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Jimmy Company leased a delivery van for payments of $10,000 per year for three years. Jimmy Company also paid $1,200 for new larger windows in the van. Jimmy Company also spent $4,300 for special storage racks for the van. What do Leasehold Improvements equal?

A.$0.
B.$1,200.
C.$4,300.
D.$5,500.

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HarringtonCorp.purchasedatractofland,asmallofficebuilding,andsomeequipmentfor$1,500,000.Theappraisedvalueofthelandwas$850,000,thebuilding$675,000,andtheequipment$475,000.Whatisthecostoftheland?

A. $481,667
B. $637,500
C. $850,000
D. $936,000

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Acompanyboughtanewmachinefor$17,000onJanuary1.Themachineisexpectedtolast4yearsandhavearesidualvalueof$2,000.Ifthecompanyusesthedouble-declining-balancemethod,accumulateddepreciationattheendofyear2willbe:

A. $10,880
B. $11,250
C. $12,750
D. $15,000

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Oneofthefollowingstatementsaboutdepreciationisfalse.Whichstatementisfalse?

A. Depreciationisaprocessofallocatingthecostofaplantassetoveritsusefullife.
B. Thecostofaplantassetminusaccumulateddepreciationequalstheasset’sbookvalue.
C. Recordingdepreciationcreatesafundtoreplacetheassetattheendofitsusefullife.
Depreciationisbasedonthematchingprinciplebecauseitmatchesthecostoftheassetwiththerevenuegeneratedovertheasset’susefullife.

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Acapitalexpenditure

A. isexpensedimmediately.
B. recordsadditionalcapital.
C. isacreditlikecapital(owners’equity)
D. addstoanasset.

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Jimmy Company leased a delivery van for payments of $10,000 per year for three years. Jimmy Company also paid $1,200 for new larger windows in the van. Jimmy Company also spent $4,300 for special storage racks for the van. What do Leasehold Improvements equal?

A.$0. B.$1,200. C.$4,300. D.$5,500.

HarringtonCorp.purchasedatractofland,asmallofficebuilding,andsomeequipmentfor$1,500,000.Theappraisedvalueofthelandwas$850,000,thebuilding$675,000,andtheequipment$475,000.Whatisthecostoftheland?

Acompanyboughtanewmachinefor$17,000onJanuary1.Themachineisexpectedtolast4yearsandhavearesidualvalueof$2,000.Ifthecompanyusesthedouble-declining-balancemethod,accumulateddepreciationattheendofyear2willbe:

Oneofthefollowingstatementsaboutdepreciationisfalse.Whichstatementisfalse?

Acapitalexpenditure

A.$0.
B.$1,200.
C.$4,300.
D.$5,500.