How can we help?

You can also find more resources in our Help Center.

14 terms

Chapter 7 - Accounting

STUDY
PLAY
A capital expenditure
Adds to an assets
Which of the following items should be accounted for as a capital expenditure?
Taxes paid in conjunction with the purchase of office equipment
How much did each hilltop cost you
$250,000
Which statement about depreciation is false?
Depreciation should not be recorded in years that the market value of the asset has increased
What is the book value of the machine at the end of 3 fulls years of use?
$14,000
How much depreciation should Madison record in each of the assets last 7 years
$2000
Kramer company failed to record depreciation of equipment. How does this omission affect KRAMERS financial statements
Net income is overstated and assets are overstated
Jack's Stero, Inc. uses the double declining method...
Estimated residual value
Which of the following costs reported on a company's income statement
Depreciation expense
Which of the following items is reported on the balance sheet
Accumulated depreciation
Hamilton Company purchased machine for $8,800 on January 20X6. Gain or loss
Gain of $700
What is the straight line depreciation for the year ended dec. 31, 20X6 and what is the book value dec. 31 20X7?
Depreciation=$750 and Book value=$7,050
A company purchased mineral assets costing $850,000
$90,000
Supposed FedEx pays $60 million to buy LONE STAR OVERNIGHT
$10,000,000