Reference no: EM132251786
Questions -
Q1. The following expenditures were incurred by McCoy Company in purchasing land: cash price $79,000, accrued taxes $2,800, attorneys' fees $3,900, real estate broker's commission $1,100, and clearing and grading $4,000. What is the cost of the land?
Q2. Rich Castillo Company incurs the following expenditures in purchasing a truck: cash price $53,000, accident insurance $3,800, sales taxes $3,400, motor vehicle license $100, and painting and lettering $400. What is the cost of the truck?
Q3. Corales Company acquires a delivery truck at a cost of $48,000. The truck is expected to have a salvage value of $11,000 at the end of its 10-year useful life.
Compute annual depreciation expense for the first and second years using the straight-line method.
Q4. On January 1, 2017, Emporia Country Club purchased a new riding mower for $27,000. The mower is expected to have an 8-year life with a $3,000 salvage value.
What journal entry would Emporia make at December 31, 2017, if it uses straight-line depreciation? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If theres no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Q5. Rosco Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 157,000 miles. Taxi no. 10 cost $37,000 and is expected to have a salvage value of $730. Taxi no. 10 is driven 31,800 miles in year 1 and 19,100 miles in year 2.
(a1) Calculate depreciation cost per mile using unit-of-activity method.
|
Describe a fast method of distributing cards to accounts
: Describe a fast method of distributing cards to accounts. Describe a fast method of accumulating subtotals generated by active accountants into a grand total.
|
|
Prepare the appropriate journal entries for QuickStream
: Prepare the appropriate journal entries for QuickStream to record the lease at its beginning date of January 1, 2018
|
|
Developing and enhance a software for internal use
: Your software development company wants to continue developing and enhance a software for internal use. The Software Development Company is now requesting.
|
|
Report on human powered submarine
: Should cover ISR brief competition history, rules of participation, categories of racing participants and races records and results
|
|
What is the cost of the land
: McCoy Company in purchasing land: cash price $79,000, accrued taxes $2,800, attorneys' fees $3,900, What is the cost of the land
|
|
Why the chosen package is most appropriate
: The CEO of the manufacturing company you are currently consulting for has now asked you to look into implementing a CRM. The company currently uses spreadsheets
|
|
What total dollar values that towson company should record
: What the total dollar values that Towson Company should record for the Unrealized Gain or (Loss) on Trading Securities for 2018? Enter a Loss as negative number
|
|
How can you verify the integrity of the data
: Evaluate the data requirements. Here are questions to consider: What type of data is needed? Where can you find the data? How can the data be collected?
|
|
What is the balls speed
: If all the work done in #1 ha sheen converted to kinetic energy by the time the ball strikes the ground, what is the balls speed just before it hits the ground
|