ACC 291 Week 2 Chapter 09 Practice Quiz 1

# ACC 291 Week 2 Chapter 09 Practice Quiz 1

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Asked by 2 years ago
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ACC 291 Week 2 - Chapter 09 Practice - Quiz 1

Question 1

Erin Danielle Company purchased equipment and incurred the following costs.

Cash price

24,000

Sales taxes

1,200

Insurance during transit

200

Installation and testing

400

Total costs

25,800

What amount should be recorded as the cost of the equipment?

25,200

25,400

25,800

24,000

Question 2

Depreciation is a process of:

appraisal.

valuation.

cash accumulation.

cost allocation.

Question 3

Micah Bartlett Company purchased equipment on January 1, 2010, at a total invoice cost of 400,000. The equipment has an estimated salvage value of 10,000 and an estimated useful life of 5 years. The amount of accumulated depreciation at December 31, 2011, if the straight-line method of depreciation is used, is:

80,000.

160,000.

78,000.

156,000.

...

ACC 291
jacob

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Answered by 2 years ago
0 points

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Excerpt from file: Question 1 Erin Danielle Company purchased equipment and incurred the following costs. Cash price Sales taxes Insurance during transit Installation and testing Total costs 24,000 1,200 200 400 25,800 What amount should be recorded as the cost of the equipment? 25,200 25,400 25,800 24,000 Question 2

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