Multiple Choice Question 100

On October 1, 2021, Swifty Company places a new asset into service. The cost of the asset is $111000 with an estimated 5-year life and $29500 salvage value at the end of its useful life. What is the book value of the plant asset on the December 31, 2021, balance sheet assuming that Swifty Company uses the double-declining-balance method of depreciation? A:$70400 B:$81500 C: $110999 D: $99900

Multiple Choice Question 169

A coal company invests $20 million in a mine estimated to have 25 million tons of coal and no salvage value. It is expected that the mine will be in operation for 5 years. In the first year, 1000000 tons of coal are extracted and sold. What is the depletion expense for the first year? A:$240000 B:Cannot be determined from the information provided C:$80000 D:$800000

Multiple Choice Question 39

All of the following are reported as current liabilitiesexcept

A:unearned revenues.

B:bonds payable.

C:accounts payable.

D:notes payable.

Multiple Choice Question 48

The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's

A:market value.

B:cash realizable value.

C:maturity value.

D:face value.