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The Adjusted bank and book balance would be a b $ 31,950 $ 31,450 $36,980 $ 39,830 Question 7 (2 points) An equipment costing $ 10,000 is purchased on January 1st, with residual value of $ 1,000 and estimated useful life is 5 years 36,000 units. Actual production during the year is 7,000 units. The annual depreciation for the year ended Dec 31st, under Double Declining Balance method would be a 3600 15 2000 C 4000 1800 d Question 8 point th Reason for impairment of an asset would be all of the above adverse e caused by technological changes Question 8 (1 point) Reason for impairment of an asset would be 3 all of the above co adverse effect caused by technological changes adverse effect caused by legal changes significant reduction in asset's market value c Question 9 2 points) On January 1, 2020, Sports Can purchased a new equipment for 5 5-00. The equipm 400. using deuble-declining balance method depreciation charge for the 2nd year Reason for impairment of an asset would be a b Oooo all of the above adverse effect caused by technological changes adverse effect caused by legal changes significant reduction in asset's market value c d Question 9 (2 points) On January 1, 2020, SportsCan purchased a new equipment for $5,400. The equipment has a useful life of $ 10 years and residual value of $ 400. using double-declining balance method, depreciation charge for the 2nd year would be a 500 le 540 OOOO 864 d 1080 Question 10 An equipment costing 5 12.000 and Accumulata Depreciation of $ 10,000 is sold for $1000. The journal entry to record this sale is ash 5.000 Debicuntulated Depreciation $ 10 000 Deot Loss on Discoss of Equioments 1,000. Credit Equipment c 864 d 1080 Question 10 (1 point) An equipment costing $ 12,000 and Accumulatd Depreciation of $ 10,000 is sold for $ 1,000. The journal entry to record this sale is a b Debit Cash $1,000, Debit Accumulated Depreciation $10,000, Debit Loss on Disposal of Equipment $1,000, Credit Equipments 12,000 Debit Cash $1,000, Debit Loss on Disposal of Equipment $ 1,000, Credit Equipment $ 2,000 Debit Cash $1,000 and Credit Profit on Disposal of Equipment $1,000 Debit Cash $ 1,000, Debit Accumulated Depreciation $10,000 and Credit Profit on Disposal of Equipment $1,000, Credit Equipment $ 10,000 d Question 11 (1 point) Sales tax Payable A/c is credited and Cash A/c is debited when firm send sales taxes collected from customers to the government True False Ob Od LLIULIUI 10,000,Debit Loss on Disposal of Equipment $1,000, Credit Equip 12,000 Debit Cash $1,000, Debit Loss on Disposal of Equipment $1,000, Credit Equipment $ 2,000 Debit Cash $1,000 and Credit Profit on Disposal of Equipment $1,000 Debit Cash $1,000, Debit Accumulated Depreciation $10,000 and Credit Profit on Disposal of Equipment $1,000, Credit Equipment $ 10,000 Question 11 (1 point) Sales tax Payable A/c is credited and Cash A/c is debited when firm send sales taxes collected from customers to the government O True O False Question 12 (1 point) The original cost minus acculumated depreciation is called as Carrying Value Replacemen: Vlave Question 12 (1 point) The original cost minus acculumated depreciation is called as a Carrying Value Replacement Vlaue Residual Value C Realizable Value Question 13 (1 point) Resdiual value is same as cost of an asset 0 0 an estimate of the asset's value at the end of its useful life OOO same as book value of an asset asset's current market value Question 14 i port Formula for calculating the straight line deprec aiton is Cost - Residual value) Useful Life Question 14(1 point) Formula for calculating the straight line depreciaiton is (Cost - Residual value)/ Useful Life Residual Value / Useful Life (Cost + Residual Value)/ Useful Life Cost / Useful Life Question 15 (2 points) Sports Med sold an X-ray machine that originally cost $ 100,000 for $ 60,000 a estimated useful life of 10 years. If Sports Med uses straight line method of de b (Cost - Residual value)/ Useful Life Residual Value / Useful Life (Cost + Residual Value)/ Useful Life Cost / Useful Life c d Question 15 (2 points) SportsMed sold an X-ray machine that originally cost $ 100,000 for $ 60,000 and had not recognized any profit or loss. X-ray machine has an estimated useful life of 10 years. If Sports Med uses straight line method of depreciation, the accumulated depreication at the time of sale is $ 10,000 b c $ 40,000 $50,000 $ 60,000 d Question 16 ( point) A long-term liability can have a current component b $ 40,000 $50,000 $ 60,000 d Question 16 (1 point) A long-term liability can have a current component True False Question 17 (1 point) Estimated liabilities are a so referred to as provisions True Question 17 (1 point) Estimated liabilities are also referred to as provisions True O False Question 18 (1 point) A machine that cost $ 40,000 and had an accumulated depreciation of $ 30,000 was traded (exchnaged in on a new machine, which had an estimated useful ife of 20 years and cost of $ 50,0000. If $ 7,000 trade-in allowance was received on the old machine, the new machine should be valued at O a 50000 b Oc 40000 43000 57000 d Question 193 points) At the end of the year. Medicii completed an asset impairment test and noted that the piece of the equipment, with a book value of $ 12,000 has $ 8000 net realisable value and $ 9.000 value-ir-use. Is there an impairment? If yes, what is the impairment expense? Yes: 3000 Yes: 1000 P app.schoology.com/assignment/2664430502/assessment mal written com... Download Call of D... History esumateu userumme or zu years and USLONJU, UUDU. ID) 7,000 traue-l aruwance was receiveu urrure machine, une new machine Sulu be valued at 50000 40000 Ob 43000 d 57000 Question 19 (3 points) At the end of the year. Mediciti completed an asset impairment test and noted that the piece of the equipment, with a book value of $ 12,000 has 5 8000 net realisable value and $ 9,000 value-in-use. Is there an impairment? If yes, what is the impairment expense? Yes: 3000 Yes: 1000 Yes: 4000 Yes: 2000 Od Question 20 (1 point) The systematic allocation of the cost of a patent to gach periodof its useful life is called Impairment Disposal Amortization Depreciation 2UUU Question 20 (1 point) The systematic allocation of the cost of a patent to each perio dof its useful life is called a Impairment Disposal Amortization Depreciation on Question 21 (1 point) Cost of the land can include purchase price o d Depreciation Question 21 (1 point) Cost of the land can include a b purchase price commission paid to real estate agent all of the above costs of removing existing structures Question 22 (3 points) At the begining of the third year an equipment had s 6.400 as opening balance and it is erec fe chnages from three to four years and the residual value changes frems 1,000 to 5 400. straight line method would be 3200 h purchase price commission paid to real estate agent all of the above Od costs of removing existing structures Question 22 (3 points) At the begining of the third year an equipment had $ 6,400 as opening balance and it is predicted that the number of remaining years of useful life chnages from three to four years and the residual value changes from $1,000 to $ 400. The revised dereciation charge per year using the straight line method would be O a 3200 b 1500 750 Od 1800 Question 23 (1 point) Contingent Liailities occur when the liability a is known and determinable probable and can be reliably estimated ob P Contingent Liailities occur when the liability a h is known and determinable probable and can be reliably estimated can not be reliably estimated all of the above c Question 24 (1 point) A liability is a future payment of assets or provision of services that a company is currently obligated to make as a result of past transactions or events True False Question 25 (1 point) Once the estimated depreciation for an asset is calculated b It may be revised based on the availability of new information It can not be changed due to the historical cost concept any change would be accumulated and recorded at the time of disposal of an asse: the estimate can not be changed bus the new information must be disclosed in notes to financial statements d Download Call of D... History True False Question 25 (1 point) Once the estimated depreciation for an asset is calculated it may be revised based on the availability of new information it can not be changed due to the historical cost concept any change would be accumulated and recorded at the time of disposal of an asset the estimate can not be changed but the new information must be disclosed in notes to financial statements Question 26 point! On December 31, 200 Peligrino Co. has a long term note payable