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2010-06-19_102128_mcq_gogonotul

2010-06-19_102128_mcq_gogonotul -...

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Gagner Clinic purchases land for $130,000 cash. The clinic assumes $1,500 in property taxes due on the land. The  title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic  record as the cost for the land?  $130,000     $134,700    $132,200    $132,500   Multiple Choice, Question 65   Hull Company acquires land for $86,000 cash. Additional costs are as follows: Removal of shed $300 Filling and grading 1,500 Salvage value of lumber of shed 120 Broker commission 1,130 Paving of parking lot 10,000 Closing costs 560 Hull will record the acquisition cost of the land as  $89,610.    $86,000.     $89,370.    $87,690. Engler Company purchases a new delivery truck for $45,000. The sales taxes are $3,000. The logo of the company is  painted on the side of the truck for $1,200. The truck license is $120. The truck undergoes safety testing for $220.  What does Engler record as the cost of the new truck?  $48,000    $49,540    $47,420     $49,420
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Multiple  Choice,  Question  76   The balance in the Accumulated Depreciation account represents the  amount to be deducted from the cost of the plant asset to arrive at its fair market value.    amount charged to expense in the current period.    amount charged to expense since the acquisition of the plant asset.     cash fund to be used to replace plant assets. Multiple Choice, Question 217   All of the following are intangible assets  except  goodwill.     research and development costs .    patents.     copyrights. Multiple Choice, Question 218   A purchased patent has a legal life of 20 years. It should be  amortized over 20 years regardless of its useful life.
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