Accounting end exam
question and correct
answers 2024/25.
d. None of these answers are correct. - ANSWERS-Plant assets include :
a. deposits on machinery not yet received.
b. idle equipment awaiting sale.
c. land held for possible use as a future plant site.
d. None of these answers are correct.
Fences and parking lots are reported on the balance sheet as - ANSWERS-land improvements.
When a company purchases land as a site for a plant interest cost capitalization during the
period of construction are part of what - ANSWERS-
Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in
exchange the exchange is not expected to cause a material change of either entity. If a gain on
the disposed of the old asset is indicated the gain will - ANSWERS-effectively reduce the amount
to be recorded as the cost of the new asset
, When a company is a recipient of a donated asset the account credited is - ANSWERS-revenue
account
Worthington channel corporation purchased equipment for 12,000 that had sales tax of 800 on
the purchase and other cost incurred (200) and they had some repairs (350) and an instillation
cost (225) what is the cost of the equipment? What gets capitalized and what gets expensed? -
ANSWERS-cost:13225
Worthington channel corporation purchased equipment for 40,000 that had sales tax of 2,400
on the purchase and other cost incurred (600) and they had some repairs (350) and an
instillation cost (675) what is the cost of the equipment? - ANSWERS-43,675
Gutierrez Company is constructing a building construction began in 2020 and was finished by
the end of the year. He made payments in the construction 3,000,000 on 7/1, 6,600,000 on 9/1
and a final payment of 6,000,000 on 12/31. What is the weighted average of the expenditures? -
ANSWERS-3,700,000
Dodson Company traded a manual pressing machine for a automated pressing machine and
gave8,000cash. The old machine had a cost 93,000and had a net book value of 71,000. The old
machine had a fair value of 60,000. Which of the following is the correct journal entry to record
the exchange assuming commercial substance? - ANSWERS-Equipment: 68,000
Loss on Exchange: 11,000
Accumulated Deprecation: 22,000 Equipment 93,000
Cash 8,000
question and correct
answers 2024/25.
d. None of these answers are correct. - ANSWERS-Plant assets include :
a. deposits on machinery not yet received.
b. idle equipment awaiting sale.
c. land held for possible use as a future plant site.
d. None of these answers are correct.
Fences and parking lots are reported on the balance sheet as - ANSWERS-land improvements.
When a company purchases land as a site for a plant interest cost capitalization during the
period of construction are part of what - ANSWERS-
Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in
exchange the exchange is not expected to cause a material change of either entity. If a gain on
the disposed of the old asset is indicated the gain will - ANSWERS-effectively reduce the amount
to be recorded as the cost of the new asset
, When a company is a recipient of a donated asset the account credited is - ANSWERS-revenue
account
Worthington channel corporation purchased equipment for 12,000 that had sales tax of 800 on
the purchase and other cost incurred (200) and they had some repairs (350) and an instillation
cost (225) what is the cost of the equipment? What gets capitalized and what gets expensed? -
ANSWERS-cost:13225
Worthington channel corporation purchased equipment for 40,000 that had sales tax of 2,400
on the purchase and other cost incurred (600) and they had some repairs (350) and an
instillation cost (675) what is the cost of the equipment? - ANSWERS-43,675
Gutierrez Company is constructing a building construction began in 2020 and was finished by
the end of the year. He made payments in the construction 3,000,000 on 7/1, 6,600,000 on 9/1
and a final payment of 6,000,000 on 12/31. What is the weighted average of the expenditures? -
ANSWERS-3,700,000
Dodson Company traded a manual pressing machine for a automated pressing machine and
gave8,000cash. The old machine had a cost 93,000and had a net book value of 71,000. The old
machine had a fair value of 60,000. Which of the following is the correct journal entry to record
the exchange assuming commercial substance? - ANSWERS-Equipment: 68,000
Loss on Exchange: 11,000
Accumulated Deprecation: 22,000 Equipment 93,000
Cash 8,000