of $ 800,000. Of that balance $ 100.000 will be paid with in one year from the balance sheet date. How much of the nore payable should Peligrino Co report as a non-current liability when they prepare the December 31, 2020 balance sheet? $ 800.000 $ 100,000 None of the gove Once the estimated depreciation for an asset is calculated a it may be revised based on the availability of new information it can not be changed due to the historical cost concept any change would be accumulated and recorded at the time of disposal of an asset the estimate can not be changed but the new information must be disclosed in notes to financial statements Question 26 (1 point) On December 31, 200 Peligrino Co. has a long term note payable of $ 800,000. Of that balance, $ 100,000 will be paid with in one year from the balance sheet date. How much of the note payable should Peligrino Co. report as a non-current liability when they prepare the December 31, 2020 balance sheet? $ 800,000 $ 100,000 5 700.000 d None of the above Question 27 1 point) m... Download Call of D... History Ob $ 800,000 $ 100,000 $ 700,000 None of the above d Question 27 (1 point) Major Company borrowed $ 12,000 by signing an 8% interest-bearing 45-day note payable to replace an overdue accounts payable. To record this transaction, Major Company should prepare a journal entry that would include debit to notes payable for $ 12,000 credit to accounts payable for $ 12,000 debit to accounts payable for $ 12,000 credit to cash for $ 12,000 Od Question 28 2 points) An equipment costing $ 10.000 is purchased on January 1st, with residual value of $1.000 and estimated useful life is 5 years 36,000 units Actual production during the year is 7.000 units. The annual depreciation for the year ended Dec 31st, under Straight Line method would be ho 1800 1950 2000 1750 Uynule payable to replace an overdue accounts payable. To record WIJ UNSOLUUN, Major Lompany should prepare a journal entry that would include a debit to notes payable for $ 12,000 credit to accounts payable for $ 12,000 debit to accounts payable for $ 12,000 credit to cash for $ 12,000 Question 28 (2 points) An equipment costing $10,000 is purchased on January 1st, with residual value of $ 1,000 and estimated useful life is 5 years 36,000 units. Actual production during the year is 7,000 units. The annual depreciation for the year ended Dec 31st, under Straight Line method would be a 1800 1950 2000 1750 Question 29 point P Heriod 1800 1950 ano 2000 1750 Question 29 (1 point) Under which method, the amount of depreciation charge would be same for each period of the asset's useful life? a Declining Balance Method Units of Production Method Double Declining Balance Method Straight Line Method Question 30 (1 point) If an item is held for resale, it should be classified as 0 Current Liability Property, Plant and Equipemnt Accounts Receivable Inventory Verlog oo an Double Declining Balance Method Straight Line Method Question 30 (1 point) If an item is held for resale, it should be classified as a Current Liability Property, Plant and Equipemnt Accounts Receivable d Inventory Question 31 (1 poire) All expected future payments are liabilities O b Od Property, Plant and Equipemnt Accounts Receivable Inventory Question 31 (1 point) All expected future payments are liabilities True False Question 32 (1 point) Legla right for the extraction of oil and gas from the earth are called as U PUC s die labilities O True False Question 32 (1 point) Legla right for the extraction of oil and gas from the earth are called as a b Copy Right Drilling Right Lease Right Trade Right d Question 33 2 points, Joyco acquired an equipment on April 1st, 2020 at a cost of 3 90,000 and with an estimated value of $ 10,000. Assuming that joydo uses Straight line method of depreciation carrying va be Financial year closes on Dec 31st) Question 32 (1 point) Legla right for the extraction of oil and gas from the earth are called as Ob Copy Right Drilling Right Lease Right Trade Right Od Question 33 (2 points) JoyCo acquired an equipment on April 1st, 2020 at a cost of $ 90,000 and with an estimated useful life of 10 years. The machine has a reidual value if $ 10,000. Assuming that JoyCo uses Straight line meth of depreciation, carrying value of an asset at the beginning of 3rd year would be (Financial year closes on Dec 31st) Ob 82000 66000 76000 