Plant Asset,Depreciation,Prepaid insurance,Interest on Notes

Plant Asset,Depreciation,Prepaid insurance,Interest on Notes

1. A main accounting issue for plant assets is: A) Computing the cost of the plant assets.
B) Matching the costs of plant assets against revenues for the periods they benefit.
C) Accounting for repairs and improvements to plant assets.
D) The disposal of plant assets.
E) All of the above. 2. Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment’s salvage value is $3,500, the amount of monthly depreciation expense Nelson should recognize is: A) $2,400
B) $200
C) $4,800
D) $400
E) $450 3. A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in: A) $200 less in net income.
B) $200 more in net income.
C) $200 difference between the debit and credit columns of the Unadjusted Trial Balance.
D) $200 of prepaid insurance.
E) An error in the financial statements. 4. A company borrowed $10,000 by signing a 180-day promissory note at 11%. The total interest due on the maturity date is.A) $50
B) $275
C) $550
D) $825
E) $1,1001 – B2 – DDepreciation = (cost – salvage value)/usefule life.
Given cost = 27500; salvage value = 3500; life …The solution computes Depreciation, Prepaid insurance, Interest on Notes.

Plant Asset,Depreciation,Prepaid insurance,Interest on Notes

1. A main accounting issue for plant assets is: A) Computing the cost of the plant assets.
B) Matching the costs of plant assets against revenues for the periods they benefit.
C) Accounting for repairs and improvements to plant assets.
D) The disposal of plant assets.
E) All of the above. 2. Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment’s salvage value is $3,500, the amount of monthly depreciation expense Nelson should recognize is: A) $2,400
B) $200
C) $4,800
D) $400
E) $450 3. A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in: A) $200 less in net income.
B) $200 more in net income.
C) $200 difference between the debit and credit columns of the Unadjusted Trial Balance.
D) $200 of prepaid insurance.
E) An error in the financial statements. 4. A company borrowed $10,000 by signing a 180-day promissory note at 11%. The total interest due on the maturity date is.A) $50
B) $275
C) $550
D) $825
E) $1,1001 – B2 – DDepreciation = (cost – salvage value)/usefule life.
Given cost = 27500; salvage value = 3500; life …The solution computes Depreciation, Prepaid insurance, Interest on Notes.

Plant Asset,Depreciation,Prepaid insurance,Interest on Notes

1. A main accounting issue for plant assets is: A) Computing the cost of the plant assets.
B) Matching the costs of plant assets against revenues for the periods they benefit.
C) Accounting for repairs and improvements to plant assets.
D) The disposal of plant assets.
E) All of the above. 2. Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment’s salvage value is $3,500, the amount of monthly depreciation expense Nelson should recognize is: A) $2,400
B) $200
C) $4,800
D) $400
E) $450 3. A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in: A) $200 less in net income.
B) $200 more in net income.
C) $200 difference between the debit and credit columns of the Unadjusted Trial Balance.
D) $200 of prepaid insurance.
E) An error in the financial statements. 4. A company borrowed $10,000 by signing a 180-day promissory note at 11%. The total interest due on the maturity date is.A) $50
B) $275
C) $550
D) $825
E) $1,1001 – B2 – DDepreciation = (cost – salvage value)/usefule life.
Given cost = 27500; salvage value = 3500; life …The solution computes Depreciation, Prepaid insurance, Interest on Notes.

Plant Asset,Depreciation,Prepaid insurance,Interest on Notes

1. A main accounting issue for plant assets is: A) Computing the cost of the plant assets.
B) Matching the costs of plant assets against revenues for the periods they benefit.
C) Accounting for repairs and improvements to plant assets.
D) The disposal of plant assets.
E) All of the above. 2. Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment’s salvage value is $3,500, the amount of monthly depreciation expense Nelson should recognize is: A) $2,400
B) $200
C) $4,800
D) $400
E) $450 3. A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in: A) $200 less in net income.
B) $200 more in net income.
C) $200 difference between the debit and credit columns of the Unadjusted Trial Balance.
D) $200 of prepaid insurance.
E) An error in the financial statements. 4. A company borrowed $10,000 by signing a 180-day promissory note at 11%. The total interest due on the maturity date is.A) $50
B) $275
C) $550
D) $825
E) $1,1001 – B2 – DDepreciation = (cost – salvage value)/usefule life.
Given cost = 27500; salvage value = 3500; life …The solution computes Depreciation, Prepaid insurance, Interest on Notes.


















Answers

Related Questions

Biology : Darwin Theory Final...

Running Head: DARWIN THEORY1DARWIN THEORYAuthorInstitutionDARWIN THEORY1.2Summary of Darwins Final ChapterIn the final chapter, Darwin recapitulates t...

Writing : Small Business Customer Relationship...

