Can you please explain how they got each answer

Cassidy Corporation purchased factory equipment that was installed and put into

service on January $2,2022,$ at a total cost of $$55,000.$ Residual value was estimated

at $$3,000.$ The equipment is being depreciated over four years using the double$-$

declining$-$balance method. For the calendar year $2023.$ Cassidy should record

depreciation expense on this equipment of

a$)$ $$27,500.$

c$)$ $$13,750.$

d$)$ $$13,000.$

A machine has a cost of $$24,000,$ a residual value of $$6,000,$ and an estimated

three$-$year life. If depreciation in the second year was $$2,000,$ which depreciation

method was used?

a$)$ straight$-$line

b$)$ double$-$declining$-$balance

c$)$ units of production

d$)$ cannot tell from information given

The term "depletion" relates to

a$)$ the allocation of costs relating to current assets.

b$)$ the allocation of costs of natural resources.

c$)$ the allocation of costs of property, plant, and equipment.

d$)$ the allocation of costs of intangible capital assets.

Changes in the depreciation rate are accounted for as a$($n$)$

a$)$ adjustment to current and future periods.

b$)$ adjustment to the current period only.

c$)$ adjustment to future periods only.

d$)$ catch$-$up adjustment to prior periods.

On January $1,2018,$ Rhino Corp. purchased a machine for $$850,000.$ The

machine was being depreciated using the straight$-$line method over an estimated

use ful life of eight years, with a $$50,000$ residual value. At the beginning of $2023,$

the company determined that the machine's use ful life was underestimated, it

should have been $10$ years; ho we ver, this would result in $$0$ residual value. The

depreciation expense for $2023$ should be

a$)$ $$70,000.$

b$)$ $$80,000.$

d$)$ $$85,000.$

On June $1,2021,$ Morgan Manufacturing acquired a machine for $$100,000$ with

an estimated use ful life of five years and an estimated residual value of $$10,000.$

The company uses the double$-$declining$-$method of depreciation and takes a full

year's depreciation in the year of acquisition and none in the year of disposition. If

the machine were disposed of for $$16,000$ on May $1,2023,$ the loss on disposal

would be

a$)$ $$20,000.$

b$)$ $$26,400.$

c$)$ $$24,000.$

Monkey Shines Ltd$.,$ a Canadian public corporation, owns equipment for which

the following year$-$end information is a vailable:

Carrying amount $($book value$)...........$ $$120,000$

Value $in$ use....................................... $102,000$

Fair value less disposal costs......... $100,00$

The reco verable amount to be used in the determination of impairment is

a$)$ $$102,000.$

b$)$ $$108,000.$

c$)$ $$120,000.$

d$)$ Cannot be determined from the information given.

On September $1,2020,$ Coffee Ltd$.$ issued a $$1,800,000,12\%$ note to

Humungous Bank, payable in three equal annual principal payments of $$600,000.$

On this date, the bank's prime rate was $11\%.$ The first payment for interest and

principal was made on September $1,2021.$ At December $31,2021,$ Coffee should

record accrued interest payable of

a$)72,000.$

b$)56,000.$

c$)$ $$48,000.$

d$)544,000.$

On Dec $12,2020,$ Ivory Coast, CGA, received $$5,000$ from a customer as an

advance payment for accounting work to be done. The payment was credited to

Service Re venue. Thirty percent of the work was performed in December $2020,$ with

the rest to be done in January $2021,$ at which time the customer will be billed. The

required adjusting entry at December $31,2020($year end$)$ is

a$)$ Dr$.$ Unearned Re venue $$1,500,Cr.$ Service Re venue $$1,500,$

b$)$ Dr$.$ Service Re venue $$1,500,Cr.$ Unearned Revenue $$1,500.$

c$)$ Dr$.$ Service Revenue $$3,500,$ Cr$.$ Unearned Revenue $$3,500.$

d$)$ Dr$.$ Unearned Revenue $$3,500,$ Cr$.$ Service Revenue $$3,500.$

At the beginning if $2022,$ XVZ Corporation had deferred revenue of $$400,000$ on its outstanding

warranty contracts. During $2022,$ the company received new contracts for future warranties of

$$300,000.$ At the end of $22,xYZ\frac{?}{?}$