Please see the attached. Need by Tuesday 10/9 only questions 13,14,15 and 18,19,20

LEHIGH CARBON COMMUNITY COLLEGE ACC 201: INTERMEDIATE ACCOUNTING I EXAM# 1 WORK COPY FALL 2018 Multiple Choice: Select the best anSWer and place it on the line next to the question number. 1. Alex Company purchased a lathe on January 1, 2017, at a cost of $45,000. At the time of purchase, the lathe was expected to have a ve-year economic life and a residual value of $3,000. Alex uses straight-line depreciation. At the beginning of 2019, Alex estimated the lathe to have a remaining life of four years with no residual value. For the year ended December 31, 2019, Alex would report depreciation expense of: A) $7,500. B) $7,050. C) $7,000. D) $6,750. 2. Land was acquired in 2019 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualied appraiser placed its value at $48,000, and another company recently offered to buy the land for $46,000. The land should be reported in the balance sheet at: A) $40,000. B) $27,000. C) $46,000. D) $48,000. 3. Revenue should be recognized when: A) Goods or services have are transferred to customers for the amount the company expects to be entitled to receive. B) Contracts have been signed and customer payment has been received. C) Work has been performed and customer payment has been received. D) Collection has been made and warrantees have expired. 4. In its recent annual report, Sassy Company reported the following: "Warranty Expense: The Company provides currently for the estimated cost for product warranties at the time the related revenue is recognized.\" This would be found in which of the following disclosure notes? A) Related Party Transactions. B) Summary of Signicant Accounting Policies. C) Management's Report on Internal Control Over Financial Reporting. D) Subsequent Events. 5. Which of the following is not a required segment reporting disclosure according to U.S. GAAP'? A) Segment prot or loss. B) Segment assets. C) Segment liabilities. D) General information about the operating segment. Page 1 of6