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Quiz for ACIS 2115 - Principles of Accounting at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 9
Professor:Staff
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
Keywords:
  • Financing Activities Section
  • Activities Section
  • Cash Inflow
  • Fulsom Corporation
  • Fulsom Records Depreciation
  • Stump Grinder
  • Superior Landscaping Company
  • Operating Activities Section
  • Units-of-Production Depreciation
  • Double Declining Balance
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Sample Document Text

ACIS 2115 Quiz 9 November 11, 2005 1. On January 1, 2003, Superior Landscaping Company paid $17,000 to buy a stump grinder. Superior estimated that the grinder could remove a total of 25,000 stumps. The grinder had an estimated useful life of 10 years and a salvage value of $4,500. The amount of depreciation expense for the year 2003, using units-of-production depreciation and assuming that 3,500 stumps were removed, is a. $2,380. b. $1,750. c. $1,700. d. $1,250. e. $3,500 f. none of the above The following information pertains to the next two questions. Z Company purchased an asset for $24,000 on January 1, 2004. The asset was expected to have a four-year life and a $4,000 salvage value. 2. The amount of depreciation expense for 2006 using double-declining-balance would be a. $2,000. b. $3,000. c. $6,000. d. $12,000. e. none of the above 3. Assume that Z Company uses straight-line depreciation. If on January 1, 2007, Z Company sells the asset fo...

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