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quiz-4-solution(ch10,11&12)

# quiz-4-solution(ch10,11&12) - 70-122 Fall 2007...

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70-122 Fall 2007 Name_______________ Introduction to Accounting Section_____________ Professor Nan Quiz 4 Instructions: This is a close-book, close-notes quiz. You are allowed to use a non-programming calculator. There are two required parts with totally 100 points (Part I and II). Partial credits will be awarded for Part II. Make sure your name and section are legible and your answer is neatly presented. Part I: Circle the right answer (30 points, 6pt each) 1. Which depreciation method may result in increasing depreciation charges over time? A. Straight-line B. Unit of Production C. Sum-of-years’-digit D. Double Declining 2. Huana Co. purchased a vehicle for business use. The price of the vehicle is \$50,000, sales tax is \$3,000, freight charge is \$500, and insurance for transit is \$400. Since Huana Co. is located in Pittsburgh and the managers are fans of Steelers, Huana paid \$700 to paint the vehicle in yellow and black. The estimated useful life of this vehicle is 5 years and salvage value is \$1,000. Using straight-line depreciation, what is the depreciation expense for each year?

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quiz-4-solution(ch10,11&12) - 70-122 Fall 2007...

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