ACC 291 Final Exam - ACC 291 Final Exam University of Phoenix | UOP E Tutors

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$50,000. $180,000. $150,000. $130,000. 21) Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for its shuttle business. The cab is expected to have a fiveyear useful life and no salvage value. During 2014, it retouched the cab's paint at a cost of $1,200, replaced the transmission for $3,000 (which extended its life by an additional 2 years), and tuned-up the motor for $150. If Brevard Corporation uses straight-line depreciation, what annual depreciation will Brevard report for 2014? $4,100. $5,100. $4,125. $3,900. 22) On July 1, 2014, Fleming Company sells machinery for $120,000. The machinery originally cost $300,000, had an estimated 5-year life and an expected salvage value of $50,000. The Accumulated Depreciation account had a balance of $175,000 on January 1, 2014, using the straight-line method. The gain or loss on disposal is $20,000 gain. $5,000 loss. $10,000 loss. $5,000 gain. 23) On July 1, 2014, Linden Company purchased the copyright to Norman Computer Tutorials for $140,000. It is estimated that the copyright will
have a useful life of 5 years. The amount of Amortization Expense recognized for the year 2014 would be $14,000. $25,900. $28,000. $13,125. 24) The following totals for the month of April were taken from the payroll records of Metz Company. I. Salaries $30,000 II. FICA taxes withheld 2,295 III. Income taxes withheld 6,600 IV. Medical insurance deductions 1,200 V. Federal unemployment taxes 240 VI. State unemployment taxes 1,500 25) The entry to record accrual of employer’s payroll taxes would include credit to FICA Taxes Payable for $1,740. credit to Payroll Tax Expense for $1,740. debit to Payroll Tax Expense for $4,035. credit to Payroll Tax Expense for $4,035. 26) Thayer Company purchased a building on January 2 by signing a longterm $2,520,000 mortgage with monthly payments of $23,100. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be $2,499,000. $2,496,900.
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Page 3 and 4: $5,500,000. $3,500,000. $9,500,000.
Page 5 and 6: 10) Logan Corporation issues 50,000
Page 7: $210,000 ÷ $120,000. .57:1. 17) A
Page 11 and 12: 2015 $1,300,000 2014 1,200,000 2013
Page 13 and 14: ACC 291 Week 1 Complete ACC 291 Wee

ACC 291 Final Exam - ACC 291 Final Exam University of Phoenix | UOP E Tutors

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