8. A company pays one of its employees $800 per week. How much is the amount withheld from his pay for Social Security taxes? Group of answer choices A.$49.60 B.$11.60 C.$61.20 D.$34.52   9.Squeaky Clean laundromat purchased $6,000 worth of washing machines which are expected to last for 5 years, at which time they will have a trade-in value of $1,000. Calculate the annual depreciation using the straight line depreciation method. Group of answer choices A.$1,200 B.$1,150 C.$1,000 D.$950   10. On July 1, 2017, a company purchased a delivery van for $32,000. In five years, when they trade in the van, they will receive $3,000 toward the purchase of the next model. Using the straight-line method of depreciation, how much will they be allowed to depreciate during the first year? Group of answer choices A.$6,400 B.$5,800 C.$3,200 D.$2,900

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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8. A company pays one of its employees $800 per week. How much is the amount withheld from his pay for Social Security taxes?
Group of answer choices
A.$49.60
B.$11.60
C.$61.20
D.$34.52
 
9.Squeaky Clean laundromat purchased $6,000 worth of washing machines which are expected to last for 5 years, at which time they will have a trade-in value of $1,000. Calculate the annual depreciation using the straight line depreciation method.
Group of answer choices
A.$1,200
B.$1,150
C.$1,000
D.$950
 
10. On July 1, 2017, a company purchased a delivery van for $32,000. In five years, when they trade in the van, they will receive $3,000 toward the purchase of the next model. Using the straight-line method of depreciation, how much will they be allowed to depreciate during the first year?
Group of answer choices
A.$6,400
B.$5,800
C.$3,200
D.$2,900
 
ABC Company purchased a $65,000 piece of equipment which had an expected life of 10 years and a scrap value of $5,000. If the declining balance method of depreciation is used, what would the depreciation be the first year?
Group of answer choices
$13,000
$12,000
$6,500
$6,000
 
Use the units-of-production method to compute the unit rate and the annual depreciation for a machine that costs $28,000 with a useful life of 4 years and a residual value of $2,400. The machine is expected to produce 320,000 units over its life. What would the depreciation for the first year be if 75,000 units were produced?
Group of answer choices
$6,563
$6,400
$6,000
$5,900
 
The Better Than Average Construction Company purchased $35,000 worth of tools during 2017 which are in the 5-year class asset category. Using MACRS, what would be the cost recovery in the fourth year?
Group of answer choices
$4,032
$11,200
$7,000
$6,720
 

St. Nick's Toy Shop assigns operating expenses (overhead) according to the number of employees in each department. Operating expenses during September totaled $84,000. Employees per department:

Department

Employees

Rubber Ducks

2

Music Boxes

8

Electric Toys

5

Pogo Sticks

3

Games

4

Stuffed Animals

6


How much of the operating expenses would be allocated to the Electric Toys Department?

Group of answer choices
$6,000
$9,000
$12,000
$15,000
 

A department store had $128,000 of overhead expenses (overhead) for the past month which they wish to distribute among the various departments in the store. They will distribute the overhead on the basis of the sales. Sales per department:

 

Department

Sales per Department

Furniture

$400,000

Clothing

240,000

Housewares

40,000

Sporting Goods

120,000


How much of the overhead expenses will be allocated to the Furniture department?




Group of answer choices
$64,000
$38,400
$6,400
$19,200
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