Running Head: SOCIAL MEDIA IN SMALL BUSINESSSocial Media in Small BusinessInstitution AffiliationDate:1SOCIAL MEDIA IN SMALL BUSINESSSocial media use...

Management : Multinationals Diversity...

Running head: DIVERSITY IN MULTINATIONAL CORPORATIONSDiversity in Multinational CorporationsStudents nameInstitutional Affiliation1DIVERSITY IN MULTIN...

Computer Science : A Computer Virus 2...

Insert surname1Professors nameStudents nameCourseDateVirusA computer virus can be defined or explained as small software programs which aredesigned so...

Sociology : American Values...

Surname: 1NameProfessorCourseDateAmerican valuesValues are what give people identity and what they are likely to be known. People upholdvarious aspect...

Computer Science : Honda And Toyota Cases Answer...

Running head: HONDA AND TOYOTA CASESHonda and Toyota casesName:Course:InstitutionDate:1HONDA AND TOYOTA CASES2Honda and Toyota casesAcceleration that...

Management : One Minute Goals...

Running Head: ONE MINUTE GOALS1One Minute GoalsInstitution AffiliationDateONE MINUTE GOALS2The job that I chose to focus on is Human Resource Manageme...

Business : Barclays Bank...

Running Head: Barclays Bank1Barclays bankCourseTutorDateBarclays BankIntroductionBarclays is a noteworthy worldwide money related administrations supp...

Management : Annotated Bibliography Of Xerox...

Running Head: Annotated Bibliography of Xerox1Annotated bibliography of XeroxInstitution AffiliationNameRunning Head: Annotated Bibliography of XeroxI...

Writing : Tupac Essay...

Running head: ARGUMENTATIVE ESSAY ABOUT TUPACArgumentative Essay about TupacStudents name:Course title & number:Instructor:Institution:Date:1ARGUMENTA...

Powerpoint : Coalition...

NAME AND MEMBERS The name of the coalition is :NEW YORK IMMIGRATION COALITION. Members include: Africa Communities together American Civic Society Ame...

Psychology : Eating Disorder 0...

1Running Head: Eating DisorderEating DisorderName:Date:University Affiliation:2Eating DisorderEating Disorder is a psychiatric unwell characterized by...

Health & Medical : Cpt Coding Discussion Choose An...

Running head: SURGERY PROCEDURE1Surgery ProcedureNameInstitutionSURGERY PROCEDURE2Surgery ProcedureLumbar (spinal) puncture is a nervous system proced...

Film : Write 3 Pages Response Through Drama...

Running head: RAISIN IN THE SUN1Raisin in the SunNameInstitutionRAISIN IN THE SUN2Raisin in the SunIntroductionA raisin in the sun is a poem by Lorrai...

Article Writing : Fast Foods...

1Running Head: FAST FOODFast FoodsNamesInstitution2FAST FOODOption 2:Fast FoodsPeople, on the off chance that they eat at fast food outlets, can settl...

Science : The Concept Of Reductionism...

Last Name 1Students nameTutors NameCourseDateThe concept of ReductionismAccording to Horst & Steven (12) reductionism is particularly an arrangement o...

Health & Medical : Em Coding In Healthcare...

Running head: E/M CODING IN HEALTHCAREE/M Coding in HealthcareNameInstitution1E/M CODING IN HEALTHCARE2E/M Coding in HealthcareIntroductionEvaluation...

Economics : Great Recession...

Great RecessionNameInstitutionDateIntroduction The Great Recession was a period of general economic decline observed inworld markets during the late 2...

Other : Eharmony...

NameTutorCourseDateRecommendations for eHarmonyIn current times, matchmaking has been a lucrative line of business just like otherbusinesses. Numerous...

Economics : Deference And The Discretion...

Running head: AGENCY DISCRETION AND DEFERENCEAgency Discretion and the Concept of DeferenceNameInstitution Affiliation1AGENCY DISCRETION AND DEFERENCE...

Management : Collecting Customer Data Today...

Running head: COLLECTING CUSTOMER DATA1Collecting customer dataAuthorAuthor AffiliationCOLLECTING CUSTOMER DATA2Collecting customer dataIntroductionTh...

Computer Science : Information And Management Secu...

Running Head: INFORMATION SECURITY MANAGEMENTInformation Security ManagementSynopsis of learningNameInstructorInstitutional AffiliationDate1INFORMATIO...

Health & Medical : Cmrs Template 1...

Health Information Compliance - Course Project - Committee Member Recommendation Sheet (CMRS)Instructions: Use the CMRS form below to identify and rec...

Health & Medical : Hipaa Privacy...

Running head: HIPAA Privacy1HIPAA PrivacyAuthorInstitutional AffiliationHIPAA Privacy2Question oneIn both scenarios, Zaneya is involved in the convers...

If you didn't find the right answer

Ask Your Questions, We'll notify you once someone answers it