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linda_us, Master's Degree
Category: Multiple Problems
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Experience:  Business Analyst and Solution Consultant with over 9 years of experience.
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41. Rons Quik Shop bought equipment for $25,000 on January

Resolved Question:

41.
Ron's Quik Shop bought equipment for $25,000 on January 1, 2009. Joe estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2010, Ron decides that the business will use the equipment for a total of 6 years. What is the revised depreciation expense for 2010?
A) $4,000.
B) $2,000.
C) $3,333.
D) $5,000.
42.
When a business sells an item and collects a state sales tax on it, a current liability arises.
A) True
B) False
43.
Salvage value is not subtracted from plant asset cost in determining depreciation expense under the declining-balance method of depreciation.
A) True
B) False
44.
Goodwill can be recorded
A) when customers keep returning because they are satisfied with the company's products.
B) when the company acquires a good location for its business.
C) when the company has exceptional management.
D) only when there is an exchange transaction involving the purchase of an entire business.
45.
Bonds are not always categorized as
A) callable or convertible.
B) term or serial.
C) secured or unsecured.
D) secured or debenture.
46.
Sales taxes collected by a retailer from a customer are expenses
A) of the retailer.
B) of the customers.
C) of the government.
D) that are not recognized by the retailer until they are submitted to the government.
47.
A change in the estimated useful life of a plant asset may cause a change in the amount of depreciation recognized in the current and future periods, but not to prior periods.
A) True
B) False
48.
Treasury Stock is a(n)
A) contra asset account.
B) retained earnings account.
C) asset account.
D) contra stockholders' equity account.
49.
A net loss
A) occurs if operating expenses exceed cost of goods sold.
B) is not closed to Retained Earnings if it would result in a debit balance.
C) is closed to Retained Earnings even if it would result in a debit balance.
D) is closed to the Paid-in Capital account of the stockholders' equity section of the balance sheet.
50.
Which of the following most likely would be classified as a current liability?
A) Dividends payable.
B) Bonds payable in 5 years.
C) Three-year notes payable.
D) Mortgage payable as a single payment in 10 years.
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  linda_us replied 2 years ago.
Thanks for requesting me. I am working on these question.
Customer: replied 2 years ago.
one hour.
Expert:  linda_us replied 2 years ago.
linda_us, Master's Degree
Satisfied Customers: 7067
Experience: Business Analyst and Solution Consultant with over 9 years of experience.
linda_us and other Multiple Problems Specialists are ready to help you
Customer: replied 2 years ago.
92 not bad
Expert:  linda_us replied 2 years ago.
There is one question remaining for your review from yesterday. Please let me know if you have any questions on that.

Here is the link

http://www.justanswer.com/multiple-problems/6sd4q-1-scribner-company-issued-200-000-8-5-year-bonds.html
Customer: replied 2 years ago.
Thats it for summer I. See you next month for summer II Acct 2402 if you are intrested. It was great working with you.

Marshall/Lufkin Texas
Expert:  linda_us replied 2 years ago.
Sure, I would happy to assist you. I will be here on Justanswer and you know how to request me. Take care and enjoy your summers.
Customer: replied 2 years ago.
Are you ready for accounting 2302, Monday and Tuesday at 6est?
Expert:  linda_us replied 2 years ago.
Hi Marshall,

Great to see you..:)
Sure I will be available on both the days at 6 pm EST.
Customer: replied 2 years ago.
see ya then! good night..
Expert:  linda_us replied 2 years ago.
Good night.
By the way are you still on subscription as a subscription customer can no longer ask a homework question. Hence there could be an issue. If you are please clarify with customer service.
Customer: replied 2 years ago.
I'm not to sure if I am or not.
Expert:  linda_us replied 2 years ago.
You can contact customer service but to me it looks you are no longer on subscription.
Customer: replied 2 years ago.
Im talking to them now, do I need to have a subscription?
Expert:  linda_us replied 2 years ago.
You should not be on subscription if you want to ask homework questions.
Customer: replied 2 years ago.
ok. they said I was using it to much.....they are making money so why does it matter how much I use it.
Expert:  linda_us replied 2 years ago.
I am not in a position to comment on that but since now you are not on subscription you will have on per question basis.
Customer: replied 2 years ago.
yeah they said it was that way, I never had a subscription. Ive always paid for the multiple question choice. they said that I can go ahead. are you ready?
Expert:  linda_us replied 2 years ago.
Yes I am but you need to create a new post. Don't forget to write "FOR LINDA" at start of your post.
Customer: replied 2 years ago.
Cool getting it to ya now
Expert:  linda_us replied 2 years ago.
Thanks.
Customer: replied 2 years ago.
are you interested in doing a 10Q test in maybe 30 min? by the way 100% correct on the last test.
Expert:  linda_us replied 2 years ago.
We can do it in 45 minutes. I thought that was the last and just stepped out..
Customer: replied 2 years ago.
its cool we can do it tomorrow.
Expert:  linda_us replied 2 years ago.
Sure.
Customer: replied 2 years ago.
6:30 your time sound good. plan on taking 3-10Q quizzes. then maybe a 25Q test. You up for it?
Expert:  linda_us replied 2 years ago.
Sounds good. I will keep my evening free.
Customer: replied 2 years ago.
15 minute break before we kick this next one off.
Expert:  linda_us replied 2 years ago.
Sure.
Customer: replied 2 years ago.
lets do this

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