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Linda_us
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7137
Experience:  Post Graduate Diploma in Management (MBA)
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FOR LINDA http://www.mediafire.com/view/?0ikdndc2ug856

Customer Question

FOR LINDA

http://www.mediafire.com/view/?0ikdndc2ug85684

http://www.mediafire.com/view/?ihp6uavu0k11a02
Submitted: 1 year ago.
Category: Homework
Expert:  Linda_us replied 1 year ago.
Thank you for requesting me.
Please advise your deadline.

Thanks
Customer: replied 1 year ago.

Hello :) The deadline is at 1:00am est

Expert:  Linda_us replied 1 year ago.
OK. Will you be willing to add a bonus of $40-50 once I post the solution.
Customer: replied 1 year ago.

no problem i can do a $40.00 bonus. if thats ok with you.

Expert:  Linda_us replied 1 year ago.
Thats fine. I am working on it.
Customer: replied 1 year ago.

is everything going ok?

Expert:  Linda_us replied 1 year ago.

Please click here for set 1

I am going to post set 2 soon
Expert:  Linda_us replied 1 year ago.
THIS ANSWER IS LOCKED!
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Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7137
Experience: Post Graduate Diploma in Management (MBA)
Linda_us and 2 other Homework Specialists are ready to help you
Customer: replied 1 year ago.


Thank you so much LINDA :)

Expert:  Linda_us replied 1 year ago.
You are welcome.
Customer: replied 1 year ago.


Linda I was wondering if you could do another 20 questions for me? I'm willing to pay a 40.00 bonus if thats ok with you?


 










































































The dominant method under GAAP for measuring long-lived assets is the __________ approach.















A. discounted present value
B. expected benefit
C. historical cost
D. replacement cost

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A primary concern of auditors and analysts is that numbers on the financial statements be objective. Objectivity means that the numbers are:















A. accurate.
B. qualitative.
C. subjective.
D. verifiable.

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Expenditures included in the cost of a long-lived asset are:















A. capitalized.
B. charged off.
C. expensed.
D. intangible.

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Which one of the following items would be charged to the cost of land rather than the cost of the building?















A. Architectural fees
B. Capitalization of interest
C. Cost of foundation
D. Demolition of existing structure

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Capitalization of interest for the construction of long-lived assets is limited to interest arising from actual borrowings from:















A. outsiders.
B. owners.
C. stockholders.
D. the board of directors.

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The Burrell Company acquired a tract of land for a new restaurant paying $150,000. Burrell removed the old building at a cost of $20,000, and sold scrapped material salvaged from the old building for $5,000. The architect's fees were $25,000, and the title insurance on the land was $1,000. The construction period interest was $8,000, and the contractor received $300,000 for the building. The land should be recorded by Burrell at a cost of:















A. $150,000.
B. $165,000.
C. $166,000.
D. $175,000.

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Refer to the information give in question 6. The new building should be recorded by Burrell at a cost of:















A. $300,000.
B. $326,000.
C. $333,000.
D. $334,000.

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Tim Enterprises purchased a machine for $130,000. The seller paid $450 freight to deliver the machine. Tim used $2,300 of staff mechanics' time to install the machine and employee training cost $3,500. The state charged a 2% sales tax on the invoice price. The capitalized cost of the machine is:















A. $130,000.
B. $135,800.
C. $136,250.
D. $138,400.

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Clermont Company started construction of a new office building on January 1, 2000, and moved into the finished building on July 1, 2002. Of the building's $2,500,000 total cost, $2,000,000 was incurred by 12/31/2000 in even increments throughout the year. Clermont's weighted average borrowing rate was 12% throughout 2000, and the actual amount of interest incurred by Clermont during 2000 was $135,000. What amount should Clermont report as capitalized interest at 12/31/2000?















