A_24. On August 1, Micro Encoders, Inc. had 120 units of a certain software package that cost
$6 per unit. During May, the following purchases were made: August 7 60 units @ $9.00 per unit
15 80 units @ $12.00 per unit 21 140 units @ $10.50 per unit Durin
Ch 11 Quiz
Identify the choice that best completes the statement or answers the question.
Which one of the following statements is
Depreciation is the process of allocating the purchase price of an asset
Example 3-3: Asset Revaluation
A company purchases an asset for $5.t]-t]tl. Alter 1 year. it determines that The value ot‘the
asset is 37.7% and another year later it deten'nincs that the fair value of the asset is same.
Assuming that The company follows
The Gross Profit Method for Estimated Ending Inventory
Most companies would like to prepare interim financial statements such as monthly,
quarterly or semiannually. Physical count inventory is made at the end of year. For this
reason the companies use som
ACC2300 CHAPTER 5 ASSIGNMENT
Chapter 5The Income Statement and the Statement of Cash Flows
1. Who is the income statement designed to inform?
d. all of these
2. Which of the following is helpful to report separately?