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Accounting Expert Answers & Study Resources : Page 210

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5) Which of the following is the expense resulting from a decline in the utility of natural resource? A) Depletion B) Amortization C) Depreciation D) Obsolescence 6) Which of the following accounting methods is the method used to compute depletion? A) Straight-line B) Declining-balance C) Units-of-production D) First-In, First-Out 7) Navajo Mining Company purchased a mine in 2013 for $3,400,000. .

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  • 5) Which of the following the expense resulting from a
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11) Which of the following asset categories would include fencing? A) Machinery and equipment B) Land improvements C) Buildings D) Land 12) Which of the following asset categories would include the cost of clearing land and removing unwanted buildings? A) Land B) Buildings C) Land improvements D) Machinery and equipment 13) Which of the following is NOT a characteristic of.

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  • 11) Which of the following asset categories would include fencing? A)
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18) The following information is from the 2013 records of Armadillo Camera Shop: Accounts receivable, December 31, 2013 $20,000 (debit) Allowance for uncollectible accounts, December 31, 2013 prior to adjustment 600 (debit) Net credit sales for 2013 95,000 Accounts written off as uncollectible during 2013 7,000 Cash sales during 2013 27,000 Uncollectible accounts expense is estimated by the aging-of-accounts-receivable method.  Management.

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  • 18) The following information from the 2013 records of Armadillo
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21) The decline in value of a copyright is accounted for by: A) depreciation. B) amortization. C) depletion. D) deterioration. 22) Which of the following assets is NOT an intangible asset? A) Patent B) Goodwill C) Building D) Trademark 23) The type of intangible asset related to the rights to original music and media is a: A) goodwill. B) trademark. C) copyright. D) patent. 24).

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  • 21) The decline in value of a copyright accounted for
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51) On January 1, 2012, a company buys a truck for $42,000 cash.  It has estimated residual value of $2,000, and an estimated life of 4 years, or 200,000 miles.  Assume the company uses straight-line depreciation.  Please complete the depreciation schedule below. Depreciation for the Year Date Asset Cost Depreciable Cost Depreciation Rate Depreciation Expense Accumulated Depreciation Book.

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  • 51) On January 1, 2012, a company buys a truck
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34) An asset costs $80,000 and has a salvage value of $7,000.  It has a four-year life.  Using double-declining-balance depreciation, Year 2 depreciation would be: A) $15,000.00. B) $15,437.50. C) $20,000.00. D) $18,250.00. 35) A factory has a machine costing $76,000.  It has a 5-year life and an estimated capacity of 160,000 parts.  The salvage.

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  • 34) An asset costs $80,000 and has a salvage value
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14) Which of the following depreciation methods allocates an equal amount of depreciation to each year? A) Units-of-production B) Straight-line C) Declining-balance D) Double-declining-balance 15) Which of the following depreciation methods allocates a fixed amount of depreciation to miles driven, hours used, or some other measure of the asset's utilization? A) Straight-line B) Declining-balance C) Units-of-production D) Double-declining-balance 16) Which.

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  • 14) Which of the following depreciation methods allocates an equal
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53) On January 1, 2012, a company buys equipment for $10,000.  It has estimated residual value of $1,000, and an estimated life of 5 years.  Assume the company uses double-declining-balance depreciation. Please complete the depreciation schedule below. Depreciation for the Year Date Asset Cost Depreciable Cost Depreciation Rate Depreciation Expense Accumulated Depreciation Book Value 1-1- 2012 12-31- 2012 12-31- 2013 12-31- 2014 12-31- 2015 12-31- 2016 54) Pallmall Company has a.

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  • 53) On January 1, 2012, a company buys equipment for
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