Od 68000 Review Answers . The Adjusted bank and book balance would be a b $ 31,950 $ 31,450 $36,980 $ 39,830 Question 7 (2 points) An equipment costing $ 10,000 is purchased on January 1st, with residual value of $ 1,000 and estimated useful life is 5 years 36,000 units. Actual production during the year is 7,000 units. The annual depreciation for the year ended Dec 31st, under Double Declining Balance method would be a 3600 15 2000 C 4000 1800 d Question 8 point th Reason for impairment of an asset would be all of the above adverse e caused by technological changes Question 8 (1 point) Reason for impairment of an asset would be 3 all of the above co adverse effect caused by technological changes adverse effect caused by legal changes significant reduction in asset's market value c Question 9 2 points) On January 1, 2020, Sports Can purchased a new equipment for 5 5-00. The equipm 400. using deuble-declining balance method depreciation charge for the 2nd year Reason for impairment of an asset would be a b Oooo all of the above adverse effect caused by technological changes adverse effect caused by legal changes significant reduction in asset's market value c d Question 9 (2 points) On January 1, 2020, SportsCan purchased a new equipment for $5,400. The equipment has a useful life of $ 10 years and residual value of $ 400. using double-declining balance method, depreciation charge for the 2nd year would be a 500 le 540 OOOO 864 d 1080 Question 10 An equipment costing 5 12.000 and Accumulata Depreciation of $ 10,000 is sold for $1000. The journal entry to record this sale is ash 5.000 Debicuntulated Depreciation $ 10 000 Deot Loss on Discoss of Equioments 1,000. Credit Equipment c 864 d 1080 Question 10 (1 point) An equipment costing $ 12,000 and Accumulatd Depreciation of $ 10,000 is sold for $ 1,000. The journal entry to record this sale is a b Debit Cash $1,000, Debit Accumulated Depreciation $10,000, Debit Loss on Disposal of Equipment $1,000, Credit Equipments 12,000 Debit Cash $1,000, Debit Loss on Disposal of Equipment $ 1,000, Credit Equipment $ 2,000 Debit Cash $1,000 and Credit Profit on Disposal of Equipment $1,000 Debit Cash $ 1,000, Debit Accumulated Depreciation $10,000 and Credit Profit on Disposal of Equipment $1,000, Credit Equipment $ 10,000 d Question 11 (1 point) Sales tax Payable A/c is credited and Cash A/c is debited when firm send sales taxes collected from customers to the government True False Ob Od LLIULIUI 10,000,Debit Loss on Disposal of Equipment $1,000, Credit Equip 12,000 Debit Cash $1,000, Debit Loss on Disposal of Equipment $1,000, Credit Equipment $ 2,000 Debit Cash $1,000 and Credit Profit on Disposal of Equipment $1,000 Debit Cash $1,000, Debit Accumulated Depreciation $10,000 and Credit Profit on Disposal of Equipment $1,000, Credit Equipment $ 10,000 Question 11 (1 point) Sales tax Payable A/c is credited and Cash A/c is debited when firm send sales taxes collected from customers to the government O True O False Question 12 (1 point) The original cost minus acculumated depreciation is called as Carrying Value Replacemen: Vlave Question 12 (1 point) The original cost minus acculumated depreciation is called as a Carrying Value Replacement Vlaue Residual Value C Realizable Value Question 13 (1 point) Resdiual value is same as cost of an asset 0 0 an estimate of the asset's value at the end of its useful life OOO same as book value of an asset asset's current market value Question 14 i port Formula for calculating the straight line deprec aiton is Cost - Residual value) Useful Life Question 14(1 point) Formula for calculating the straight line depreciaiton is (Cost - Residual value)/ Useful Life Residual Value / Useful Life (Cost + Residual Value)/ Useful Life Cost / Useful Life Question 15 (2 points) Sports Med sold an X-ray machine that originally cost $ 100,000 for $ 60,000 a estimated useful life of 10 years. If Sports Med uses straight line method of de b (Cost - Residual value)/ Useful Life Residual Value / Useful Life (Cost + Residual Value)/ Useful Life Cost / Useful Life c d Question 15 (2 points) SportsMed sold an X-ray machine that originally cost $ 100,000 for $ 60,000 and had not recognized any profit or loss. X-ray machine has an estimated useful life of 10 years. If Sports Med uses straight line method of depreciation, the accumulated depreication at the