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1. The book value of a plant asset is 2. The asset turnover ratio is computed by dividing 3. On September 19, 2014, Markham Co. purchased machinery for $ 285,000. Salvage value was estimated to be $ 15,000. The machinery will be depreciated over eight years using the sum-of-the-years '-digits method. If depreciation is computed on the basis of the nearest full month, Markham should record depreciation expense for 2015 on this machinery of 4. In 2014, Bargain 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 asset turnover ratio? 5. 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 6. The primary IFRS related to property, plant and equipment is found in 7. Ryan Distribution Co. has determined its December 31, 2014 inventory on a FIFO basis at $ 490,000. Information pertaining to that inventory follows: 8. LF Corporation, a manufacturer of Mexican foods, contracted in 2014 to purchase 1,500 pounds of a spice mixture at $ 5.00 per pound,