salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $ 1,500,000.
The journal entry to adjust the plant assets to fair value and record revaluation surplus in year one will include a
2) Tongas Company applies revaluation accounting to plant assets with a carrying value of $ 1,600,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $ 1,500,000.
The journal entry to adjust the plant assets to fair value and record revaluation surplus in year one will include a
3) A major objective of MACRS for tax depreciation is to
4) Sifton Company reported the following data:
2014 2015 Sales $ 3,000,000 $ 3,900,000 Net Income 300,000 400,000 Assets at year end 1,800,000 2,500,000 Liabilities at year end 1,100,000 1,500,000
What is Sifton’ s asset turnover for 2015?
5) Which of the following principles best describes the conceptual rationale for the methods of matching depreciation expense with revenues?
6) Slotkin Products purchased a machine for $ 39,000 on July 1, 2014. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $ 3,000. Depreciation for 2014 is