time of sale is $ 10,000 b c $ 40,000 $50,000 $ 60,000 d Question 16 ( point) A long-term liability can have a current component b $ 40,000 $50,000 $ 60,000 d Question 16 (1 point) A long-term liability can have a current component True False Question 17 (1 point) Estimated liabilities are a so referred to as provisions True Question 17 (1 point) Estimated liabilities are also referred to as provisions True O False Question 18 (1 point) A machine that cost $ 40,000 and had an accumulated depreciation of $ 30,000 was traded (exchnaged in on a new machine, which had an estimated useful ife of 20 years and cost of $ 50,0000. If $ 7,000 trade-in allowance was received on the old machine, the new machine should be valued at O a 50000 b Oc 40000 43000 57000 d Question 193 points) At the end of the year. Medicii completed an asset impairment test and noted that the piece of the equipment, with a book value of $ 12,000 has $ 8000 net realisable value and $ 9.000 value-ir-use. Is there an impairment? If yes, what is the impairment expense? Yes: 3000 Yes: 1000 P app.schoology.com/assignment/2664430502/assessment mal written com... Download Call of D... History esumateu userumme or zu years and USLONJU, UUDU. ID) 7,000 traue-l aruwance was receiveu urrure machine, une new machine Sulu be valued at 50000 40000 Ob 43000 d 57000 Question 19 (3 points) At the end of the year. Mediciti completed an asset impairment test and noted that the piece of the equipment, with a book value of $ 12,000 has 5 8000 net realisable value and $ 9,000 value-in-use. Is there an impairment? If yes, what is the impairment expense? Yes: 3000 Yes: 1000 Yes: 4000 Yes: 2000 Od Question 20 (1 point) The systematic allocation of the cost of a patent to gach periodof its useful life is called Impairment Disposal Amortization Depreciation 2UUU Question 20 (1 point) The systematic allocation of the cost of a patent to each perio dof its useful life is called a Impairment Disposal Amortization Depreciation on Question 21 (1 point) Cost of the land can include purchase price o d Depreciation Question 21 (1 point) Cost of the land can include a b purchase price commission paid to real estate agent all of the above costs of removing existing structures Question 22 (3 points) At the begining of the third year an equipment had s 6.400 as opening balance and it is erec fe chnages from three to four years and the residual value changes frems 1,000 to 5 400. straight line method would be 3200 h purchase price commission paid to real estate agent all of the above Od costs of removing existing structures Question 22 (3 points) At the begining of the third year an equipment had $ 6,400 as opening balance and it is predicted that the number of remaining years of useful life chnages from three to four years and the residual value changes from $1,000 to $ 400. The revised dereciation charge per year using the straight line method would be O a 3200 b 1500 750 Od 1800 Question 23 (1 point) Contingent Liailities occur when the liability a is known and determinable probable and can be reliably estimated ob P Contingent Liailities occur when the liability a h is known and determinable probable and can be reliably estimated can not be reliably estimated all of the above c Question 24 (1 point) A liability is a future payment of assets or provision of services that a company is currently obligated to make as a result of past transactions or events True False Question 25 (1 point) Once the estimated depreciation for an asset is calculated b It may be revised based on the availability of new information It can not be changed due to the historical cost concept any change would be accumulated and recorded at the time of disposal of an asse: the estimate can not be changed bus the new information must be disclosed in notes to financial statements d Download Call of D... History True False Question 25 (1 point) Once the estimated depreciation for an asset is calculated it may be revised based on the availability of new information it can not be changed due to the historical cost concept any change would be accumulated and recorded at the time of disposal of an asset the estimate can not be changed but the new information must be disclosed in notes to financial statements Question 26 point! On December 31, 200 Peligrino Co. has a long term note payable of $ 800,000. Of that