16_ Which depreciation method is most frequently used in businesses today?

Select one:

a. Straight-line

b. Double-declining-balance

c. Declining-balance

d. The answer does not exist

e. Units-of-activity

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17_ Sales taxes collected by a retailer are recorded by

Select one:

a. debiting Sales Taxes Payable.

b. The answer does not exist

c. debiting Sales Tax Expense.

d. crediting Sales Taxes Payable

e. crediting Sales Tax Revenue.

________________

18_ Depletion is

Select one:

a. the allocation of the cost of natural resources to expense.

b. The answer does not exist

c. a decrease in market value of natural resources.

d. the amount of spoilage that occurs when natural resources are extracted.

e. the method used to record unsuccessful patents.

________________

19_ From a liquidity standpoint, it is more desirable for a company to have current

Select one:

a. assets equal current liabilities.

b. assets exceed current liabilities.

c. The answer does not exist

d. liabilities exceed current assets.

e. liabilities exceed long-term liabilities.

______________

20_ Razor Company has decided to sell one of its old machines on December 31, 2017. The machine was purchased for $99,000, and the accumulated depreciation was $ 51,000. If the machine was sold for $21,000, what was the amount of the gain or loss recorded at the time of the sale?

Select one:

a. $54,000

b. $36,000

c. $14,000.

d. $90,000

e. The answer does not exist

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