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ch 6 illustrative MC - Quiz Questions for Chapter 6 1. A...

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Quiz Questions for Chapter 61.A truck was purchased for $25,000.It has a six-year life and a $4,000 salvage value.Using straight-linedepreciation, what is the asset’s carrying value (book value) after 2 years?a.$21,000.b.$14,000.c.$16,667.d.$18,000.
2.The sale for $2,000 of equipment that cost $8,000 and has accumulated depreciation of $6,700 would result inwhat reflected in the income statement?
The following information pertains to the next two questions.Z Company purchased an asset for $24,000 onJanuary 1, 2010.The asset was expected to have a four-year life and a $4,000 salvage value.3.The amount of depreciation expense for 2012 using double-declining-balance would be
4.Assume that Z Company uses straight-line depreciation.If, on January 1, 2013, Z Company sells the asset for$10,000, the statement of cash flows would report a
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Chapter 18 / Exercise 1
College Accounting, Chapters 1-27
Heintz/Parry
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Term
Fall
Professor
smith
Tags
Financial Accounting, Depreciation, Generally Accepted Accounting Principles
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
College Accounting, Chapters 1-27
The document you are viewing contains questions related to this textbook.
Chapter 18 / Exercise 1
College Accounting, Chapters 1-27
Heintz/Parry
Expert Verified

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