End-of-Chapter Quiz Questions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | $1,140,000 {[$1,380/($1,380 + $575 + $345)] x $1,900 = $1,140}
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| show | True
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| show | True
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| show | True
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| show | False
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| show | $2,000 ($45,000 - $5,000)/10 x 6/12 = $2,000)
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| Assume Horizon purchased the equipment on Jan. 1, 2010. If Horizon uses the straight-line method for depreciation, what is the asset's book value at the end of 2011? | show 🗑
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| show | $7,200 [$45,000 x .2 = $9,000; ($45,000 - $9,000) x .2 = $7,200]
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| Return to Horizon's original purchase date. Assume that Horizon uses the straight-line method of depreciation and sells the equip. for $36,500 on July 1, 2014. The result of the sale of the equip. is a gain(loss) of? | show 🗑
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| A company bought a new machine for $24,000 on Jan. 1. The machine is expected to last 5 yrs and have a residual value of $4,000. If the company uses the double-declining-balance method, accumulated depreciation at the end of year 2 will be: | show 🗑
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| True or False. The addition of a building wing is a capital expenditure. | show 🗑
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| True or False. A tune-up of a company vehicle is a capital expenditure. | show 🗑
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| True or False. A complete overhaul of an a/c system is a capital expenditure. | show 🗑
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| True or False. Replacement of an old motor with a new one in a piece of equipment is a capital expenditure. | show 🗑
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| True or False. The cost of installing a piece of equipment is a capital expenditure. | show 🗑
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| show | False
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| show | True
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| True or False. Intangibles are not subject to a decreasing book value through depreciation, depletion, or amortization. | show 🗑
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| show | False
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| Why would a business select an accelerated method of depreciation for tax purposes? | show 🗑
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| show | $30,000 [$270,000 x (3,000/90,000) = $30,000]
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| True or False. A copyright is an intangible asset. | show 🗑
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| True or False. A patent is an intangible asset. | show 🗑
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| show | True
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| show | True
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