Reference no: EM131900226
Questions -
Q1. On January 1, 2015, a company purchased a new piece of equipment to use in its business. The details of the purchase are as follows:
Purchase Price $45,000 Shipping Costs $250 Install/Setup Costs $1,000 Salvage Value $3,950 Useful Life 6 Years What is the capitalized cost of the equipment?
a. $46,000
b. $45,000
c. $45,250
d. $46,250
Q2. On January 1, 2015, a company purchased a new piece of equipment to use in its business. The details of the purchase are as follows:
Purchase Price $45,000 Shipping Costs $250 Install/Setup Costs $1,000 Salvage Value $3,950 Useful Life 6 Years Using straight-line depreciation, what is the depreciation expense in 2015?
a. $7,008
b. $6,842
c. $6,883
d. $7,050
Q3. A company issued 20,000 shares of $10 par value common stock at a market price of $16. As a result of this transaction, the amount of stockholders' equity would:
a. increase by $120,000.
b. increase by $320,000.
c. increase by $200,000.
d. not change
Q4. Based on the following information, what is the company's true cash balance?
Bank Statement Balance $14,000 Unadjusted Book Balance $11,750 Outstanding Checks $2,300 Deposits in Transit $580 Collection of Notes Receivable $500 Bank Service Charge Fee $10 Interest Earned $40
a. $10,030
b. $14,530
c. $12,810
d. $12,280
Q5. On January 1, 2015, Accounts Receivable was $20,000.
Sales on account for 2015 totaled $160,000.
The ending balance of Accounts Receivable was $32,000.
What is the amount of cash collected from customers?
a. $128,000
b. $148,000
c. $172,000
d. $180,000
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