## A depreciation method that produces larger depreciation expense during the early years of an asset's life and smaller expense in the later years is a(n):

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1. A depreciation method that produces larger depreciation expense during the early years of an asset's life and smaller expense in the later years is a(n):
2. A 90-day note issued on April 20 has a maturity date of:
3. The buyer who pays cash for an account receivable referred to as a:
4. The maturity date of a note receivable:
5. Cardco Inc. has an annual accounting period which ends on December 31. During the current year a depreciable asset which cost \$42,000 was purchased on September 2. The asset has a \$4,000 estimated salvage value. The company uses straight-line depreciation and expects the asset to have a 5 year life. What is the total depreciation expense for the current year?
7. The interest accrued on \$3,600 at 7% for 60 days is:
8. A machine originally had an estimated useful life of 5 years, but after 3 complete years, it was decided that the original estimate of useful life should have been 10 years. At that point the remaining cost to be depreciated should be allocated over the remaining:
9. Obsolescence:
10. Pepsi's accounts receivable turnover was 9.9 for this year and 11.0 for last year. Coke's turnover was 9.3 for this year and 9.3 for last year. These results imply that:
11. A company had average total assets of \$897,000. Its gross sales were \$1,090,000 and its net sales were \$1,000,000. The company's total asset turnover is equal to:
12. A company purchased a delivery van for \$23,000 with a salvage value of \$3,000 on September 1, 2010. It has an estimated useful life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, 2010?
13. A credit sale of \$2,500 to a customer would result in:
14. Amortization:
15. A company's annual accounting period ends on September 30. During the current year a depreciable asset which cost \$16,000 was purchased on January 1. The asset has a \$2,000 estimated salvage value. The company uses straight-line depreciation and expects the asset to have a 4-year life. What is the total depreciation expense for the current year?
16. On December 31, 2010, Stable Company sold a piece of equipment that was purchased on January 1, 2005. The equipment originally cost \$820,000 and has an estimated useful life of eight years. Stable uses the straight-line method of depreciation. What is the gain/loss on the sale of equipment that Stable will recognize if the equipment was sold for \$230,000?
17. Cardco Inc. has an annual accounting period which ends on December 31. During the current year a depreciable asset which cost \$42,000 was purchased on September 2. The asset has a \$4,000 estimated salvage value. The company uses straight-line depreciation and expects the asset to have a 5 year life. What is the total depreciation expense for the current year?
18. Dell reported net sales of \$8,739 million and average accounts receivable of \$864 million. Its accounts receivable turnover is:
19. Depreciation:
20. Plant assets are:
21. Many companies use accelerated depreciation in computing taxable income because:
22. A company purchased a tract of land for its natural resources at a cost of \$1,500,000. It expects to mine 2,000,000 tons of ore from this land. The salvage value of the land is expected to be \$250,000. The depletion expense per ton of ore is:
23. A promissory note received from a customer in exchange for an account receivable:
24. The matching principle requires:
25. Extraordinary repairs: