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QUESTION

Jan 30, 2017

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On a balance sheet, natural resources may be described more specifically as all of the following except
land improvements. mineral deposits. oil reserves. timberlands.
2 points Question 2
1. Which of the following assets does not decline in service potential over the course of its useful life? Equipment Furnishings Land Fixtures
  2 points
  Question 3
  1. Sales taxes collected by the retailer are recorded as a(n) revenue. liability. expense. asset.
    2 points
    Question 4
    1. The book value of an asset is equal to the asset's market value less its historical cost. blue book value relied on by secondary markets. replacement cost of the asset. asset's cost less accumulated depreciation.
      2 points
      Question 5
      1. A company sells a plant asset which originally cost $210,000 for $70,000 on December 31, 2014. The Accumulated Depreciation account had a balance of $84,000 after the current year's depreciation of $21,000 had been recorded. The company should recognize a
        
        $140,000 loss.
        
        $56,000 gain.
        
        $56,000 loss.
        
        $35,000 loss.
        2 points
        Question 6
        A company purchased factory equipment on April 1, 2014 for $80,000. It is estimated that the equipment will have a $10,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2014 is
        
        $8,000.
        
        $7,000.
        
        $5,250.
        
        $6,000.
        2 points
        Question 7
        A cash register tape shows cash sales of $2,000 and sales taxes of $160. The journal entry to record this information is
        Cash2,160 Sales 2,160 Cash2,160 Sales Tax Payable 160 Sales 2,000 Cash2,000 Sales Tax Expense160 Sales 2,160 Cash2,160 Sales 2,000 Sales Taxes Revenue 160
        2 points
        Question 8
        Layton Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $31,500. If the sales tax rate is 5%, what amount must be remitted to the state for Otober's sales taxes? $1,500 $1,575 $75 It cannot be determined.
        2 points
        Question 9
        To qualify as natural resources in the accounting sense, assets must be underground. replaceable. of a mineral nature. physically extracted in operations.
        2 points
        Question 10
        A company purchased factory equipment for $350,000. It is estimated that the equipment will have a $35,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be
        
        $140,000.
        
        $84,000.
        
        $126,000.
        
        $60,480.
        2 points
        Question 11
        The following totals for the month of April were taken from the payroll register of Noll Company.
        Salaries$24,000FICA taxes withheld1,100Income taxes withheld5,000Medical insurance deductions900Federal unemployment taxes64State unemployment taxes432
        The entry to record the net payroll would include a
        
        credit to Cash for $15,900.
        
        credit to Salaries Payable for $16,504.
        
        credit to Salaries Payable for $15,900.
        
        credit to Salaries Payable for $17,000.
        2 points
        Question 12
        A current liability
        
        is usually paid within one year.
        
        is always paid after one year.
        
        is always paid within one year.
        
        must be paid within 30 days.
        2 points
        Question 13
        Depreciation is the process of allocating the cost of a plant asset over its service life in an equal and equitable manner. an accelerated and accurate manner. a systematic and rational manner. a conservative market-based manner.
        2 points
        Question 14
        All of the following factors in computing depreciation are estimates except cost. residual value. salvage value. useful life.
        2 points
        Question 15
        A factory machine was purchased for $90,000 on January 1, 2014. It was estimated that it would have a $18,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2014. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2014 would be
        
        $9,000.
        
        $14,400.
        
        $18,000.
        
        $7,200.
        2 points
        Question 16
        All of the following are examples of Intangible Assets except:
        
        a patent.
        
        goodwill.
        
        a copyright.
        
        Oil wells.
        2 points
        Question 17
        A gain or loss on disposal of a plant asset is determined by comparing the replacement cost with original cost. book value with original cost. original cost with the proceeds received from its sale. book value with the proceeds received from its sale.
        2 points
        Question 18
        The following totals for the month of April were taken from the payroll register of Noll Company.
        Salaries$24,000FICA taxes withheld1,100Income taxes withheld5,000Medical insurance deductions900Federal unemployment taxes64State unemployment taxes432
        The journal entry to record the gross salaries would include a
        
        credit to Salaries Payable for $24,000.
        
        debit to Salaries Expense for $24,000.
        
        debit to Salaries Expense for $17,000.
        
        debit to Salaries Payable for $24,000.
        2 points
        Question 19
        Which depreciation method is most frequently used in businesses today? Straight-line Declining-balance Units-of-activity Double-declining-balance
        2 points
        Question 20
        The four subdivisions for plant assets are land, land improvements, buildings, and equipment. intangibles, land, buildings, and equipment. furnishings and fixtures, land, buildings, and equipment. property, plant, equipment, and land.
        2 points
        Question 21
        Indicate whether each of the following expenditures should be classified as land (L), land improvements (LI), buildings (B), equipment (E), or none of these (X).
        -1.2.3.4.5.
        Parking lots
        -1.2.3.4.5.
        Electricity used by a machine
        -1.2.3.4.5.
        Filling and grading of the land
        -1.2.3.4.5.
        Architect fees
        -1.2.3.4.5.
        Cost of trial runs for machinery
        -1.2.3.4.5.
        Insurance on the machine while in transit
        -1.2.3.4.5.
        Construction costs of a new building
        -1.2.3.4.5.
        Fences
        -1.2.3.4.5.
        Annual insurance on the building
        -1.2.3.4.5.
        Cost of tearing down a building on the land to get it ready for a new building
        1.
        E
        2.
        L
        3.
        LI
        4.
        X
        5.
        B