ACC 502 Week 5 Quiz.docx

# ACC 502 Week 5 Quiz.docx - ACC 502 Week 5 Quiz A lump-sum...

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ACC 502 Week 5 Quiz A lump-sum purchase or basket purchase involves paying a single price for several assets as a group. True False A company purchased a computer on July 1, 2015 for \$50,000. Estimated useful life of the computer was 5 years and it has no residual value. Which of the following methods should be used to best match its expense against the revenue it produces? the first-in, first-out method the double-declining-balance method the straight-line method the units-of-production method Iverycoast Inc. purchased a van on January 1, 2015, for \$800,000. Estimated life of the van was 5 years, and its estimated residual value was \$90,000. Iverycoast uses the straight-line method of depreciation. At the beginning of 2017, the company revised the total estimated life of the asset from 5 years to 4 years. The estimated residual value remained the same as estimated earlier. Calculate the depreciation expense for the year 2017.

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• Winter '13
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• Depreciation, Generally Accepted Accounting Principles, Steel Rolling Company, ACC 502 Mod 5 Quiz

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