Parc MULTIPLE CHOICE QUESTIONS-INSERT ANSWER IN THE BOX TO THE LETT-ETHER UPPER OR LOWER CASE OK and me drpdans se wert your ne Casa Reggie porches and for $40.000 and additionally, pays hos wyer 3.000 tome him in the purchase. The $5.00 wib dando Land Miscellaneous Expense Lepal Revenue & Legal Expense Cd Incens Equipement wah cost of $30.000 and acumulated speecubic of 519,000. Thw Equipment is sold for 16.000 Which of following is that Clainen Disposal will be desired for 55.000 h. Les on Deporal will be redd for 1.000 e. Cuinas Dipou will be credited for 5.000 d. Low Doel will be credited for 35.000 Game www pay unemployment terveA cplayer and employee benplayer by ccmployee cay citer caplayer nxemployee Chew purchases apicee of equipenent with an estimated cul life of 8 year. The DDB rate So this it would be a 125c 50 & we which financial statement would accumulated depreciation be reparied! A Income Sulement Balance Sheet Owner' Equity Statement. Nume of the Codwi is an intangible and that are when copy dla a really popular pelatte company with dessard MOB beings a box of Kripy Komes to clans de company has another company paying for it than the value of its well Ground puthased a delivery inak and bered a local artist 2.500 to paint his company nume ce the aude of the track Which ontwald be acheted for the cou? Adhit An Expedicht Acting Expec.dchet Track & debet Repairpe Chwilam old equipment and made a pen of 53.000 Wireld the low bra debe sem er acreditam, ond on which financial stament would the longer A coil the pain, sportce the balance sheet b. debit the pain report on the increment debit faireport on the balance codile gite sportit de the income on who pay scal security taxes? A employer enly br. employee only employer and employee direither player at kryee Chelpinbarras 10,000 na mene. The interest expense Elgin will pay maturity en hoe will be 50. Solo 56,000 30 Casatrem has equipment with at $22.000 and accumulated depreciation of 16.000 Wam cael for 57,000, what is the prince? A of $7,000 in of$1.000 loss of $1,000 of 13,000 www partners compete in a partnership Acach partnereves cash payt 1231 wartet pa ale pand in canh cach party's capital ecos pertinet af de mers in cloning isterul expetet is de bed, and cach partner receives the interest in case to contribution equipment that had a cost of $17.000 anul accumulate depreciation SS.360. Fait market value la 55.000 The will be on the way that! A 517.000 15.000 SIS. 4. 55.000 Gary Rescue and Development controcorded and on which toment will they be reported? Aan wat repartint on the balance sheet han expense repeated on the contemente labilny spotted on the balance sheet of these Ghich of the following depreciation foelie is woeste! A straight line units of activity double declining balance call of these accented When constructing a depreciation schedule the accountant must remember that the book value at the end of the weet's life must be equal to the depreciable costb.com c. bock valus dulvage value 12 Ch Clark xold on this year for 54.000, but the book value of the act was $7,000 What will this tractave on the income for the year? A nisome Made inte income officeme de dolow Gava Social Security is a powemment program that provide come to time after they were pays people when they become semplied des Vacation powing pople of these Tom and Jerry went into beina a partnership with Toming cash af 20.000 ankety that $10,000 They had a principe they in a $20, loss how they plit the Anthem of their investment h 40:19:40 4 50:50 20Chew Which of the following two be considered an intangible oil well.com Grandfork Company purchased aptent for $32.000 on July 1, 2011 The patents a life of years ago. Grand recen patent animation on December 31, 2020. how mala Patent Expense will be revealed $32.000 54.000 52.000 None of these Libby Mining purused an iron man for $800.000. The mine is expected to place 100.000 soldurmgitale This year. Lately extracted 20,000 tons of How more deplete pense should Libby record this year? 50.080 1.600.000 6.53.000.000 1.500.000 Gillis purchased up with a cut of $8.000.life $ years and stage value of 3.000. What is the depreciable cost of the it! SEXO 1.55,000 25,000 485.000 GoWhat is the name of the payroll document publiked by the Internal Revenue Service that commune de ses notes and witholling intention sed by wyroll mutat You Payal Pal Your Role in Payroll Publication is Cia 4 50 Shades of Payroll Common Corp purchased a truck. Which of the following would the capital cost of test rute of the truck contact price charged by dealer Ce painting the name het d.coot of peeling ticketed the track delivery deliver 5 7 MULTIPLE CHOICE QUESTIONS-INSERT ANSWER IN THE BOX TO THE LEFT-EITHER UPPER OR LOWER CASE OK ser in answer bank and use dropdown to select your answers 1 Choose be purchases land for $40,000 and additionally, pays his lawyer $5,000 to advise him in the purchase. The $5,000 would be debited to a Land b. Miscellaneous Expense c. Legal Revenue de legal Expense Choose: Ward Inc, owns Equipment with cost of $30,000 and accumulated depreciation of $19,000, The Equipment is sold for $16,000 cash. Which of the following is true? 1. Gaie on Disposal will be debited for 55,000 b. Loss on Disposal will be credited