ACC 304 All Assignments ACC 304 All Assignments | Page 175

In 2014, shop reported net income of $5.7 billion, net sales of $175
billion, and average total assets of $70 billion. What is Bargain shop's
return on total assets?
Multiple Choice Question 106
In 2006, Jarrett Company purchased a tract of land as a possible future
plant site. In January, 2014, valuable sulphur deposits were discovered
on adjoining property and Jarrett Company immediately began
explorations on its property. In December, 2014, after incurring
$800,000 in exploration costs, which were accumulated in an expense
account, Jarrett discovered sulphur deposits appraised at $4,500,000
more than the value of the land. To record the discovery of the
deposits, Jarrett should
Multiple Choice Question 66
Grover Corporation purchased a truck at the beginning of 2014 for
$93,600. The truck is estimated to have a salvage value of $3,600 and a
useful life of 120,000 miles. It was driven 21,000 miles in 2014 and
29,000 miles in 2015. What is the depreciation expense for 2015?
Multiple Choice Question 70
Halltown Company purchased a depreciable asset for $450,000. The
estimated salvage value is $30,000, and the estimated useful life is 8
years. The double-declining balance method will be used for
depreciation. What is the depreciation expense for the second year on
this asset?
Multiple Choice Question 78