Can I get some help with this?

the cost of land includes its purchase price and other related costs, including the cost of removing an old unusable building that is on the land.

Question 1 options:

True

False

Save Question 2(3 points)

Capital expenditures are credited to an asset account or an accumulated depreciation account and decrease the book value of plant assets.

Question 2 options:

True

False

Question 1 (3 points) The cost of land includes its purchase price and other related costs, including the cost of removing an old unusable building that is on the land. Question 1 options: True False Save Question 2 (3 points) Capital expenditures are credited to an asset account or an accumulated depreciation account and decrease the book value of plant assets. Question 2 options: True False Save Question 3 (3 points) Expenditures that increase the quality of services or extend the quantity of services beyond the original estimate are capital expenditures. Question 3 options: True False Save Question 4 (3 points) In an exchange of nonmonetary assets having commercial substance, the new asset is recorded at the fair market value of the asset received or the fair market value of the asset given up plus cash paid, whichever is more clearly evident. Question 4 options: True False Save Question 5 (3 points) In calculating depletion, the residual value of acquired land containing an ore deposit is included in total costs subject to depletion. Question 5 options: True False Save Question 6 (3 points) All recorded intangible assets are subject to amortization. Question 6 options: True False Save Question 7 (3 points) By comparing an asset's book value (cost less up-to-date accumulated depreciation) with its sales price, the company may show either a gain or a loss. Question 7 options: True False Save Question 8 (3 points) In exchanges of nonmonetary assets not having commercial substance, the firm records the new asset at the book value of the old asset plus the cash paid. Question 8 options: True False Save Question 9 (3 points) The par value of a share of capital stock is no indication of the market value or book value of the share of stock. Question 9 options: True False Save Question 10 (3 points) When 10,000 shares of $20 par value common stock are issued in payment for a parcel of land with a fair market value of $300,000, the Common Stock account is credited for $200,000, and the Paid-In Capital in Excess of Par ValueCommon account is credited for $100,000. Question 10 options: True False Save Question 11 (3 points) The return on average common stockholders' equity equals net income available to common stockholders divided by average common stockholders' equity. Question 11 options: True False Save Question 12 (3 points) A retained earnings appropriation reduces the total stockholders' equity shown on the balance sheet. Question 12 options: True False Save Question 13 (3 points) Paid-in capital is presented in the stockholders' equity section of the balance sheet. Each source of paid-in capital is listed separately. Question 13 options: True False Save Question 14 (3 points) :In the period in which a change in principle is made, the nature of the change, its justification, and its effect on net income must be disclosed in the financial statements. Also, the cumulative effect of the change on prior years' income (net of tax effect) must be shown on the income statement for the year of the change below "Income from continuing operations". Question 14 options: True False Save Question 15 (3 points) Income available to common stockholders is net income plus any dividends on preferred stock. Question 15 options: True False Save Question 16 (3 points) To calculate the rate of return on operating assets, divide net operating income by operating assets + depreciation. Question 16 options: True False Save Question 17 (3 points) On 2015 January 1, Jackson Company purchased equipment for $400,000, and installation and testing costs totalled $40,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $40,000. If Jackson uses the straightline depreciation method, the depreciation expense for 2015 is: Question 17 options: $36,000. $40,000. $44,000. $80,000. $88,000. Save Question 18 (3 points) In the preceding question, if the equipment were purchased on 2015 July 1, and Jackson used the double-declining-balance method, the depreciation expense for 2015 would be: Question 18 options: $88,000. $72,000. $36,000. $44,000. $40,000. Save Question 19 (3 points) Hatfield Company purchased a computer on 2013 January 2, for $10,000. The computer had an estimated salvage value of $3,000 and an estimated useful life of five years. At the beginning of 2015, the estimated salvage value changed to $1,000, and the computer is expected to have a remaining useful life of two years. Using the straight-line method, the depreciation expense for 2015 is: Question 19 options: $1,400. $1,750. $2,250. $1,800. $3,100. Save Question 20 (3 points) The result of recording a capital expenditure as a revenue expenditure is an: Question 20 options: Overstatement of current year's expense. Understatement of current year's expense. Understatement of subsequent year's net income. Overstatement of current year's net income. None of these. Save Question 21 (4 points) A truck costing $45,000 and having an estimated salvage value of $4,500 and an original life of five years is exchanged for a new truck. The cash price of the new truck is $57,000, and a trade-in allowance of $22,500 is received. The old truck has been depreciated for three years using the straight-line method. The new truck would be recorded at: Question 21 options: $55,000. $57,000. $34,500. $43,200. None of these. Save Question 22 (3 points) Land containing a mine having an estimated 1,000,000 tons of economically extractable ore is purchased for $375,000. After the ore deposit is removed, the land will be worth $75,000. If 100,000 tons of ore are mined and sold during the first year, the depletion cost charged to expense for the year is: Question 22 options: $300,000. $37,500. $30,000. $375,000. None of these. Save Question 23 (3 points) Bren Company purchased a patent for $36,000. The patent is expected to have a finite life of 10 years even though its legal life is 17 years. The amortization for the first year is: Question 23 options: $36,000. $3,600. $2,118. $3,240. None of these. Save Question 24 (3 points) Which of the following is not an advantage of the corporate form of organization? Question 24 options: Continuous existence of the entity. Limited liability of stockholders. Government regulation. Easy transfer of ownership. Save Question 25 (3 points) An arbitrary amount assigned by the board of directors to each share of a given class of no-par stock is: Question 25 options: Quasi-par value. Stated value. Redemption value. Liquidation value. Save Question 26 (3 points) Preferred stock that has dividends in arrears is: Question 26 options: Noncumulative preferred stock. Noncumulative and callable preferred stock. Noncumulative and convertible preferred stock. Cumulative preferred stock. Save Question 27 (3 points) Quinn Corporation issued 10,000 shares of $20 par value common stock at $50 per share. The amount that would be credited to Paid-In Capital in Excess of Par ValueCommon is: Question 27 options: $200,000. $300,000. $500,000. $700,000. None of these. Save Question 28 (3 points) You are given the following information: Capital Stock, $80,000 ($80 par); Paid-In Capital in Excess of Par ValueCommon, $200,000; and Retained Earnings, $400,000. Assuming only one class of stock, the book value per share is: Question 28 options: $680. $280. $80. $400. None of the above. Save Question 29 (3 points) Which of the following is not included in paid-in capital? Question 29 options: Common Stock. Paid-In CapitalDonations. Stock Dividend Distributable. Appropriation per Loan Agreement. Save Question 30 (3 points) Bevins Company issued 10,000 shares of $20 par value common stock at $24 per share. Bevins reacquired 1,000 shares of its own stock at a cost of $30 per share. The entry to record the reacquisition is: Question 30 options: Premium on Treasury Stock (-SE) 10,000 Treasury stock (-SE) 20,000 Cash (-A) Premium on Treasury Stock (-SE) 6,000 Treasury stock (-SE) 24,000 Cash (-A) 3 Treasury Stock (-SE) 30,000 Cash (-A) 30,000. Treasury stock (-SE) 20,000 Paid-In Capital - Treasury Stock Transactions (-SE) 30,000. Save Question 31 (3 points) ABC Corporation declared the regular quarterly dividend of $2 per share. ABC had issued 12,000 shares and subsequently reacquired 2,000 shares as treasury stock. What would be the total amount of the dividend? Question 31 options: $24,000. $28,000. $20,000. $4,000. Save Question 32 (3 points) Which item is not reported as a separate line item below income from continuing operations, net of tax effects, in the income statement? Question 32 options: Extraordinary items. Prior period adjustments. Discontinued operations. Changes in accounting principle. Save Question 33 (3 points) "Capital stock outstanding" is the number of authorized shares of stock that have been issued and that are still currently held by stockholders. Question 33 options: True False Save