for $1,000 c Gain on Disposal will be credited for $5,000 d. Loss on Disposal will be credited for $5,000 Choose who pays unemployment taxes? A employer and employee b. employer only c. employee only d. neither employer nor employee Choose Johnson purchases a piece of equipment with an estimated useful life of 8 years. The DDB rate for this asset would be: a.8% b125c 50 d. 25 Choose: on which financial statement would a accumulated depreciation be reported? A. Income Statement b. Balance Sheet c. Owner's Equity Statement d. None of these 6 chooseGoodwill is an Intangible asset that arises when as a company sells a really popular product by the company wins the President's Award C. Mr. O'Neill beings a box of Krispy Kremes to class d.one company purchases another company, paying more for it than the value of its net assets Choose Leonard purchased a delivery truck and hired a local artist $2,500 to paint his company name on the side of the truck Which account would be debited for this cost? A. debit Art Expense b. debit Advertising Expense cdebit Truck d.debit Repairs Expense Cholet William sold'equipment and made a pain of$3,000. Would the loss be a debit item or a credit item, and on which financial statement would the loss appear? A credit the pain, report on the balance sheet b. debit the gain; report on the income statement c. debit the pain report on the balance sheet d.credit the gain; report it on the income statement Choose who pays social security taxes? A employer only b. employee only c. employer and employee d. neither employer nor employee 10 Choose en borrows $10,000 on a 6-month 6% note. The interest expense Elgin will pay at maturity on this note will be: $60 b,5600 c. $6,000 $300 11 Chooned Warren has equipment with cost of $22,000 and accumulated depreciation of $16,000. If Warren sells the equipment for $7,000, what is the pain or loss? A gain of57,000 b. gain of 1,000 c. loss of 1,000 d. gain of $13,000 12 Choose How are partners compensated in a partnership? A. each partner receives a cash payment on 12/31 beach partner petsa salary paldin cash each partner's capital receives a portion of the net income or low in closing d. Interest expenses debitedand each partner receives the interest in cash 13 Choose Norton contributed equipment that had a cost of $17,000 and accumulated depreciation of $15.000. Fait market value is $5.000, The equipment will be shown in the new partnership at what amount? A $17,000 b. $2,000 $15,000 $5,000 14 Choose: How are Research and Development costs recorded and on which statement will they be reported? an asset reported on the balance sheet b. an expense reported on the income statement caliability reported on the balance shtet d. none of these 8 19 115 Choose. Which of the following depreciation methods is accelerated? A straight line bunits of activity c. double declining balance e, all of these are accelerated 16 Choose: When constructing a depreciation schedule, the accountant must remember that the book value at the end of the asset's life must be equal to the a depreciable cost b. cost c book value de salvage value Chooset Clark sold an asset this year for $4,000, but the book value of the asset was $7,000. What effect will this transaction have on the income statement for the year? A. an increase in net income b. a decrease in net income c. no effect on net income d. we don't know 18 choose: Social Security is a government program that a, provides income to citizens after they retire bypays people when they become unemployed c. provides vacation pay to working people d. none of these Choose Tom and Jerry went into business as a partnership with Tom Investing cash of $90,000 and Jerry Investing $10,000 They had no partnership agreement. If they incur a $20,000 loss, how must they split the loss? A. in the ratio of their investment b. 90:10 C.60:40 d. 50:50 20 choose which of the following assets would be considered an intangible asset? a oil well b. equipment patent d. inventory 2 choose Grandfork Company purchased a patent for $32,000 on July 1, 2020. The patent has a life of 8 years, no salvage value. If Grandfork records patent amortization on December 31, 2020, how much Patent Expense will be recorded? a. $32,000 b.$4,000 c. $2,000 d. None of these 22 Chooser Libby Mining purchased an iron mine for $3,000,000. The mine is expected to produce 100,000 tons of iron ore during its life. This year, Libby extracted 20,000 tons of ore. How much depletion expense should Libby record this year? a. $30,000 b.$600,000 $3,000,000 d. $300,000 >> Chooser Williams purchased equipment with a cost of $28,000, life of 5 years and salvage value of $3,000. What is the depreciable cost of the equipment? 6. $28,000 b.$5,000 c.25,000 0.55,000 24 Choose: What is the name of the payroll document published by the Internal Revenue Service that contains the tax rates and withholding information used by payroll managers? a. Your Payroll Pal b. Your Role in Payroll c. Publication 15 Circular E d. 50 Shades of Payroll >> Choose Cameron Corp purchased a truck. Which of the following would not be capitalized? a. cost oftest runs of the truck b.contract price charged by dealer Cost of painting the company name on the truck d.cost of speeding ticket of the truck delivery driver