Multiple Choice
Use the following information for questions:
On January 1, 2011, Mary Co.purchased some equipment that cost $52,800.Freight costs were $300, sales taxes were $6,400, and installation $500.Estimated residual value is $2,000.The company uses a straight-line rate of 10%.
-What would the amortization expense be for 2011 if Mary Co.used the double declining balance method:
A) $12,200
B) $12,000
C) $11,600
D) $ 6,000
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Any difference that arises from the use
Q3: Larger resource companies are more likely to
Q4: Use the following information for questions:<br>Maddie Co.purchased
Q5: An asset being amortized with the straight-line
Q6: According to accounting standards, the method of
Q8: Use the following information for questions:<br>Maddie Co.purchased
Q9: Accounting income times the tax rate equals:<br>A)taxes
Q10: In a basket purchase, the total purchase
Q11: Which of the following would not be
Q12: Capital assets must be recorded at cost