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  • During the 2012 annual accounting period, Nguyen Corporation completed the following transactions:(a) On January 1, 2012, purchased a license for $7,200 cash (estimated useful life, four years).(b) On January 1, 2012, repaved the parking lot of the building leased from H. Lane. The cost was $17,800; the estimated useful life was five year

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  • During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2007, you discover the following:Inventory at January 1, 2007 was understated by $6,000.Inventory at December 31, 2007 was overstated by $5,000.During 2007 the company received a $1,000 cash advance from a custom

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  • During the current year, Airport Auto Rentals purchased 60 new automobiles at a cost of $14,000 per car. The cars will be sold to a wholesaler at an estimated $5,000 each as soon as they have been driven 50,000 miles. Airport Auto Rentals computes depreciation expense on its automobiles by the units-of-output method, based on mileage. a.

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  • During the current year, Black Corporation incurred the following expenditures which should be recorded either as operating expenses or as intangible assets:a. Expenditures were made for the training of new employees. The average employee remains with the company for five years, but is trained for a new position every two years.b. Black p

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  • During the current year, Blake Construction disposed of plant assets in the following transactions:Jan. 6 Equipment costing $18,000 was given to a scrap dealer at no charge. At the date of disposal, accumulated depreciation on the office equipment amounted to $16,800.Mar. 3 Blake sold land and a building for $800,000, receiving $100,00

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  • During the current year, Garrison Construction trades an old crane that has a book value of $80,000 (original cost $140,000 less accumulated depreciation $60,000) for a new crane from Keillor Manufacturing Co. The new crane cost Keillor $165,000 to manufacture and is classified as inventory.The following information is also available.Ins

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  • During the current year, Omega Products Corporation incurred the following expenditures which should be recorded either as operating expenses or as intangible assets: a. Expenditures were made for the training of new employees. The average employee remains with the company for five years, but is trained for a new position every two years.

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  • During the current year, Ramirez Developers disposed of plant assets in the following transactions:Feb. 10 Office equipment costing $26,000 was given to a scrap dealer at no charge. At the date of disposal, accumulated depreciation on the office equipment amounted to $25,800.Apr. 1 Ramirez sold land and a building to Claypool Associate

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  • During the current year, Rodgers Company purchased two assets that are described as follows:Heavy EquipmentPurchase price, $550,000.Expected to be used for 10 years, with a residual value at the end of that time of $70,000.Expenditures required reconditioning the equipment and preparing it for use, $120,000.PatentPurchase price, $80,000.E

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  • During the current year, Rothchild, Inc., purchased two assets that are described as follows:Heavy EquipmentPurchase price, $275,000.Expected to be used for 10 years, with a residual value at the end of that time of $50,000.Expenditures required reconditioning the equipment and preparing it for use, $75,000.PatentPurchase price, $75,000.E

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