Correct mark 500 out of 500 flag question question

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Question 14CorrectMark 5.00 out of 5.00Flag questionQuestion text(T / F) The total cost of inventory reported on the balance sheet does not include the various costs to obtain the goods (e.g. customs duties), prepare them for sale (e.g., assembling fees), and place them in the desired location (e.g., delivery fees).Select one:TrueFalse
FeedbackCorrect. See Volume 1, page 364 of the textbook. Inventory cost doesinclude all the necessary outlays to obtain the goods, get the goods ready to sell, and have the goods in the desired location for sale to customers.The correct answer is 'False'.
CorrectMarks for this submission: 5.00/5.00.Question 15CorrectMark 10.00 out of 10.00Flag questionQuestion textCandy Co. purchased a machine on January 1, 2011, for $300,000. At the time of purchase, the machine was estimated to have a life of 8 years and a residual value of $10,000. In 2015, The company determined that the machine had a total useful life of 10 years (another 6 years left) and a residual value of $20,000. If the company uses the straight-line method of depreciation, what will be the depreciation expense for the machine in 2015?
CorrectMarks for this submission: 10.00/10.00.Question 16CorrectMark 10.00 out of 10.00
Flag questionQuestion textTWW Company owns a machine that was bought on January 1, 2011, for $376,000. The machine was estimated to have a useful life of five years and a salvage value of $24,000. Stiller uses the sum-of-the-years'-digits method of depreciation. How much depreciation expense should the company claim for year 2013?
CorrectMarks for this submission: 10.00/10.00.Question 17IncorrectMark 0.00 out of 10.00Flag questionQuestion textBren Company purchased a patent for $36,000. The patent is expected to have a finite life of 10 years even though its legal life is 17 years. The amortization for the first year is:
IncorrectMarks for this submission: 0.00/10.00.Question 18IncorrectMark 0.00 out of 10.00Flag questionQuestion textABC Inc purchased a machine on January 1, 2015, for $111,433. At the time of purchase, the machine was estimated to have a life of seven years and a residual value of $37,750. On January 1 2017, the company determined that the machine had a total useful life of ten years (another eight years left) and a residual value of $45,000. If the company uses the straight-line method of depreciation, what will be the depreciation expense for the machine in 2017?Select one:a. None of these b. $5,672.59c. $8,304.13d. $7,150.11FeedbackYour answer is incorrect.The correct answer is: $5,672.59
Incorrect
Marks for this submission: 0.00/10.00.

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