its multiple choose and true or false

Simply type T or F for the True or False questions. Highlight your answer in yellow for the multiple choice questions. For the Short answers, show your journal entries or calculations (as required in the question) TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) Depreciation amounts can be revised because of changes in the estimates for residual value, useful life or because of subsequent revenue expenditures. SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 2) Gold Grain Construction (GGC) exchanged a three-year-old excavator for a new excavator that had a list price of $78,000, which was its fair value. The old excavator originally cost $85,000 and has accumulated depreciation of $45,000 to the date of exchange. In addition to the $45,000 trade-in given for the old excavator, GGC paid $8,000 cash to complete the deal. Record the asset exchange. TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 3) Because land has unlimited life, it is not subject to depreciation. Therefore, items that increase the usefulness of the land such as parking lots are also not depreciated. SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 4) During 2021, Melanie's Emporium exchanged an old truck costing $18,000 with accumulated depreciation of $13,000 to the date of exchange for a new truck. The new truck had a cash price of $30,000 and Melanie received a $6,000 trade-in allowance on the old truck. This transaction has commercial substance. Prepare the journal entry to record the exchange. 5) On April 1, 2020, Lockhart Company discarded equipment that cost $80,000, had a useful life of 5 years, a residual value of $14,000, and, under straight-line depreciation, accumulated depreciation as of December 31, 2019 of $26,400. (a) Prepare the journal entry to record depreciation up to the date of disposal of the equipment. (b) Prepare the journal entry to record the disposal of the equipment. MULTIPLE CHOICE. Choose the One alternative that best completes the statement or answers the questiOn. 6) The cost of land can include A) Real estate commissions B) Costs of removing existing buildings C) Back property taxes D) Purchase price E) All of these SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. T) Explain the difference between revenue and capital expenditures and how they are recorded in the accounting system. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 8) Once the estimated depreciation for an asset is calculated A) It may be revised based on new information and any changes are accumulated and recognized when the asset is sold B) Any changes are accumulated and recognized when the asset is sold C) It cannot be changed due to the historical cost principle D) It may be revised based on new information E) The estimate itself cannot be changed, however, new information should be disclosed in nancial statement footnotes TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 9) A depreciable asset that is purchased on March 18 would be depreciated for nine months of the rst year, if the scal year ends on December 31 using nearest whole month method. SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 10) On January 1, 2019 a machine costing $330,000 with a 4-year service life and an estimated $3,000 residual value was purchased. It was also estimated that the machine would produce 50,000 units during its life. The actual units produced during its rst 2 years of operation were 9,000 and 10,000 respectively. Calculate the amount of depreciation expense for the 2019 and 2020 under each of the following assumptions: (a) Straight-line.| (b) Double-declining-balance. (c) Units-of-production. TRUEIFALSE. Write 'T' if the statement is true and 'F' if the statement is false. 11) Treating small-dollar-amount capital expenditures as revenue expenditures is likely to mislead users of nancial statements. 12) Capital expenditures are also called balance sheet expenditures. SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 13) Headstrgm Industries (I-Il) exchanged a three-year-old truck for a new truck that had a list price of $50,000, which was its fair value. The old truck originally cost $65,000 and has accumulated depreciation of $25,000 to the date of exchange. In addition to the $45,000 trade-in given for the old truck, HI paid $8,000 cash to complete the deal. Record the asset exchange. TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 14) Financial accounting and tax accounting require the same recordkeeping; therefore, there should be no difference in results between the two accounting systems. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 15) The original cost of an asset minus accumulated depreciation is called A) Current value B) Historical cost C) Present value D) Book value E) Replacement cost SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 16) Discuss accounting for intangible assets. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 17) Factor(s) that might limit an intangible asset's useful life include A) Contractual B) Regulatory C) Economic D) Legal B) All of these 18) The formula for calculating straight-line depreciation is A) Cost plus residual value divided by the useful life in years B) Cost divided by use11 life in units C) Depreciable cost divided by useful life in units D) Cost divided by useful life in years E) Depreciable cost divided by the useful life in years