Question
Question 34 Q: An asset acquired for $13,500 has an estimated useful life of 6 years and an expected salvage value of $1,500. What is
Question 34
Q: An asset acquired for $13,500 has an estimated useful life of 6 years and an expected salvage value of $1,500. What is the annual straight- line depreciation expense for this asset?
|
| A. | 1,500 |
|
| B. | 2500 |
|
| C. | 2000 |
|
| D. | 1000 |
1 points
Question 35
Q: A company sells long-term maintenance contracts for computer equipment. On December 15, 2020, it sells a 3-year contract to Customer A, receiving $15,000 cash. The contract covers the period from January 1, 2021 through Dec. 31, 2023. How much revenue should the company recognize from this contract for the QUARTER ended March 31, 2021?
|
| A. | $1,500 |
|
| B. | $1,250 |
|
| C. | $1,200 |
|
| D. | $1,300 |
1 points
Question 36
Q: A company receives $3,000 cash for selling a machine that had original acquisition cost of $20,000 and accumulated depreciation of $13,000. What is the gain or loss, if any, for this sale?
|
| 3,000 | |
|
| 4,000 | |
|
| 2000 | |
|
| 2500 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Auditors Guide To IT Auditing
Authors: Richard E. Cascarino
2nd Edition
1118147618, 978-1118147610
