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Exam 16: Accounting for Property, Plant, Equipment, and Intangible Assets

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Question 71

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Prepare journal entries for the following for Bartz, Inc. May 11 Replaced the engine in a Van #1, paying cash of $5,400. May 18 Paid cash for a tune-up of the engine in Van #2 of $570. May 29 Paid cash to add a lift to Van #2 of $3,700

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Question 72

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A manufacturer or seller of a product may identify its merchandise and bar others from using the same identification by getting a:

A) franchise.
B) trademark.
C) patent.
D) copyright.

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Question 73

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Land is depreciated based on the MACRS schedule.

A gain on the sale of an asset occurs when:

For tax purposes, the gain or loss on a traded asset is absorbed in the value of the new asset.

Land Improvements is an asset account that records improvements to land that have an unlimited life.

A loss on the sale of an asset would occur when:

Which of the following is a non-depreciable asset?

If a plant asset is fully depreciated and discarded, no ________ or ________ will be realized.

Assets that are not expected to provide benefits for a number of accounting periods are called:

Straight-line depreciation is used in the first year when double-declining-balance should be used. This error would cause:

Talarico's Subs purchased a new van for $25,000, its estimated useful life at 100,000 miles, residual value of $5,000. The van was driven 15,000 miles in year 1. What is the depreciation expense in year 1?

The Cutcut Mower Service owned a truck with an original cost of $70,000 on which there is accumulated depreciation of $60,000. The truck is exchanged for a new truck priced at $100,000 with a trade-in allowance of $16,000 and the balance in cash. a. The book value of the old truck is ________. b. The gain on the exchange is ________. c. The cost basis in the new truck, assuming accounting rules is ________.

If an asset is being sold or exchanged, the gain or loss is always computed by comparing the:

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, in column 3 the financial statement that the account in which the account balance is reported, and in column 4 the account's nature (permanent/temporary). -

An example of an intangible asset is:

A loss on disposal of an asset is listed as:

A plant asset is fully depreciated when the book value is:

The cost of equipment is expensed:

Jason Moore purchased computer equipment for $2,800 on January 1, 2012. It has a residual value of $400 with a useful life of 4 years. After the appropriate adjusting entries have been made, the balance in Accumulated Depreciation account for this asset on January 1, 2014, under the straight-line method, should be: