instantly after the present assets.
long term provided day to day not readily available for normal component of sales Examples: plant residential or commercial property or equipment
Initial expense of a fixed asset contains all amounts invested to acquire ascollection in place and ready for use (freight price, installment)
(1) the solved asset"s initial price, (2) the helpful life of the asset(3) the residual worth of the ascollection.
1) Deprecation per unit= (Cost - residual value) / Total Estimated systems of activity 2) Depreciation expense= Depreciation per unit x devices of activity per period
1) Determine right line Percentage (Annual deprecation = (Cost-Residual Value)/ Useful Life)2) Determine double decreasing by multiplying directly line x23) Compute the depreciation price by multiplying double decline x book value
Depreciation may be revised into the future for alters in an asset"s helpful life or residual value.
When discarding a fixed ascollection any kind of _____________ for the existing period is tape-recorded, and also the _________ of the ascollection is then rerelocated from the accounts.
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When a fixed asset is offered, the ____________ is removed, and the cash or various other asset obtained is recorded.
Which of the complying with expenditures incurred in connection with getting machinery is a appropriate charge to the ascollection account?FreightInstallation costsBoth A and also BNeither A nor B
What is the amount of depreciation, utilizing the double-declining-balance method for the second year of use for tools costing $9,000, through an approximated residual value of $600 and an approximated life of 3 years?Answer$6,000$3,000$2,000$400
Equipment purchased on January 3 for $80,000 was depreciated utilizing the straight-line strategy based upon a five-year life and also $7,500 residual value. The equipment was offered 3 years later on December 31 for $40,000. What is the gain on the sale of the equipment?Answer$3,500$14,500$36,500$43,500