QUESTION 1 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,

QUESTION 1

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QUESTION 1 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,
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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

Pages (550 words)
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