Expert answer:acc 201 problems
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On September 1, 2017, West Buy purchased an asset for $9,000, with a $1,500 estimated salvage
value, and a 4-year useful life. How much is the 2017 depreciation expense using the straight-line
method?
$750
$1,875
$625
$2,250
At the beginning of the year, Powers Company purchased a piece of machinery for $50,000.
It has a salvage value of $5,000, an estimated useful life of 9 years, and estimated units of
output of 90,000 units. Actual units produced during the first year were 11,000. How much is
depreciation expense for the first year under the straight-line method?
$5,500
$5,300
$5,556
$5,000
Flanders Company purchased an asset on January 1, 2016 for $60,000. The asset has an
estimated salvage value of $3,000. Its estimated useful life is 8 years. What is the balance in
accumulated depreciation using the straight-line method at December 31, 2017?
$7,500
$7,125
$14,250
$15,000
A company sold for $3,000 a plant asset that had a cost of $10,000 and accumulated
depreciation of $7,500. What gain or loss did the company experience?
Loss of $500
Gain of $500
Loss of $7,000
Gain of $3,000
On March 1, 2017, Moreno Company purchased a patent from another company for $90,000.
The estimated useful life of the patent is 10 years, and its remaining legal life is 15 years.
How much is amortization expense for 2017?
$6,000
$9,000
$7,500
$5,000
A company’s average total assets are $200,000, depreciation expense is $10,000, and
accumulated depreciation is $60,000. Net sales total 0,000. What is the company’s asset
turnover?
4.17 times
3.33 times
1.25 times
0.8 times
Schneider Trucking Inc. purchased a new semi-truck on January 1, 2017 for $200,000. The
truck’s expected useful life is 4 years and its salvage value is estimated at $25,000. What is
the depreciation for 2017 using the declining-balance method at a double the straight-line
rate?
$50,000
$43,750
$87,500
$100,000
Corristan Company purchased equipment and incurred these costs:
Cash price
Sales taxes
$24,000
1,200
Insurance during transit
200
Annual maintenance costs
____400
Total costs
$25,800
The equipment account should be increased by
$25,400
$24,000
$25,200
$25,800
Pharoah Company acquires land for $92000 cash. Additional costs are as follows.
Removal of shed
Filling and grading
Salvage value of lumber of shed
Broker commission
Paving of parking lot
Closing costs
$400
1800
110
1170
8000
420
Pharoah will record the acquisition cost of the land as
$95680.
$92000.
$93590.
$95900.
Equipment was purchased for $145000. Freight charges amounted to $5000 and there was a
cost of $25000 for building a foundation and installing the equipment. It is estimated that the
equipment will have a $38000 salvage value at the end of its 5-year useful life. Depreciation
expense each year using the straight-line method will be
$21400.
$27400.
$35000.
$23000.
…
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