Reference no: EM13823176
On January 1, 2013, Zane Manufacturing Company purchased a machine for $40,000. The company expects to use the machine a total of 24,000 hours over the next 6 years. The estimated sales price of the machine at the end of 6 years is $4,000. The company used the machine 8,000 hours in 2013 and 12,000 in 2014.
1. What is the book value of the machine at the end of 2014 if the company uses straight-line depreciation?
$10,000
$28,000
$17,778
$20,000
2. Which of the following describes the internal control procedure separation of duties?
Cashiers must not have access to accounting records.
External auditors will monitor internal controls.
The information system is critical.
Prenumber invoices and other documents.
3. Which of the following is NOT one of the purposes of internal control?
To encourage employees to follow company policy
To safeguard the company's assets
To ensure accurate, reliable accounting records
To guarantee that a business makes a profit
4. Argon Company had excess cash which it wished to invest for about 6 months. On October 1, 2011, Argon purchased 1,000 shares of AmeriChem at $20 per share. (AmeriChem has 800,000 shares of common stock issued and outstanding.) On November 1, AmeriChem paid out dividends of $0.45 per share. Which of the following describes the journal entry needed on the books of Argon Company to record the receipt of the dividends?
Debit Cash, credit Investment
Debit Dividends, credit Cash
Debit Sales revenue, credit Cash
Debit Cash, credit Dividend revenue
5. Which of the following should be included in the cost of land?
Cost to build sidewalks on the land
Cost to clear the land of old buildings
Cost of installing signage
Cost of installing fences
|
Explain how insecticides can increase insect populations
: Explain how insecticides can increase insect populations. What are some of the advantages of using sex attractants, rather than poisonous insecticides. What about the "sterile male" technique
|
|
How much is estimated ending inventory
: Beginning inventory is $28,000. Purchases for the year are $110,000. Sales revenues are $180,000. The company's normal gross profit percent is 60%. How much is Estimated ending inventory? Which of the following means that the shipment is free on boar..
|
|
Compute terminal during the last week of the semester
: During the last week of the semester , students at a certain college spends on the average 4.2 hours using the school's computer terminals with a standard deviation of 1.8 hours .for a random sampling of 36 students at that collage , find the aver..
|
|
Determine the force on a semicircular wire with current
: Determine the force on a semicircular wire with current
|
|
Purposes of internal control-straight-line depreciation
: What is the book value of the machine at the end of 2014 if the company uses straight-line depreciation? Which of the following is NOT one of the purposes of internal control? Which of the following should be included in the cost of land? What is the..
|
|
How many degrees of freedom are there
: How many degrees of freedom are there? Would each respondent need to evaluate each product combination to obtain good results?
|
|
First-out inventory costing method
: A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, what is the..
|
|
What will be amount of uncollectible account expense report
: The Allowance for uncollectible accounts currently has a debit balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging-of-accounts method, the company's management estimates that uncollectible accoun..
|