Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 5 Days Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 12.00

Smith Company

37.)

Which of the following is correct for Smith Company when Smith issues 10,000 shares of $10 par value common stock and pays $28,000 cash in exchange for a building? The market price of the Smith stock on the exchange date was $29 per share and the building's book value on the books of the seller was $280,000.
  Total assets increase $262,000.
  Stockholders' equity increases $280,000.
  Stockholders' equity increases $262,000.
 

Total assets increase $290,000.

38.)

On January 1, 2014, Woodstock, Inc. purchased a machine costing $49,000. Woodstock also paid $1,200 for transportation and installation. The expected useful life of the machine is 7 years and the residual value is $5,400. How much is the annual depreciation expense assuming use of the straight-line depreciation method?
  $7,267.
  $6,400.
  $7,000.
 

$7,171.

39.)

On January 1, 2014, Woodstock, Inc. purchased a machine costing $40,200. Woodstock also paid $1,100 for transportation and installation. The expected useful life of the machine is 4 years and the residual value is $5,100. If Woodstock uses the straight-line depreciation method, which of the following statements is incorrect?

rev: 11_25_2014_QC_59960

  The December 31, 2014 book value was $32,250.
  The December 31, 2016 accumulated depreciation balance was $27,150.
  The December 31, 2015 book value was $18,100.
 

The annual depreciation expense is $9,050.

40.)

Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $820,000. The estimated residual value of the building is $52,000 and it has an expected useful life of 10 years. What is the building's book value at the end of the first year?
  $686,000.
  $604,000.
  $738,000.
 

$656,000.

41.)

Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $710,000. The estimated residual value of the building is $41,000 and it has an expected useful life of 20 years. Assuming the first year's depreciation expense was recorded properly, what would be the amount of depreciation expense for the second year?


42.)

  $35,500.
  $63,900.
  $71,000.
 

Schager Company purchased a computer system on January 1, 2014, at a cash cost of $21,000. The estimated useful life is 20 years, and the estimated residual value is $2,600. The company will use the double declining-balance depreciation method. What is the accumulated depreciation balance as of December 31, 2015?

   $3,756   $2,100.   $1,890.   $3,990.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 02:08 PM My Price 12.00

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