Introduction to Accounting Quiz 7 Answers

Introduction to Accounting Quiz 7 Answers - 70-122...

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70-122 Introduction to Accounting Quiz #7 Name Date Section 1) Plant assets are long-lived, tangible assets used in the operation of a business. TRUE / FALSE 2) Which of the following asset categories would include the cost of clearing land and removing unwanted buildings? 3) Roberts Construction Group paid $5,000, for a plant asset that had a market value of $7,500. At which of the following amounts should the plant asset be recorded? 4) A coal mine cost $1,000,000 and is estimated to hold 50,000 tons of coal. There is no residual value. 6,000 tons are extracted and sold during the first year of operations. Calculate depletion expense for the first year. 5) Preferred stockholders receive a dividend preference over common stockholders. TRUE / FALSE 6) Which of the following represents one of the basic rights of stockholders?
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  • Spring '14
  • ThomasRuchti
  • stockholders, Ewell Company

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