Questions from College Accounting

Q: If a machine had a cost of $6,700 with

If a machine had a cost of $6,700 with an accumulated depreciation of $670, what would be its book value?

Q: If Lee Sands depreciated his truck by the units-of-

If Lee Sands depreciated his truck by the units-of-production method, calculate the first year’s depreciation based on the following: Cost……………………………………. $4,750 Residual value……………………. $1,900 Estimat...

Q: If Kevin Sands depreciated his truck by the double declining-balance

If Kevin Sands depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1. Cost …………………………………$7,000 Residual value …………………$2,600 Service of useful lif...

Q: Identify each situation as a capital expenditure or revenue expenditure.

Identify each situation as a capital expenditure or revenue expenditure. a. New truck engine replaced b. New furnace filters c. Oil change on truck d. New addition on prep school

Q: Complete the following: / a. Gain

Complete the following: a. Gain on Sale of Plant Assets b. Accumulated Depletion c. Loss on Disposal of Plant Assets

Q: Nicole Co. traded in an old machine costing $19,

Nicole Co. traded in an old machine costing $19,600 for a new machine for a cash price of $18,700 with a trade-in allowance of $6,000. Accumulated Depreciation on the old machine was $11,100. a. What...

Q: Assume that in the scenario in Exercise 8 the trade-in

Assume that in the scenario in Exercise 8 the trade-in value was $12,500. Exercise 8: Nicole Co. traded in an old machine costing $19,600 for a new machine for a cash price of $18,700 with a trade-i...

Q: Provide the explanation for each of the general journal entries in Figure

Provide the explanation for each of the general journal entries in Figure 3.29. Figure 3.29:

Q: Brian Sleeper and Ronald Hanlon enter into a partnership. On November

Brian Sleeper and Ronald Hanlon enter into a partnership. On November 1, 201X, Brian invests $7,600 cash in the partnership. Ronald invests $4,400 cash and store equipment worth $5,900 with accumulate...

Q: John Michael, Nicholas Paschalis, and Dina Marie invested $9

John Michael, Nicholas Paschalis, and Dina Marie invested $9,600, $10,500, and $8,700, respectively. At the end of the first year, the company’s net income was $72,000. Assuming no agreement was reach...