Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I am looking for a tutor to help me with assignments in an Accounting class on Financial Statements and Management Decisions. I've attached 10 questions
I am looking for a tutor to help me with assignments in an Accounting class on Financial Statements and Management Decisions. I've attached 10 questions on the current material we are working on to make sure you are familiar with the subjects. Some assignments in the future will be timed so I'm looking for someone who can help with that as well. This is for the 10 questions though.
Question 1 Which timebased method of depreciation results in the largest total amount of depreciation expense recognized over the entire service life of an asset? straight line method. double-declining-balance method. sum-of-the-years'-digits method. each of the above will result in the same total amount of depreciation expense recognized over the entire service life of an asset. Question 2 In its 2013 financial statements, Behrend Corp. (a US firm) reports depreciation expense in its income statement of $10,000,000 and reports Property Plant and Equipment (PP&E) in its balance sheet at its book value of $120,000,000. What information does this convey? the value of Behrend's depreciable assets declined by $10,000,000 during the year. Behrend's PP&E is worth $120,000,000 on 12/31/13. all of the above. none of the above. Question 3 Which of the following depreciation methods results in periodic depreciation that behaves as a variable cost? sum-of-the-years'-digits double declining balance units-of-output (production) All of the above Question 4 One January 1, 2012, the Behrend Corporation purchased a machine at a cost of $55,000. The machine was initially expected to have a service life of 10 years and $5,000 residual value. The straightline depreciation method was used. In 2014, the total estimated service life of the asset was decreased from 10 years to 7 years, and the estimate of residual value was revised from $5,000 to zero. Depreciation expense for 2014 should be: $5,000 $10,000 $9,000 none of the above Question 5 A delivery van that cost $40,000 has an expected service life of four years and a residual value of $4,000. Depreciation for the second year of the asset's life using the sumoftheyears'digits method is: $12,000 $10,800 $9,000 None of the above. Question 1 If \"interest payable\" appears as a liability on the balance sheet this indicates: Interest has been recognized as expense on the income statement that has not been paid. Interest has been recognized as expense on the income statement that has also been paid. Interest has been paid that has not yet been recognized as expense on the income statement. None of the above. Question 2 Which of the following is true? If the effective/market interest rate equals the stated interest rate, bonds will have a market value equal to their face value. If the effective/market interest rate exceeds the stated interest rate, bonds will have a market value less than their face value. If the effective/market interest rate is less than the stated interest rate, bonds will have a market value greater than their face value. all of the above Question 3 If fiveyear bonds are originally issued at a premium, the pattern of interest expense using the effective interest method recognized over the fiveyear period: increases in dollar amount decreases in dollar amount is the same dollar amount Question 4 Under US GAAP, periodic cash interest payments made during the period are reported in the statement of cash flows as a(an): operating activity. investing activity. financing activity. any of the above at the discretion of management. Question 5 Which of the following accounts is a liability? salaries payable unearned revenue all of the above none of the aboveStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started