balance $ 100.000 will be paid with in one year from the balance sheet date. How much of the nore payable should Peligrino Co report as a non-current liability when they prepare the December 31, 2020 balance sheet? $ 800.000 $ 100,000 None of the gove Once the estimated depreciation for an asset is calculated a it may be revised based on the availability of new information it can not be changed due to the historical cost concept any change would be accumulated and recorded at the time of disposal of an asset the estimate can not be changed but the new information must be disclosed in notes to financial statements Question 26 (1 point) On December 31, 200 Peligrino Co. has a long term note payable of $ 800,000. Of that balance, $ 100,000 will be paid with in one year from the balance sheet date. How much of the note payable should Peligrino Co. report as a non-current liability when they prepare the December 31, 2020 balance sheet? $ 800,000 $ 100,000 5 700.000 d None of the above Question 27 1 point) m... Download Call of D... History Ob $ 800,000 $ 100,000 $ 700,000 None of the above d Question 27 (1 point) Major Company borrowed $ 12,000 by signing an 8% interest-bearing 45-day note payable to replace an overdue accounts payable. To record this transaction, Major Company should prepare a journal entry that would include debit to notes payable for $ 12,000 credit to accounts payable for $ 12,000 debit to accounts payable for $ 12,000 credit to cash for $ 12,000 Od Question 28 2 points) An equipment costing $ 10.000 is purchased on January 1st, with residual value of $1.000 and estimated useful life is 5 years 36,000 units Actual production during the year is 7.000 units. The annual depreciation for the year ended Dec 31st, under Straight Line method would be ho 1800 1950 2000 1750 Uynule payable to replace an overdue accounts payable. To record WIJ UNSOLUUN, Major Lompany should prepare a journal entry that would include a debit to notes payable for $ 12,000 credit to accounts payable for $ 12,000 debit to accounts payable for $ 12,000 credit to cash for $ 12,000 Question 28 (2 points) An equipment costing $10,000 is purchased on January 1st, with residual value of $ 1,000 and estimated useful life is 5 years 36,000 units. Actual production during the year is 7,000 units. The annual depreciation for the year ended Dec 31st, under Straight Line method would be a 1800 1950 2000 1750 Question 29 point P Heriod 1800 1950 ano 2000 1750 Question 29 (1 point) Under which method, the amount of depreciation charge would be same for each period of the asset's useful life? a Declining Balance Method Units of Production Method Double Declining Balance Method Straight Line Method Question 30 (1 point) If an item is held for resale, it should be classified as 0 Current Liability Property, Plant and Equipemnt Accounts Receivable Inventory Verlog oo an Double Declining Balance Method Straight Line Method Question 30 (1 point) If an item is held for resale, it should be classified as a Current Liability Property, Plant and Equipemnt Accounts Receivable d Inventory Question 31 (1 poire) All expected future payments are liabilities O b Od Property, Plant and Equipemnt Accounts Receivable Inventory Question 31 (1 point) All expected future payments are liabilities True False Question 32 (1 point) Legla right for the extraction of oil and gas from the earth are called as U PUC s die labilities O True False Question 32 (1 point) Legla right for the extraction of oil and gas from the earth are called as a b Copy Right Drilling Right Lease Right Trade Right d Question 33 2 points, Joyco acquired an equipment on April 1st, 2020 at a cost of 3 90,000 and with an estimated value of $ 10,000. Assuming that joydo uses Straight line method of depreciation carrying va be Financial year closes on Dec 31st) Question 32 (1 point) Legla right for the extraction of oil and gas from the earth are called as Ob Copy Right Drilling Right Lease Right Trade Right Od Question 33 (2 points) JoyCo acquired an equipment on April 1st, 2020 at a cost of $ 90,000 and with an estimated useful life of 10 years. The machine has a reidual value if $ 10,000. Assuming that JoyCo uses Straight line meth of depreciation, carrying value of an asset at the beginning of 3rd year would be (Financial year closes on Dec 31st) Ob 82000 66000 76000 Od 68000 Review Answers