Depreciation is referred to as the a market value of

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Smith and Roberson’s Business Law
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Chapter 20 / Exercise 15
Smith and Roberson’s Business Law
Mann/Roberts
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depreciation is referred to as thea.market value of the asset.b.blue book value of the asset.c.book value of the asset.d.depreciated difference of the asset.87.______ Which of the following would
notresult in unearned revenue?
Waterfalls Corporation purchased a one-year insurance policy in January 2006 for$66,000. The insurance policy is in effect from March 2006 through February 2007. If thecompany neglects to make the proper year-end adjustment for the expired insurance81.e.Net income and assets will be understated by $55,00081.f.Net income and assets will be overstated by $55,00081.g.Net income and assets will be understated by $11,00081.h.Net income and assets will be overstated by $11,00089.______Younger Corporation purchased a one-year insurance policy in January 2006 for$48,000. The insurance policy is in effect from March 2006 through February 2007. If thecompany neglects to make the proper year-end adjustment for the expired insurance
At March 1, 2007, CookieTime Inc. had supplies on hand of $1,500. During themonth, Candy purchased supplies of $1,900 and used supplies of $1,800. The March 31balance sheet should report what balance in the supplies account?
91.______Dorting Company purchased a computer system for $3,600 on January 1, 2006.The company expects to use the computer system for 3 years. It has no salvage value.Monthly depreciation expense on the asset is:a.$0b.$100c.$1,200d.$3,600
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Smith and Roberson’s Business Law
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Chapter 20 / Exercise 15
Smith and Roberson’s Business Law
Mann/Roberts
Expert Verified
A Further Look at Financial Statements92.______Maple Tree Inc. purchased a 12-month insurance policy on March 1, 2007 for $900.At March 31, 2007, the adjusting journal entry to record expiration of this asset will include
93.______On January 1, 2007, M. Johnson Company purchased equipment for $30,000. Thecompany is depreciating the equipment at the rate of $700 per month. The book value ofthe equipment at December 31, 2007 is

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