Math help 4

QUESTION 1

1. Choose the one alternative that best completes the statement or answers the question. Solve the problem. Round dollar amounts to the nearest dollar.

Find the yearly straight-line depreciation of a home theatre system including the receiver, main audio speakers, surround sound speakers, audio and video cables, and blue-ray player that costs $3100 and has a salvage value of $900 after an expected life of 5 years in a hotel lobby.

		$900
		$180
		$440
		$620

10 points   

QUESTION 2

1. Solve the problem. Round unit depreciation to nearest cent when making the schedule, and round final results to the nearest cent.

A barge is expected to be operational for 280,000 miles. If the boat costs $19,000.00 and has a projected salvage value of $1900.00, find the unit depreciation.

		$0.06
		$0.60
		$0.70
		$0.07

10 points   

QUESTION 3

1. Solve the problem. Round unit depreciation to nearest cent when making the schedule, and round final results to the nearest cent.

A construction company purchased a piece of equipment for $1520. The expected life is 9000 hours, after which it will have a salvage value of $380. Find the amount of depreciation for the first year if the piece of equipment was used for 1800 hours. Use the units-of-production method of depreciation.

		$177.33
		$136.50
		$304.00
		$228.00

10 points   

QUESTION 4

1. Solve the problem using the information given in the table and the weighted-average inventory method. Round to the nearest cent.

Calculate the average unit cost.

Date of Purchase	Units Purchased	Cost Per Unit
Beginning Inventory	25	$32.12
March 1	70	$25.24
June 1	65	$36.24
August 1	40	$20.81
		$32.90
		$143.95
		$28.79
		$24.77

10 points   

QUESTION 5

1. Solve the problem using the information given in the table and the weighted-average inventory method. Round to the nearest cent.

Calculate the cost of ending inventory.

Date of Purchase	Units Purchased	Cost Per Unit
Beginning Inventory	25	$33.18
March 1	70	$28.60
June 1	65	$38.75
August 1	40	$21.49
Units Sold	68

 

		$1461.32
		$3116.05
		$4298.00
		$4098.50

10 points   

QUESTION 6

1. Solve the problem using the information given in the table and the weighted-average inventory method. Round to the nearest cent.

Calculate the cost of goods sold.

Date of Purchase	Units Purchased	Cost Per Unit
Beginning Inventory	25	$34.13
March 1	70	$27.34
June 1	65	$35.61
August 1	40	$20.77
Units Sold	62

 

		$4079.63
		$1832.87
		$9992.13
		$5912.50

10 points   

QUESTION 7

1. Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent.

Jeremy James is depreciating solar panels purchased for $3600. The scrap value is estimated to be $900. He will use double-declining-balance and depreciate over 6 years. What is the first year's depreciation?

		$1200.00
		$450.00
		$600.00
		$900.00

10 points   

QUESTION 8

1. Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent.

Eric Johnson is depreciating a kitchen oven range purchased for $1720. The scrap value is estimated to be $172. He will use double-declining-balance and depreciate over 30 years. What is the first year's depreciation?

		$57.33
		$103.20
		$51.60
		$114.67

QUESTION 9

1. Solve the problem. Use a fraction for the rate and round dollar amounts to the nearest cent.

Jane Frankis is depreciating a train engine purchased for $86,000. The scrap value is estimated to be $5000. She will use double-declining-balance and depreciate over 40 years. What is the first year's depreciation?

		$2025.00
		$4050.00
		$4300.00
		$2150.00

10 points   

QUESTION 10

1. Find the depreciation for the indicated year using MACRS cost-recovery rates for the properties placed in service at midyear. Round dollar amounts to the nearest cent.

Property Class	Depreciation Year	Cost of Property
3-year	3	$86,600.00
		$28,863.78
		$17,320.00
		$12,825.46
		$16,627.20