MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
11th Edition
ISBN: 9780133877571
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 2QC
Which of the following accounts would be included in the property, plant, and equipment category of the classified
| Learning Objective 1 |
- Land held for investment
Accumulated Depreciation - Office Supplies
- Mortgage Payable
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Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented her
New Office Equipment
1. List price: $40,300; terms: 2/10, n/30, paid within the discount period.
2. Transportation-in: $740.
3. Installation: $470.
4. Cost to repair damage during unloading: $661.
5. Routine maintenance cost after eight months: $110.
Basket Purchase of Copier, Computer, and Scanner for $50,100 with Fair Market Values
1. Copier, $23,556.
2. Computer, $11,476.
3. Scanner, $25,368.
Land for New Warehouse with an Old Building Torn Down
1. Purchase price, $81,200.
2. Demolition of building, $5.200.
3. Lumber sold from old building, $2,440.
4. Grading in preparation for new building, $9.200.
5. Construction of new bullding, $231,000.
Required
In each of these cases, determine the amount of cost to be capitalized in the asset accounts.
nete
Total
Which of the following would be correctly classified as an intangible asset?
Select one:
O a.
Brand names.
Ob. Land held for future use
O c. Motor vehicle
O d. Account payable
O e. Inventory
Clear my choice
Trinkle Company made several purchases of long-term assets during the year. The details of each purchase
are presented here.
New Office Equipment
1. List price: $42,600; terms: 2/10, n/30; paid within the discount period.
2. Transportation-in: $880.
3. Installation: $400.
4. Cost to repair damage during unloading: $630.
5. Routine maintenance cost after eight months: $150.
Basket Purchase of Copier, Computer, and Scanner for $52,500 with Fair Market Values
1. Copier, $23,421.
2. Computer, $12,027.
3. Scanner, $27,852.
Land for New Warehouse with an Old Building Torn Down
1. Purchase price, $83,800.
2. Demolition of building, $4,760.
3. Lumber sold from old building, $1,780.
4. Grading in preparation for new building, $7,900.
5. Construction of new building, $279,000.
Chapter 4 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of $600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Prob. S4.1SECh. 4 - Prob. S4.2SECh. 4 - Prob. S4.3SECh. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Prob. S4.8SECh. 4 - Prob. S4.9SECh. 4 - Prob. S4.10SECh. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Prob. S4.13SECh. 4 - Prob. S4.14SECh. 4 - Prob. E4.15ECh. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. E4.17ECh. 4 - Prob. E4.18ECh. 4 - Prob. E4.19ECh. 4 - Prob. E4.20ECh. 4 - Prob. E4.21ECh. 4 - Prob. E4.22ECh. 4 - Preparing a worksheet and closing entries Jadence...Ch. 4 - I 2 I I’rcpai ing t losing end ics I rom an...Ch. 4 - a post-dosing trial balance rics* illic r. s ano a...Ch. 4 - Prob. E4.26ECh. 4 - Prob. E4A.27ECh. 4 - Prob. P4.28APGACh. 4 - 'v"-1 evaluate a company •""' UM"B tl,e r“" ratio...Ch. 4 - Preparing a worksheet, financial statements, and i...Ch. 4 - WIUIAMt Osy ANVILS UrMdjuMvd lr „ ik'Uno. l>cu...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Prob. P4.33APGACh. 4 - Prob. P4.34BPGBCh. 4 - Prob. P4.35BPGBCh. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Prob. P4.37BPGBCh. 4 - Completing d««„„„u„g cycle 6mm inn.n.l cn.ric, .0...Ch. 4 - Prob. P4.39BPGBCh. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Prob. P4.41PSCh. 4 - Prob. 1.1CPCh. 4 - Prob. 1.2CPCh. 4 - Prob. 1.3CPCh. 4 - Prob. 1.4CPCh. 4 - Magness Delivery Service completed the fblowing...Ch. 4 - Prob. 1.6CPCh. 4 - Prob. 1.7CPCh. 4 - Prob. 1.8CPCh. 4 - Prob. 1.9CPCh. 4 - Prob. 2.1CPCh. 4 - Prob. 2.2CPCh. 4 - Prob. 2.3CPCh. 4 - Prob. 2.4CPCh. 4 - Prob. 2.5CPCh. 4 - Prob. 2.6CPCh. 4 - Prob. 2.7CPCh. 4 - Prob. 2.8CPCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FCCh. 4 - Prob. 4.1FSC
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- Answer with detailed explanationarrow_forwardWhich one of the following is an intangible asset? A. Vehicles B. Development costs. C. Hire purchase D. Premisesarrow_forwardRecording depreciation each period is necessary in accordance with the Select one: a. going concern principle. b. expense recognition principle. c. historical cost principle. d. asset valuation principle.arrow_forward
- QUESTION 17 Which of the following is the most likely journal entry to record the amortisation of an intangbie asset. to Debit - Finance costs Credit - Intangible asset Debit - Intangble asset Credit - Administration costs Debit - Intangible asset Credit - Cash Debit - Cost of sales Credit - intangible ansetarrow_forwardIndicate in the blank spaces below, the section of the balance sheet where the following items are reported. Use the following code to identify your answer: PPE Property, Plant, and Equipment I Intangibles O Other N/A Not on the balance sheet _____ 1.Goodwill ______ 6. Research and Development Costs _____ 2.Land Improvements ______ 7. Land _____ 3.Buildings ______ 8. Franchises _____ 4.Accumulated Depreciation ______ 9. Licenses _____ 5.Trademarks ______ 10. Equipmentarrow_forwardExperts answerarrow_forward
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