Please help with the following asap. Thank you

1.All of the following are needed for the calculation of straight-line depreciationexcept

a.units produced

b.residual value

c.estimated life

d.cost

2.The calculation for annual depreciation using the units-of-activity method is

a.(Depreciable Cost/Yearly Output) Estimated Output

b.(Initial Cost/Estimated Output) Actual Yearly Output

c.Depreciable Cost/Yearly Output

d.(Depreciable Cost/Estimated Output) Actual Yearly Output

3.The formula for depreciable cost is

a.Initial Cost - Accumulated Depreciation

b.Initial Cost - Residual Value

c.Initial Cost + Residual Value

d.Depreciable Cost = Initial Cost

4.Which of the following is an example of a capital expenditure?

a.cleaning the carpet in the front room

b.replacing an engine in a company car

c.replacing all burned-out light bulbs in the factory

d.tune-up for a company truck

5.Residual value is also known as all of the followingexcept

a.salvage value

b.scrap value

c.trade-in value

d.net book value

6.Which of the following is true?

a.If using the units-of-activity method, it is possible to depreciate more than the depreciable cost.

b.Regardless of the depreciation method, the amount of total depreciation expense during the life of the asset will be the same.

c.If using the straight-line method, the amount of depreciation expense during the first year is higher than that of the double-declining-balance.

d.If using the double-declining-balance method, the total amount of depreciation expense during the life of the asset will be the highest.

7.Expenditures that add to the utility of fixed assets for more than one accounting period are

a.utility expenditures

b.revenue expenditures

c.capital expenditures

d.committed expenditures

8.Accumulated Depreciation

a.is a contra asset account

b.is used to show the amount of cost expiration of natural resources

c.is the same as Depreciation Expense

d.is used to show the amount of cost expiration of intangibles

9.In a lease contract, the party who legally owns the asset is the

a.lessee

b.operator

c.banker

d.lessor

10.On December 31, Strike Company sold one of its batting cages for $26,540. The equipment had an original cost of $265,400 and has accumulated depreciation of $238,860. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?

a.Gain of $26,540

b.Gain of $477,720

c.no gain or loss

d.cannot be determined.

11.A new machine with a purchase price of $84,033, with transportation costs of $8,020, installation costs of $5,102, and special acquisition fees of $2,416, would have a cost basis of

a.$84,033

b.$99,571

c.$89,135

d.$91,551

12.Weber Company purchased a mining site for $638,292 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 85,088 tons will be recovered. The estimated residual value of the property is $41,378. During the first year, the company extracted 6,829 tons of ore. The depletion expense is

a.$47,907.17

b.$51,228.09

c.$59,691.40

d.$41,378.00

13.A machine with a cost of $170,000 has an estimated residual value of $17,000 and an estimated life of 6 years or 17,000 hours. It is to be depreciated by the units-of-activity method. What is the amount of depreciation for the second full year, during which the machine was used 5,100 hours?

a.$28,900

b.$45,900

c.$56,100

d.$5,100

14.A machine with a cost of $54,400 has an estimated residual value of $4,248 and an estimated life of 5 years or 18,875 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method?

a.$13,056

b.$21,760

c.$20,061

d.$10,880

15.A used machine with a purchase price of $43,802, requiring an overhaul costing $9,312, installation costs of $6,789, and special acquisition fees of $14,190, would have a cost basis of

a.$104,384

b.$53,114

c.$43,802

d.$74,093

16.Computer equipment was acquired at the beginning of the year at a cost of $50,200. It had an estimated residual value of $4,300 and an estimated useful life of five years. Determine the (a) depreciable cost, (b) straight-line rate, and (c) annual straight-line depreciation.

a.Depreciable cost

$

b.Straight-line rate

%

c.Annual straight-line depreciation

$

17.Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920.

Required:

(a)

What was the depreciation expense for the first year?

(b)

Assuming the equipment was sold at the end of the second year for $59,486, determine the gain or loss on sale of the equipment.

(c)

Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles