Reference no: EM132958125
Questions -
A) Loma Linda, Inc. sells a long-lived asset that originally cost $217,000 for $67,000 on December 31, 2018. The Accumulated Depreciation account had a balance of $118,500 after the current year's depreciation of $46,700 had been recorded. The company should recognize a:
-$31,500 loss on sale.
-$31,500 gain on sale.
-$18,200 loss on sale.
-$96,600 loss on sale.
B) On September 1, Emil Rovey purchased a vehicle for $63,000 with a residual value of $8,000. The estimated useful life is 8 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31? (Round your answer to the nearest whole dollar amount.)
-$1,719
-$6,875
-$2,292
-$2,625
C) Holly, Inc. has a building that originally cost $390,000. Holly expects to be able to sell the facility for $258,000 at the end of its useful life. The balance of the related Accumulated Depreciation account is $113,000. The residual value of the facility is:
-$145,000.
-$277,000.
-$258,000.
-$132,000.
D) Marshall Company purchases a machine for $220,000. The machine has an estimated residual value of $20,000. The company expects the machine to produce four million units. The machine is used to make 500,000 units during the current period. If the units-of-production method is used, the depreciation rate is:
-$0.40 per unit.
-$0.05 per unit.
-$0.04 per unit.
-$0.44 per unit.
|
Develop customer service policies and procedures
: Develop customer service policies and procedures for three different areas of business that meets industry standards - monitor and adjust policies
|
|
What is the meaning of entertainment
: Question #1 Does the innkeeper-guest relationship end at the payment of the bill?
|
|
Problem - Preparing the Financial Statements
: During the year, Quinsay invested additional P22,000 in the business. Prepare the income statement, statement of changes in equity and balance sheet
|
|
How much would have had to deposit
: The firm expects to earn 7.9 percent, compounded monthly. If company had wanted to deposit an equivalent lump sum today, how much would it have had to deposit?
|
|
What is the depreciation expense for the year ended December
: The estimated useful life is 8 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31
|
|
What is the prize worth to today if can earn eight percent
: A month for 100 months starting at the end of this month. If you can earn 8 percent, compounded monthly, what is this prize worth to you today?
|
|
What amount of bad debt expense should be recognized
: Marinelle Company has historically reported bad debt expense of 10% of sales in each quarter. What amount of bad debt expense should be recognized
|
|
How much will savings be worth twenty-five years from now
: Angela expects to save $4,000 a year and earn an average annual return of 7.5 percent. How much will her savings be worth 25 years from now?
|
|
Determine the gain or loss on the sale of the equipment
: Assuming that the equipment was sold at the end of the second year for $230,400, determine the gain or loss on the sale of the equipment
|