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A B D B 6 D 0 0 0 Regele purchases land for $40,000 and additionally, pays his lawyer 55,000 to advise him in the purchase. The $5,000 would be debited to: a. Land b. Miscellaneous Expense c. Legal Revenue d. Legal Expense Ward Inc. owns Equipment with cost of $30,000 and accumulated depreciation of $19,000. The Equipment is sold for $15,000 cash. Which of the following is true? a. Gain on Disposal will be debited for $5,000 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 who pays unemployment taxes? A. employer and employee b. employer only c. employee only d. neither employer nor employee Johnson purchases a piece of equipment with an estimated useful life of 8 years. The DDB rate for this asset would be: a. 8% b. .125 C 50 d.25 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 Goodwill is an intangible asset that arises when: a. a company sells a really popular product b. the company wins the President's Award C. Mr. O'Neill brings a box of Krispy Kremes to class d.one company purchases another company, paying more for it than the value of its net assets 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 debit Truck d. debit Repairs Expense William sold equipment and made a gain 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 gain, report on the balance sheet b. debit the gain; report on the income statement c. debit the gain; report on the balance sheet d. credit the gain; report it on the income statement who pays social security taxes? A. employer only be employee only c. employer and employee d. neither employer nor employee Elgin borrows $10,000 on a 6-month 6% note. The interest expense Elgin will pay at maturity on this note will be: a $60 b.$600 $6,000 4.$300 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 gain or loss? A gain of $7,000 b. gain of $1,000 c. loss of $1,000 d. gain of $13,000 How are partners compensated in a partnership? A each partner receives a cash payment on 12/31 b. each partner gets a salary paid in cash c.each partner's capital receives a portion of the net income or loss in closing d. interest expense is debited, and each partner receives the interest in cash Norton contributed equipment that had a cost of $17,000 and accumulated depreciation of $15,000. Fair 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 d. $5,000 10 11 B 121 C 13 D 14 B 15 C 16 D 17 18 B 191 D d. 50:50 201 C How are Research and Development costs recorded and on which statement will they be reported? A. an asset reported on the balance sheet b. an expense reported on the income statement ca liability reported on the balance sheet d. none of these which of the following depreciation methods is accelerated? A. Straight line b. units of activity c. double declining balance e. all of these are accelerated 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 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 Social Security is a government program that a provides income to citizens after they retire b.pays people when they become unemployed provides vacation pay to working people d. none of these 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 Which of the following assets would be considered an intangible asset? a. oil well b. equipment c.patent di inventory 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 $2,000 d. None of these ubby 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 Illiams 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? a $28,000 $5,000 6.25,000 d. $5,000 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 Ed. So Shades of Payroll cameron Corp purchased a truck Which of the following would not be capitalized? a. cost of test runs of the truck b. contract price charged by dealer C. Cost of painting the company name on the truck d. cost of speeding ticket of the truck delivery driver 21 C 22 B 23 C . c 24 C 25 D