ACC 304 help A Guide to career/Snaptutorial ACC 304 help A Guide to career/Snaptutorial | Page 93

originally cost $80,000 and have been used for 10 years are sold for
$24,000?
Multiple Choice Question 102
Porter Resources Company acquired a tract of land containing an
extractable natural resource. Porter is required by its purchase
contract to restore the land to a condition suitable for recreational
use after it has extracted the natural resource. Geological surveys
estimate that the recoverable reserves will be 2,000,000 tons, and that
the land will have a value of $1,000,000 after restoration. Relevant
cost information follows:
Multiple Choice Question 110
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