Barbara is considering selling pierogies from a food truck and began to think about the equipment she would need to run a food truck. Determine which of the following would be a short-term asset. a.) Frying pans b.) Aprons c.) Cooling racks d.) 2. Sarah began a list of the additional equipment she would need to run the food truck for her company, The Modern Bite. She would need a cash register system to make transactions, cooling racks, a car to shuttle ingredients over to the truck as needed and new aprons. Which of the following assets is NOT depreciable? a.) Cooling racks b.) Aprons c.) Car d.) Cash register system 3. Sarah began a list of the additional equipment she would need to run the food truck for her company, The Modern Bite. She would need a cash register system to make transactions, cooling racks, a car to shuttle ingredients over to the truck as needed and new aprons. Which of the following assets is NOT depreciable? a.) Cooling racks b.) Aprons c.) Car d.) Cash register system 4. Paul wanted to calculate the depreciation of the computer server his company purchased for $6,000. He decided that the useful life of the server would be three years. Paul also determined that the residual value of the server would be $300. Paul calculated the annual straight line depreciation of the server would be __________. a.) $2,100 b.) $1,900 c.) $1,800 d.) $2,000 5. Consider the following information for a machine: Cost = $14,000 Residual Value = $2,000 Useful Live = 5 years Using straight line depreciation, what would the depreciation be after 18 months? a.) $3,600 b.) $660 c.) $1,800 d.) $200 6. LONG TERM ASSET ASSET: TRACTOR Based on the information above, the book value of the tractor is __________. a.) $25,000 b.) $43,000 c.) $28,000 d.) $33,000 7. A gain or loss may be incurred if the sale or trade of an asset is greater than or less than the __________ value of the asset. a.) cost average b.) carrying c.) depreciation d.) cash Oven