preciated under MACRS. b. assets other than buildings being depreciated under MACRS. c. assets other than passenger autos being depreciated under MACRS. d. assets other than buildings and passenger autos being depreciated under MACRS. The mid-month convention applies to . .. d ald a. assets purchased during the last 3 months whose aggregate basis exceeds 40% of the aggregate basis of assets purchased during the geb year. b. assets other than buildings purchased during the last 3 months whose aggregate basis exceeds 40% of the aggregate basis of assets other than buildings purchased during the year. c. buildings. d. buildings and land. odt gnibivib In units of production depreciation, the depreciation rate is calculated as... a. (acquisition cost – residual value)/total estimated units of

preciated under MACRS. b. assets other than buildings being depreciated under MACRS. c. assets other than passenger autos being depreciated under MACRS. d. assets other than buildings and passenger autos being depreciated under MACRS. The mid-month convention applies to . .. d ald a. assets purchased during the last 3 months whose aggregate basis exceeds 40% of the aggregate basis of assets purchased during the geb year. b. assets other than buildings purchased during the last 3 months whose aggregate basis exceeds 40% of the aggregate basis of assets other than buildings purchased during the year. c. buildings. d. buildings and land. odt gnibivib In units of production depreciation, the depreciation rate is calculated as... a. (acquisition cost – residual value)/total estimated units of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The mid-month convention applies to...

preciated under MACRS.
b. assets other than buildings being depreciated under MACRS.
c. assets other than passenger autos being depreciated under
MACRS.
d. assets other than buildings and passenger autos being depreciated
under MACRS.
The mid-month convention applies to . ..
d ald
a. assets purchased during the last 3 months whose aggregate basis
exceeds 40% of the aggregate basis of assets purchased during the
geb
year.
b. assets other than buildings purchased during the last 3 months
whose aggregate basis exceeds 40% of the aggregate basis of
assets other than buildings purchased during the year.
c. buildings.
d. buildings and land.
odt gnibivib
In units of production depreciation, the depreciation rate is calculated
as...
a. (acquisition cost – residual value)/total estimated units of

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LB Enterprises (LB) is preparing its budget for the first quarter of 2019. LB's balance sheet as of December 31, 2018 is as follows: Assets Liabilities Cash $5,000 Accounts Payable $9500 Accounts Recievable 28,000 Inventories Direct Materials 8,100 Finished Goods (500 Units) 16,870 Stockholders Equity Equipment - gross 45,000 Accumulated depreciation 15.000 Common Stock $15,000 Net Equipment 30,000 Retained Earnings 63,470 Total Assets $87,970 Total Liabilities and $87,960 Equity LB sells one product for $45/unit. The Company forecasts that it will sell 2,000; 1,500; 1,600; and 1,700 units in January, February, March and April, respectively. • Sales to customers are all on credit. 40% of the cash for these sales is collected in the month of the sale and the remaining 60% is collected in the following month. LB wants finished goods inventory equal to 25% of the next month's sales on hand at the end of each month. LB wants direct materials equal to 75% of the current month's production…