A. $120,000
B. $135,000
C. $150,000
D. $240,000

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The FASB requires that virtually all costs incurred for research and development of an internally generated patent be:















A. amortized for not more than 40 years.
B. capitalized.
C. expensed.
D. ignored.

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The Get Rich Drilling Company purchased an oil well lease for $8,000,000 at the beginning of Year 7. During Year 7, it drilled 10 oil wells at a cost of $9,000,000 each. Three of the wells were economically feasible wells and the remaining wells were dry holes. If Get Rich uses the full-cost approach to determine the asset cost, the capitalized cost is:















A. $8,000,000.
B. $27,000,000.
C. $68,600,000.
D. $98,000,000.

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The Get Rich Drilling Company purchased an oil well lease for $8,000,000 at the beginning of Year 7. During Year 7, it drilled 10 oil wells at a cost of $9,000,000 each. Three of the wells were economically feasible wells and the remaining wells were dry holes. If Get Rich uses the successful-efforts approach to determine the asset cost, the capitalized cost is:















A. $9,000,000.
B. $27,000,000.
C. $35,000,000.
D. $98,000,000.

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The Windmill Company acquired a long-lived asset 10 years ago at a cost of $800,000. Three years later the asset sustained an impairment in value. At the time of the impairment, the fair value of the asset was $400,000 and the carrying (book) value was $600,000. Which of the following entries would be made to record the impairment?















A.
B.
C.
D.

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Brunson Corporation acquired a new machine on January 2, Year 1, at a cost of $63,000. The machine had an expected life of 4 years and a salvage value of $3,000. If Brunson uses the sum-of-the-years'-digits method of depreciation, the depreciation expense recorded in Year 3 is:















A. $8,000.
B. $12,000.
C. $16,000.
D. $20,000.

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Brunson Corporation acquired a new machine on January 2, Year 1, at a cost of $63,000. The machine had an expected life of 4 years and a salvage value of $3,000. If Brunson uses the straight-line method of depreciation, the depreciation expense recorded in Year 4 is:















A. $8,000.
B. $12,000.
C. $15,000.
D. $20,000.

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Brunson Corporation acquired a new machine on January 2, Year 1, at a cost of $63,000. The machine had an expected life of 4 years and a salvage value of $3,000. If Brunson uses the double-declining balance method of depreciation, the depreciation expense recorded in Year 2 is:















A. $11,813.
B. $15,000.
C. $15,750.
D. $31,500.

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The Clean Water Company sold equipment that originally cost $50,000 for $12,000. The asset had accumulated depreciation of $30,000 at the end of the previous fiscal year. Depreciation expense to the date of the sale for the current fiscal year is $4,000. Which of the following line items related to this sale would appear in the income statement for Clean Water Company in the current fiscal year?















A. Extraordinary gain of $8,000
B. Extraordinary loss of $8,000
C. Ordinary gain of $4,000
D. Ordinary loss of $4,000

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The Daniel Company sold a machine. The machine had accumulated depreciation of $25,000 and a salvage value of $3,000. If the machine sold for $8,000 and a gain of $2,000 is recognized on the sale, the original cost of the machine was:















A. $27,000.
B. $31,000.
C. $33,000.
D. $35,000.

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The Lee Co. purchased a new piece of machinery early in January of the current fiscal year for $35,000. The company spent $1,000 for freight on the equipment and $3,000 to have the machine installed. The company estimated the salvage value of the machine to be $3,000 and the useful life to be 10 years. Using the straight-line method of depreciation, the expense for the current fiscal year would be:















A. $3,100.
B. $3,200.
C. $3,400.
D. $3,600.

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In France, financial reporting must conform to:















A. a specified format of tax measurement rules.
B. French GAAP.
C. Standards from the International Accounting Standards Board.
D. U.S. GAAP.


Expert:  Linda_us replied 1 year ago.
Thanks. Please create a new post as is the rule of this site. Please write FOR LINDA at the start of the post. No need to post the questions, i have them. I will post the solution there.
Customer: replied 1 year ago.

all done thanks

Expert:  Linda_us replied 1 year ago.
Have you sent the post?
Customer: replied 1 year ago.

are you available ? i want to start a new page and send you some exams

Expert:  Linda_us replied 1 year ago.

Hello,

If they are untimed you can post the questions in a new post and advise your deadline.
Please do write FOR LINDA at the start.

If they are timed we can do them tonight.

Expert:  Linda_us replied 1 year ago.

Hi Leonard

 

I am waiting for you to create the new post. Let me know if you still need help?

Customer: replied 1 year ago.

i would love to but the two exams are time. if i unlock them i have 2 hours to complete them.

Expert:  Linda_us replied 1 year ago.
We can do them tonight any time after 7pm EST. Let me know.
Customer: replied 1 year ago.

ok

Expert:  Linda_us replied 1 year ago.
Ok. see you then.
Expert:  Linda_us replied 1 year ago.
I am here if you to start now.

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Post Graduate Diploma in Management (MBA)