Question 1 1. choose the one alternative that best completes the

QUESTION 1

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1.Choose the one alternative that best completes the statement or answers the question. Solve the problem. Round dollar amounts to the nearest dollar.

Find the yearly straight-line depreciation of a home theatre system including the receiver, main audio speakers, surround sound speakers, audio and video cables, and blue-ray player that costs $3100 and has a salvage value of $900 after an expected life of 5 years in a hotel lobby.

 

$900

$180

$440

$620

10 points   

QUESTION 2

1.Solve the problem. Round unit depreciation to nearest cent when making the schedule, and round final results to the nearest cent.

A barge is expected to be operational for 280,000 miles. If the boat costs $19,000.00 and has a projected salvage value of $1900.00, find the unit depreciation.

 

$0.06

$0.60

$0.70

$0.07 

10 points   

QUESTION 3

1.Solve the problem. Round unit depreciation to nearest cent when making the schedule, and round final results to the nearest cent.

A construction company purchased a piece of equipment for $1520. The expected life is 9000 hours, after which it will have a salvage value of $380. Find the amount of depreciation for the first year if the piece of equipment was used for 1800 hours. Use the units-of-production method of depreciation.

 

$177.33

$136.50

$304.00

$228.00

10 points   

QUESTION 4

1.Solve the problem using the information given in the table and the weighted-average inventory method. Round to the nearest cent.

Calculate the average unit cost.

Date of PurchaseUnits PurchasedCost Per Unit

Beginning Inventory25$32.12

March 170$25.24

June 165$36.24

August 140$20.81

$32.90

$143.95

$28.79

$24.77 

10 points   

QUESTION 5

1.Solve the problem using the information given in the table and the weighted-average inventory method. Round to the nearest cent.

Calculate the cost of ending inventory.

Date of PurchaseUnits PurchasedCost Per Unit

Beginning Inventory25$33.18

March 170$28.60

June 165$38.75

August 140$21.49

Units Sold68 

 

 

$1461.32

$3116.05

$4298.00

$4098.50

10 points   

QUESTION 6

1.Solve the problem using the information given in the table and the weighted-average inventory method. Round to the nearest cent.

Calculate the cost of goods sold.

Date of PurchaseUnits PurchasedCost Per Unit

Beginning Inventory25$34.13

March 170$27.34

June 165$35.61

August 140$20.77

Units Sold62 

 

 

$4079.63

$1832.87

$9992.13

$5912.50

10 points   

QUESTION 7

1.Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent.

Jeremy James is depreciating solar panels purchased for $3600. The scrap value is estimated to be $900. He will use double-declining-balance and depreciate over 6 years. What is the first year’s depreciation?

 

$1200.00

$450.00

$600.00 

$900.00 

10 points   

QUESTION 8

1.Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent.

Eric Johnson is depreciating a kitchen oven range purchased for $1720. The scrap value is estimated to be $172. He will use double-declining-balance and depreciate over 30 years. What is the first year’s depreciation?

 

$57.33

$103.20 

$51.60 

$114.67 

10 points   

QUESTION 9

1.Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent.

Jane Frankis is depreciating a train engine purchased for $86,000. The scrap value is estimated to be $5000. She will use double-declining-balance and depreciate over 40 years. What is the first year’s depreciation?

 

$2025.00

$4050.00 

$4300.00 

$2150.00 

10 points   

QUESTION 10

1.Find the depreciation for the indicated year using MACRS cost-recovery rates for the properties placed in service at midyear. Round dollar amounts to the nearest cent.

 

Property ClassDepreciation YearCost of Property

3-year3$86,600.00

$28,863.78

 

 

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