The entry to replenish a petty cash fund includes a credit to Select one: A. Cash. B. Freight-in. C. Petty Cash. D. Postage Expense.
The entry to replenish a petty cash fund includes a credit to Select one: A. Cash. B. Freight-in. C. Petty Cash. D. Postage Expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The entry to replenish a petty cash fund includes a credit to
Select one:
A. Cash.
B. Freight-in.
C. Petty Cash.
D. Postage Expense.
Presto Company purchased equipment and these costs were incurred:
Cash price $65,000
Sales taxes 3,600
Insurance during transit 640
Installation and testing 860
Total costs $70,100
Presto will record the acquisition cost of the equipment as
Select one:
a. $65,000.
b. $68,600
c. $69,240.
d. $70,100.
Grimwood Trucking purchased a tractor trailer for $171,500. Interline uses the units-of-activity method for depreciating its trucks and expects to drive the truck 1,000,000 miles over its 12-year useful life. Salvage value is estimated to be $24,500. If the truck is driven 90,000 miles in its first year, how much depreciation expense should Grimwood record?
Select one:
a. $12,250
b. $13,230
c. $14,292
d. $15,435
Sargent Corporation bought equipment on January 1, 2017. The equipment cost $360,000 and had an expected salvage value of $60,000. The life of the equipment was estimated to be 6 years. Assuming straight-line deprecation, the book value of the equipment at the beginning of the third year would be
Select one:
a. $260,000.
b. $150,000.
c. $360,000.
d. $100,000.
Three accounting issues associated with accounts receivable are
Select one:
a. depreciating, returns, and valuing.
b. recognizing, valuing, and disposing.
c. depreciating, valuing, and collecting.
d. accrual, bad debts , and disposing.
Kingston Company purchased a piece of equipment on January 1, 2016. The equipment cost $200,000 and had an estimated life of 8 years and a salvage value of $25,000. What was the depreciation expense for the asset for 2017 under the double-declining-balance method?
Select one:
a. $37,500.
b. $50,000.
c. $21,667.
d. $39,063.
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