Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1) A machine is purchased for $5,000 plus additional freight costs of $500. Main modification and installation costs will be $1,200. Determine the amount of the cost basis for this asset?

A.) $5,000

B.) $6,700  

C.) $6,200

D.) $5,500  

2) The adjusted trial balance for the Lifesaver Corporation at the end of the present year, 2007, contained the given accounts.

5-year Bonds Payable 8% $1,000,000

Bond Interest Payable 50,000

Premium on Bonds Payable 100,000

Notes Payable (3 mo.) 40,000

Notes Payable (5 yr.) 165,000

Mortgage Payable ($15,000 due presently) 200,000

Salaries Payable 18,000

Taxes Payable (due 3/15 of next yr) 25,000

The net long-term liabilities reported on the balance sheet are:

A) $1,365,000

B) $1,350,000

C) $1,465,000

D) $1,450,000

3) Which of the given is not true of a corporation?

A) It might buy, own and sell property.

B) It might sue and be sued.

C) The acts of its owners bind the corporation.

D) It might enter to binding legal contracts in its own name.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M915940

Have any Question? 


Related Questions in Accounting Basics

Dq1respond to the ethics discussion case at the end of

DQ1 Respond to the Ethics Discussion Case at the end of chapter 13 in the textbook. Assume that you are a CPA and a tax specialist. Your clients include Ale and Grains, Inc., an S corporation, and Gustav and Heidi Lager, ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

Assignmentguidelines for individual case assignment cutting

Assignment Guidelines for Individual Case Assignment: Cutting Edge Instructions This is an individual assignment and therefore must be completed by the individual student without outside assistance. In order to complete ...

Accountingthe accepted microsoft office versions for this

Accounting The accepted Microsoft Office versions for this assignment are Microsoft Office 2013 (for PC) and Microsoft Office for Mac 2011 (for Macintosh). Students may use a more recent version if available. Select a pe ...

This is a group work and i entitle do the cash flow

This is a group work and I entitle do the cash flow analysis for Home Depot. Please no more than two pages. Assume that your Group has been hired to serve as my new Investment Advisory Team. I am looking for new investme ...

Part a -exercise 1 - california graphics is a us

Part A - Exercise 1 - California Graphics is a U.S. corporation with $200 million of U.S.-source income and $10 million of foreign-source income. In addition, California Graphics has three-quarters ownership of a Canadia ...

Niagular corp just reported a net income of 8500000 amp its

Niagular Corp. just reported a net income of $8,500,000 & its current stock price is $25.75 per share. Niagular Corp. is forecasting an increase of 25% for its net income next year, but it also expects it will have to is ...

Company annual report studychoose any company and make a

COMPANY ANNUAL REPORT STUDY Choose any company and make a report on financial report of company: David Jones Introduction (about 100 words) Conceptual framework (200 words) Critical analysis (200 words) Ethics (not more ...

1 identify which of the following statements is truea a

1. Identify which of the following statements is true. A. A partnership exists as long as there are at least two individuals or entities engaged in the active conduct of a trade or business or a financial operation, and ...

Business assignmentthe comany i have choosen is upsresearch

Business Assignment The comany i have choosen is UPS. Research a company that interests you from the Fortune 500. (A list will be provided). Analyze what they do. What business are they in? What industry? How have they b ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen