Question 1

Identify the category to which each of the following assets belongs.
T - tangible long-lived asset
I - intangible long-lived asset
N - not a long-lived asset
______ Warehouse
______ Licensing rights
______ Supplies
______ Patents
______ Production equipment
______ Goodwill
______ Land
______ Office computer

Accepted Answer

The answer of Identify the category to which each of...

Question 2

During 2018,Company X sells 500,000 units for $8 each.Sales discounts are $100,000 and sales returns and allowances are $300,000.The company reported a total of $710,000 in fixed assets on January 1,2018 and $890,000 in fixed assets on December 31,2018.
a.Calculate net sales revenue.
b.Calculate average fixed assets.
c.Calculate the fixed asset turnover ratio.
d.Assume the 2018 fixed asset turnover ratio was lower than the 2017 ratio.Describe one circumstance where this change would indicate bad news and one circumstance where this change would be consistent with good news.

Accepted Answer

The answer of During 2018,Company X sells 500,000 units for...

Question 3

Ski Lodge Inc.purchased a building for $20 million.The building is depreciated using the straight-line method over 20 years and has no residual value.At the end of year 16,Ski Lodge Inc.sold the building for $5 million in cash.Depreciation had been updated to the point in time of the sale.Show the accounting equation effects from this transaction.Also,write down the journal entry from the disposal.

Accepted Answer

The answer of Ski Lodge Inc.purchased a building for $20...

Question 4

A piece of equipment purchased on January 1,2017,for $16,000 was estimated to have a residual value of $4,000 at the end of its three-year useful life.If the equipment was depreciated using the straight-line method and disposed of on December 31,2018,for $5,000,what amount of gain or loss would be reported on the income statement?

Accepted Answer

The answer of A piece of equipment purchased on January...

Question 5

Match between columns
                        Premises: Declining-balance method
Long-lived assets
Net sales revenue
Asset impairment loss
Average net fixed assets
Carrying value
Capitalization of cost
Units-of-production method
Depreciation

Accepted Answer

The Answer of Also known as book value. and The is...

Question 6

Match between columns
                        Premises: Least and latest rule
Copyright
Voluntary disposal
Depreciation schedule
Depreciation
Licensing right
Capitalized interest
Fixed asset turnover ratio
Involuntary disposal

Accepted Answer

The Answer of Generally accepted accounting principle that a company is...

Question 7

Match between columns
                        Premises: Net book value
Patent
EBITDA
Straight-line depreciation
Fixed assets
Residual value
Goodwill
Trademark
Accelerated depreciation

Accepted Answer

The Answer of What a company expects to receive when is...

Quiz 9: Long-Lived Tangible and Intangible Assets

Identify the category to which each of the following assets belongs. T - tangible long-lived asset I - intangible long-lived asset N - not a long-lived asset Warehouse Licensing rights Supplies Patents Production equipment Goodwill Land Office computer

Match the term and the explanation.Not all explanations will be used.

Match the term and the definition.Not all definitions will be used.

Match the term and the definition.Not all definitions will be used.