Please help answer the questions on this attached practice quiz for financial accounting. I asked a different tutor yesterday and they never answered it and they wasted my time so if someone can please answer sooner than 4 hours I will tip VERY well. Thank you
CHAPTER 8 PRACTICE QUIZ 1. Adams Company purchased a tract of land, an office building, and some manufacturing equipment for $775,000. The appraised value of the land, building, and equipment were $373,100, $427,700, and $109,200, respectively. What was the debit to the Building account to record the purchase? A. $427,700 B. $303,333 C. $258,333 D. $364,250 Table 8-1 On January 1, 2012, Lunsford Equipment Company purchased a new computerized security system for $130,000. It expects to use the system for 5 years, after which it can be sold for $6,500. 2. Refer to Table 8-1. What is the book value of the equipment on December 31, 2012, if Lunsford uses the straight-line method of depreciation? A. $ 49,400 B. $ 74,100 C. $ 80,600 D. $105,300 3. Refer to Table 8-1. If Lunsford uses the double-declining-balance method of depreciation, what is depreciation expense for 2012? A. $31,200 B. $29,640 C. $83,200 D. $52,000 4. Refer to Table 8-1. Lunsford uses the straight-line method of depreciation and sells the equipment for $30,000 at the end of the four years. The journal entry to record the sale will include which of the following? A. $31,200 credit to Equipment B. $ 5,300 credit to Gain on the Sale of Equipment C. $98,800 debit to Accumulated Depreciation D. $ 1,200 credit to Loss on the Sale of Equipment 5. Refer to Table 8-1. Assume that Lunsford uses straight-line depreciation. After recording two full years of depreciation, they decide the system will last a total of six years, rather than five. Residual value at the end of six years will be $8,000. What is 2014 depreciation expense? A. $16,525 B. $18,150 C. $24,200 D. $20,150 In 2012, Mountain Ore, Inc., paid $8,250,000 for land with an estimated 600,000 tons of ore. Mountain Ore plans to sell the land for $300,000 when all of the ore has been extracted. In 2012, 24,000 tons of ore were mined and sold. What is depletion expense for the year? A. $318,000 B. $330,000 C. $300,000 6. D. $325,000 7. Speedy Deliveries Services owns and operates a fleet of delivery vehicles. Which of these is (are) considered to an ordinary repair by Speedy? A. Major engine overhaul. B. Replace dead battery. C. Add hydraulic lift to back of truck. D. Both B and C are ordinary repairs. 8. Which of the following statements is FALSE? A. Land is never depreciated. B. An asset's residual value and useful life must be estimated in order to compute depreciation. C. At the end of its useful life, the remaining book value of an asset will always equal its fair market value. D. The units-of-production method is most appropriate for an asset that wears out due to physical use. 9. Which of the following is (are) accounted for as intangible assets? A. Land improvements B. Goodwill C. Land D. All of the above are intangible assets. 10. Which of these is a TRUE statement? A. Straight-line depreciation is most often used for tax purposes. B. The units-of-production method results in lower depreciation and therefore higher net income in the years when an asset is more productive. C. Double-declining balance depreciation results in the greatest amount of depreciation expense recorded over the asset's life. D. DDB depreciation creates a cash advantage over straight-line because higher amounts of depreciation are deducted early in the life of an asset, allowing tax savings to be invested
