A firm purchased land because that $350,000 cash. Actual estate brokers" commission was $25,000 and also $35,000 was spent for demolishing one old structure on the land prior to construction that a brand-new building could start. Under the historical price principle, the expense of the land would certainly be taped atA) $410,000B) $375,000C) $350,000D) $385,000


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Which that the adhering to is not effectively classified together property, plant and also equipment?A) structure used as a factoryB) floor improvement, such together parking lots and also fencesC) Land supplied in ordinary organization operationsD) A truck organized for resale through an vehicle dealership
A characteristics of a plant asset is that it isA) not currently used in the service but hosted for future useB) supplied in the operations of a businessC) intangible D) organized for revenue in the plain course the the business
Which that the following would not be contained in the equipment account?A) environment costsB) Freight costs C) price of psychological runsD) electrical energy used through the machine
The balance in the collected Depreciation account represents the A) amount to it is in deducted indigenous the price of the plant assets to come at that is fair market value B) amount fee to expense in the current duration C) cash money to be offered to replace plant heritage D) amount fee to expense because the salvation of the tree asset
Which that the following items is no a consideration when recording periodic depreciation price on tree assets? A) rescue valueB) Estimated useful lifeC) Cash necessary to change the tree assetD) Cost
The price of a permanent asset is expensed A) in the duration in which it is disposed of B) together the asset services the company C) once it is paid because that D) in the duration in which it is acquired
The publication value the an asset is same to the A) assets fair value less its historical expense B) assets price less collected depreciation C) blue book value relied top top by second marketsD) replacement expense of the asset
A company purchased factory tools on April 1, 2014 for $96,000. It is approximated that the tools will have a $12,000 salvage worth at the finish of that 10 year valuable life. Making use of the straight-line an approach of a depreciation, the amount come be taped as depreciation expense at December 31, 2014 is A) $6,300B) $9,600C) $8,400D) $7,200
A firm purchased factory devices on June 1, 2014 because that $96,000. That is approximated that the equipment will have a $6,000 salvage worth at the end of the 10 year beneficial life. Making use of the straight-line method of a depreciation, the amount come be recorded as depreciation expense at December 31, 2014 is A) $4,500B) $9,000C) $5,250D) $3,750
On November 1, 2013, Love company places a new asset right into service. The price of the heritage is $45,000 v an approximated 5 year life and also $5,000 salvage worth at the end of its advantageous life. What is the depreciation expense for 2014 if Love firm uses the directly line technique of depreciation?A) $1,333B) $8,000C) $4,500D) $2,000
Which depreciation an approach is most commonly used in enterprise today?A) declining balanceB) dual declining balanceC) devices of activity D) right line
A acquire or lose on handle of a tree asset is established by compare the A) replacement expense of the asset with the heritage original expense B) book value that the asset with the proceeds received from its sale C) book value the the asset v the heritage original expense D) original price of the asset through the proceeds got from that sale
A agency sells a tree asset the originally price $225,000 for $75,000 ~ above December 31, 2014. The collected depreciation account had actually a balance that $90,000 after ~ the present years depreciation that $22,500 had actually been recorded. The firm should identify a A) $150,000 loss on handle B) $60,000 loss on disposal C) $37,500 loss on disposal D) $60,000 get on disposal
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