Exercise 8-3A (Static) Classifying tangible and intangible assets LO 8-1 Required: Identify each of the following long-term operational assets as either tangible (T) or intangible (1). a. Pizza oven b. Land c. Franchise d. Filing cabinet e. Copyright f. Silver mine g. Office building h. Drill press 1. Patent J. Oil well k. Desk 1. Goodwill Answers

Exercise 8-3A (Static) Classifying tangible and intangible assets LO 8-1 Required: Identify each of the following long-term operational assets as either tangible (T) or intangible (1). a. Pizza oven b. Land c. Franchise d. Filing cabinet e. Copyright f. Silver mine g. Office building h. Drill press 1. Patent J. Oil well k. Desk 1. Goodwill Answers

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 7 In computing depreciation, salvage value is a. the fair value of a plant asset on the date of acquisition. b. subtracted from accumulated depreciation to determine the plant asset's depreciable cost. C. an estimate of a plant asset's value at the end of its useful life. d. ignored in all the depreciation methods.
1. Which of the following should not be taken into account Problem 10-33 Multiple choice (IFRS) when determining the cost of inventory? . Storage costs- of part-finished goods b. Trade discounts " Recoverable purchase taxes : Lmport duties on shipping of inventory inward , The cost of inventory does not include a. Salaries of factory staff b. Storage cost necessary in the production process before a further production stage 6. Abnormal amount of wasted materials d. Irrecoverable purchase taxes 3. Which of the following costs of conversion cannot be included in cost of inventory? a. Cost of direct labor b. Factory rent and utilities c. Salaries of sales staff d. Factory overhead based on normal capacity 4. Which of the following should be taken into account when determining the cost of inventory? a. Storage cost of part-finished goods b. Abnormal freight in c. Recoverable purchase tax d. Interest on inventory loan 3. Costs incurred in bringing the inventory to the present location and…
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FASB ASC Topic 450, Contingencies, provides accounting guidance for A. the accounting treatment for intangible assets B. depreciable methods for property, plant and equipment C. events, or potential events, that create uncertainty for a company D. business combinations
A Cost 49, 300, # Computer System purchased by Jones Company Using the MACRS method Caleviate depreciation at the the accumulated 3. (Round all Dollar amounts. to A 35, 101.60 B 33, 345.54 C 40 780.9 و ما ان ها ,45 D 87 Abswer ky end of year newest Cent)
From page 7-1 of the VLN, acquisition cost would NOT include: A. Purchase price. B. Transportation cost to get the asset ready to be used. C. Sales taxes. D. Cost incurred to operate the asset.
QUESTION 45 The purpose of recording depreciation expense is to provide cash necessary to replace plant assets when they are used up. record the balance sheet amount of plant assets at replacement value. match expenses with revenues using a reasonable systematic method. gain a better understanding of estimating the extraction of natural resources.
Identifiable intangible assets include all of the following, except * Computer software Copyright Leasehold improvement Patent An intangible asset is identifiable when * O It arises from contractual and other legal right. It is either separable or it arises from contractual and other legal right. It is separable It is neither separable nor it arises from contractual and other legal right. Which is a characteristic of an intangible asset? * Claim for a specific amount of cash Physical existence Long-lived O Held for sale After initial recognition, an intangible asset shall be measured using * Cost model or revaluation model Cost model Revaluation model Cost model or fair value model O O O O O O O
Brief Exercise 8-5 (Algo) Effect of the disposal of plant assets on the financial statements LO 8-5 Mix & Match Company sold office equipment with a cost of $48,600 and accumulated depreciation of $33,000 for $28,000 cash. Required: a. What is the amount of gain or loss on the disposal? b. How would the sale affect net income (increase, decrease, no effect)? c. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)? d. How would the event affect the statement of cash flows (inflow, outflow, no effect)? a. b. Effect of sale on net income c. Effect of sale on total assets d. Effect of sale on statement of cash flows
How do I figure out the depreciation amount for the sum of the years digit method
Problem 10-1A (Algo) Part 1-3 Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $800,000. The estimated market values of the purchased assets are building, $526,500; land, $263,250; land improvements, $39,000; and four vehicles, $146,250. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Allocate the lump-sum purchase price to the separate assets purchased. Allocation of total cost Building Land Land improvements Vehicles Total Estimated Market Value $…