Reference no: EM133116737
Questions -
Q1. Compatibility Services acquired an $80,000 machine on January 1, 20X3. The machine is estimated to have a useful life of 8 years, and a residual value of $4,000. For units-of-production depreciation purposes, the machine is expected to produce 400,000 units. What is the balance in the accumulated depreciation account on December 31, 20X4, if Compatibility Services uses double-declining-balance depreciation?
A) $40,000
B) $35,000
C) $18,750
D) $37,500
E) $32,000
Q2. Xavier Enterprises has $500,000 of goodwill on the balance sheet. The company determines that an impairment has occurred for $100,000. Xavier Enterprises should
A) recompute the original purchase and restate all subsequent statements.
B) debit goodwill for $100,000.
C) credit goodwill for $100,000.
D) debit goodwill for $400,000.
E) credit goodwill for $400,000.
Q3. Treasury stock is
A) shares owned by the directors of a company.
B) shares owned by the management of a company.
C) shares that are not yet sold but could be sold at any time by a company.
D) previously issued shares of a company that are now held by the company.
E) shares of a company held in reserve to eventually retire the debt of the company.
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