The initial cost of the equipment was 310000 with an

Assignment Help Accounting Basics

Reference no: EM13583340

1) The calculation for annual depreciation using the straight-line depreciation method is
A. initial cost / estimated useful life
B. depreciable cost / estimated useful life
C. depreciable cost * estimated useful life
D. initial cost * estimated useful life

2) On December 31, Strike Company has decided to discard one of its batting cages. The initial cost of the equipment was $310,000 with an accumulated depreciation of $260,000. Depreciation has been taken up to the end of the year. The following will be included in the entry to record the disposal.
A. Accumulated Depreciation Dr. $310,000
B. Loss on Disposal of Asset Dr. $260,000
C. Equipment Cr. $310,000
D. Gain on Disposal of Asset Cr. $50,000

3) An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $7,900. If Allowance for Doubtful Accounts has a $700 credit balance, the adjustment to record the bad debt expense for the period will require a
A. debit to Bad Debt Expense for $8,600.
B. debit to Bad Debt Expense for $7,900.
C. debit to Bad Debt Expense for $7,200.
D. credit to Allowance for Doubtful Accounts for $700.

Reference no: EM13583340

Questions Cloud

Swimkids is a swimsuit manufacturer they sell swim suits at : swimkids is a swimsuit manufacturer. they sell swim suits at a selling price is 30 per unit. swimkids variable costs

A resistor with resistance 510 is in a series with a : a resistor with resistance 510 ? is in a series with a capacitor of capacitance 6.5 times 10-6f. what capacitance must

What kind of revenue will you earn when will you record it : part a-a. what is the interest expense for 2013 b. how much equipment was purchased during the year? c. what was the

When standard manufacturing costs are recorded in the : 1 the variable costing income statement classifies costs based on cost behavior rather than function.true or false?2

The initial cost of the equipment was 310000 with an : 1 the calculation for annual depreciation using the straight-line depreciation method is a. initial cost estimated

The 1400 turn coil in a dc motor has an area per turn of 11 : the 1400 turn coil in a dc motor has an area per turn of 1.1 multiplied by 10-2 m2. the design for the motor specifies

A caboxylic acid and an ester b bromobenzoic acid and : a caboxylic acid and an ester b bromobenzoic acid and benzoyl bromide c succinic acid and napthoic acid d maleic acid

Determine with justification if f and g are one to one : let t be the set of all binary strings. define the function f trarrt which counts the number of 1s in the input and

Two long parallel wires each with a mass per unit length of : two long parallel wires each with a mass per unit length of 44 gm are supported in a horizontal plane by 6.0-cm-long

User Account

All Pages