Grade Details Unit 4 Review

Grade Details Unit 4 Review - Unit 4: Property, Plant, and...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Unit 4: Property, Plant, and Equipment: Acquisition and Disposal (Feb 23 - Mar 1) Grade Details Unit 4 Review 1. Question: Alternative terms for property, plant, and equipment include all of the following except Your Answer: plant assets fixed assets long-term assets CORRECT operational assets 2. Question: Advantages of using historical cost as the basis of valuation of property, plant, and equipment include all of the following except Your Answer: 3. Question: The Roth Company incurred the following costs in the acquisition of a plant asset: What is the cost of the plant asset? Your Answer: Page 1 of 11
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Unit 4: Property, Plant, and Equipment: Acquisition and Disposal (Feb 23 - Mar 1) Grade Details Unit 4 Review 4. Question: Richards Corporation purchased some equipment by issuing a $20,000 non-interest-bearing, four-year note when interest rates were 8%. Actuarial information for 8% and four periods follows: In the entry to record this purchase, there would be a Your Answer: 5. Question: The president of Reindeer Corporation donated a building to Monday Corporation. The building had an original cost of $500,000, a book value of $175,000, and a fair market value of $250,000. To record this donation, Monday will Your Answer: 6. Question: Page 2 of 11
Background image of page 2
Unit 4: Property, Plant, and Equipment: Acquisition and Disposal (Feb 23 - Mar 1) Grade Details Unit 4 Review The Ripple Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $500,000. At the time of acquisition, Ripple paid $20,000 to have the assets appraised. The appraisal disclosed the following values: What costs should be assigned to the buildings? Your Answer:
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/26/2011 for the course ACC MT 140 taught by Professor Magoo during the Spring '11 term at Kaplan University.

Page1 / 11

Grade Details Unit 4 Review - Unit 4: Property, Plant, and...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online