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84.
Refer to the information above. Assume that in its financial statements, Tilton Products
uses straight-line depreciation and the half-year convention. Depreciation expense
recognized on this machinery in 2014 and 2015 will be:
85.
Refer to the information above. Assume that in its financial statements, Tilton Products
uses straight-line depreciation and rounds depreciation for fractional years to the nearest
month. Depreciation expense recognized on this machinery in 2014 and 2015 will be:
86.
Refer to the information above. Assume that in its financial statements, Tilton Products
uses the 200%-declining-balance method and the half-year convention. Depreciation
expense in 2014 and 2015 will be:
87.
Refer to the information above. Assume that in its financial statements, Tilton Products
uses the 150%-declining-balance method and the half-year convention. Depreciation
expense in 2014 and 2015 will be:
88.
Refer to the information above. In the year 2020, Tilton Products sells this machinery for
$4,500. At the date of sale, the machinery had been depreciated by Tilton Products to its
estimated residual value of $8,000. This sale results in:
89.
An accelerated depreciation method:
90.
Accelerated depreciation methods are used primarily in:
91.
For depreciable property other than real estate, MACRS is based upon:
92.
Which of the following statements about MACRS is
not
correct?
93.
The gain or loss on the disposal of a depreciable asset reported in financial statements
often differs from that reported for income tax purposes. The principal reason for the
difference is:
94.
For the financial statements of publicly traded companies, MACRS:
95.
An asset which costs $97,600 and has accumulated depreciation of $82,000 is sold for
$18,000. What amount of gain or loss will be recognized when the asset is sold?
96.
An asset which costs $14,400 and has accumulated depreciation of $8,000 is sold for
$5,600. What amount of gain or loss will be recognized when the asset is sold?
97.
An asset which costs $28,800 and has accumulated depreciation of $6,000 is sold for
$21,600. What amount of gain or loss will be recognized when the asset is sold?
98.
An asset which costs $18,800 and has accumulated depreciation of $6,000 is sold for
$11,600. What amount of gain or loss will be recognized when the asset is sold?
99.
When a depreciable asset is sold at a price equal to its book value, a journal entry would
include:
100.
A gain is recognized on the disposal of plant assets when:
101.
The gain on the disposal of equipment is recognized when:
102.
For financial reporting purposes, the gain or loss on the sale of a plant asset is determined
by comparing the asset's:
103.
Clark Imports sold a depreciable plant asset for cash of $35,000. The accumulated
depreciation amounted to $70,000, and a loss of $5,000 was recognized on the sale. Under
these circumstances, the original cost of the asset must have been:
104.
Mayer Instrumentation sold a depreciable asset for cash of $300,000. The original cost of
the asset was $1,200,000. Mayer recognized a gain of $45,000 on the sale. What was the
amount of accumulated depreciation on the asset at the time of its sale?
105.
Suffolk Associates sold office furniture for cash of $42,000. The accumulated depreciation
at the date of sale amounted to $38,000, and a gain of $18,000 was recognized on the
sale. The original cost of the asset must have been:
106.
Lewis Imports sold a depreciable plant asset for cash of $135,000. The accumulated
depreciation amounted to $170,000, and a loss of $15,000 was recognized on the sale.
Under these circumstances, the original cost of the asset must have been:
107.
Cranston Instrumentation sold a depreciable asset for cash of $150,000. The original cost
of the asset was $600,000. Cranston recognized a gain of $22,500 on the sale. What was
the amount of accumulated depreciation on the asset at the time of its sale?
108.
Glouchester Associates sold office equipment for cash of $142,000. The accumulated
depreciation at date of sale amounted to $138,000, and a gain of $18,000 was recognized
on the sale. The original cost of the asset must have been:
109.
The entry to record amortization on a copyright would include:
Topic: Intangible Assets
110.
Coca-Cola's famous name printed in distinctive typeface is an example of:
111.
The fair market value of Lewis Company's net identifiable assets is $5,000,000. Martin
Corporation purchases Lewis' entire business for $5,800,000. Which of the following
statements is
not
correct?
112.
The legal life of most patents is:
113.
The term net identifiable assets means:
114.
All of the following may be considered intangible assets
except
:
115.
International standards require that goodwill:
116.
Which of the following would
not
be amortized?
117.
Intangible assets are assets used in business operations but which:
