Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
Problem 1MC:
Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets...Problem 2MC:
Which of the following would not be considered an intangible asset? A. goodwill B. patent C....Problem 3MC:
The legal protection that provides a company exclusive rights to produce and sell a unique product...Problem 4MC:
Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers...Problem 5MC:
Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to...Problem 6MC:
If a company capitalizes costs that should be expensed, how is its income statement for the current...Problem 7MC:
Depreciation of a plant asset is the process of ________. A. asset valuation for statement of...Problem 8MC:
An accelerated depreciation method that takes more expense in the first few years of the assets life...Problem 9MC:
The estimated economic life of an asset is also known as ________. A. residual value B. book value...Problem 10MC:
The amortization process is like what other process? A. depreciation B. valuation C. recognizing...Problem 11MC:
How are intangible assets with an indefinite life treated? A. They are depreciated. B. They are...Problem 12MC:
If the market value of goodwill is found to be lower than the book value, goodwill is __________ and...Problem 13MC:
Which of the following represents an event that is less routine when accounting for long-term...Problem 14MC:
Which of the following is true regarding special issues in accounting for long-term assets? A. An...Problem 15MC:
The loss in value from all causes within a property except those due to physical deterioration is...Problem 2Q:
Define intangible assets.Problem 4Q:
What is goodwill, and how is it generated?Problem 5Q:
For each of the following transactions, state whether the cost would be capitalized (C) or recorded...Problem 8Q:
Define natural resources.Problem 10Q:
Explain the differences between the process of amortizing intangible assets and the process of...Problem 12Q:
What are some examples of special issues in accounting for long-term assets? How are they handled?Problem 1EA:
Fombell, Incorporated has the following assets in its trial balance: What is the total balance of...Problem 2EA:
Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...Problem 3EA:
Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is...Problem 4EA:
Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is...Problem 5EA:
Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following...Problem 6EA:
Calico Inc. purchased a patent on a new drug. The patent cost $21,000. The patent has a life of...Problem 7EA:
Alfredo Company purchased a new 3-D printer for $900,000. Although this printer is expected to last...Problem 9EA:
Santa Rosa recently purchased a new boat to help ship product overseas. The following information is...Problem 10EA:
Warriors Productions recently purchased a copyright. Although the copyright is expected to last a...Problem 11EA:
The following intangible assets were purchased by Goldstein Corporation: A. A patent with a...Problem 12EA:
Sand River Sales has a fork truck used in its warehouse operations. The truck had an original useful...Problem 1EB:
New Carlisle, Incorporated, has the following assets in its trial balance: What is New Carlisles...Problem 2EB:
Johnson, Incorporated had the following transactions during the year: Purchased a building for...Problem 3EB:
Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is...Problem 4EB:
Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is...Problem 5EB:
Steele Corp. purchases equipment for $30,000. Regarding the purchase, Steele paid shipping of...Problem 6EB:
Calico Inc. purchased a patent on a new drug it created. The patent cost $12,000. The patent has a...Problem 7EB:
Kenzie purchased a new 3-D printer for $450,000. Although this printer is expected to last for ten...Problem 9EB:
Ronson recently purchased a new boat to help ship product overseas. The following information is...Problem 10EB:
Warriors Production recently purchased a copyright on its new film. Although the copyright is...Problem 11EB:
The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining...Problem 12EB:
Baglias Wholesale Trinkets has a 3-D printer used in operations. The original useful life was...Problem 1PA:
Selected accounts from Phipps Corporations trial balance are as follows. Prepare the assets section...Problem 2PA:
Selected accounts from Han Corporations trial balance are as follows. Prepare the detailed schedule...Problem 3PA:
During the current year, Alanna Co. had the following transactions pertaining to its new office...Problem 4PA:
During the current year, Arkells Inc. made the following expenditures relating to plant machinery. ...Problem 5PA:
Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...Problem 6PA:
Gimli Miners recently purchased the rights to a diamond mine. It is estimated that there are one...Problem 7PA:
Tree Lovers Inc. purchased 100 acres of woodland in which the company intends to harvest the...Problem 8PA:
Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...Problem 9PA:
For each of the following unrelated situations, calculate the annual amortization expense and...Problem 10PA:
Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth...Problem 11PA:
Montezuma Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and...Problem 12PA:
Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...Problem 13PA:
Colquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value...Problem 1PB:
Selected accounts from Hanna Corporations trial balance are as follows. Prepare the assets section...Problem 2PB:
Selected accounts from Boxwood Corporations trial balance are as follows. Prepare the detailed...Problem 3PB:
During the current year, Alanna Co. had the following transactions pertaining to its new office...Problem 4PB:
During the current year, Arkells Inc. made the following expenditures relating to plant machinery. ...Problem 5PB:
Johnson, Incorporated, had the following transactions during the year: Purchased a building for...Problem 6PB:
Underwoods Miners recently purchased the rights to a diamond mine. It is estimated that there are...Problem 7PB:
Tree Lovers Inc. purchased 2,500 acres of woodland in which it intends to harvest the complete...Problem 8PB:
Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is...Problem 9PB:
Prepare the assets section of the balance sheet as of December 31 for Hoopers International using...Problem 10PB:
For each of the following unrelated situations, calculate the annual amortization expense and...Problem 11PB:
On May 1, 2015, Zoe Inc. purchased Branta Corp. for $15,000,000 in cash. They only received...Problem 12PB:
Farm Fresh Agriculture Company purchased Sunny Side Egg Distribution for $400,000 cash when Sunny...Problem 13PB:
Montezuma Inc. purchases a delivery truck for $20,000. The truck has a salvage value of $8,000 and...Problem 14PB:
Garcia Co. owns equipment that costs $150,000, with accumulated depreciation of $65,000. Garcia...Problem 15PB:
Urquhart Global purchases a building to house its administrative offices for $500,000. The best...Problem 1TP:
You are an accounting student at your local university. Your brother has recently managed to save...Problem 2TP:
Speedy delivery service recently hired a new accountant who discovered that the prior accountant had...Problem 3TP:
Speedy Delivery has a very lazy accountant. When originally setting up the delivery trucks into the...Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
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More Editions of This Book
Corresponding editions of this textbook are also available below:
CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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