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1) The Weiss Company purchased a truck for $95,000 on January 2. The truck was
estimated to have a $3,000 salvage value and a 4 year life. The truck was depreciated
using the straight-line method. During the third year, it was obvious that the truck's total
useful life would be 6 years rather than 4, and the salvage at the end of the 6th year
would be $1,500. Determine the depreciation expense for the truck for the 6 years of its
life.
2) Quark Company earned $90,000 in income and paid cash dividends of $10,000 to
preferred shareholders during the current year. Quark had 12,500 weighted-average
shares of common stock outstanding for the year. Calculate the company's earnings per
share.
3) _____________ activities include the cash effects of transactions and events that
determine net income.
4) An _______________________ is a listing of all of the accounts in the ledger with
their account balances before adjustments are made.
5) The ratio of the volumes of the various products sold by a company is called the
_____________________________.
6) _______________________ are expenditures that extend an asset's useful life
beyond its original estimate.
