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

Project - case 1davis dry goods distributes silk ties you

Project - Case 1 Davis Dry Goods distributes silk ties. You are in charge of creating Davis' master budget for the upcoming second quarter, April - June 2015. Davis desires a minimum ending cash balance each month of $11 ...

Write a paper about internal controlsassignmentcontent

Write a paper about internal controls Assignment Content Page - Introduction - Definition of internal controls(Books) - Components of internal control system(Books) - Examples of internal controls(Books or research paper ...

International accounting1 tax jurisdiction and double

INTERNATIONAL ACCOUNTING 1. Tax Jurisdiction and Double Taxation Basis for taxation come from three common bases for taxation...they are source, citizenship, and residence. (Fill in the blanks below) a. The citizenship b ...

Assignmentcarol is a single mother who owns a wholesale

Assignment Carol is a single mother who owns a wholesale auto parts distributorship. The business is organized as a sole proprietorship. Her business has advanced, and she can no longer devote the time necessary to do he ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "Forecasting" Please respond to the following: • Assess the financial performance forecasting proc ...

Accounting for governmenttrue or false1 a fund in itself is

ACCOUNTING FOR GOVERNMENT True or False 1. A fund in itself is a separate legal entity that is established to comply with laws that require that certain transactions be segregated and accounted for as a separate "fund." ...

A tractor acquired on january 4 of the current year at a

A tractor acquired on January 4 of the current year at a cost of $100,000 has an estimated life of 10 years. Assuming that it has a residual value of $10,000, determine the depreciation expense in the current year using ...

Accounting for nonfinancial assets will experience some

Accounting for nonfinancial assets will experience some major changes with the convergence to IFRS. One of the key issues will be that of fair value. Research this topic, and give your argument for or against the use of ...

Please give full info for resources used and cite where

Please give full info for resources used and cite where appropriate in APA style. Show all calculations to any work necessary. Answer both questions. As a Financial Accountant, determine the best type of income statement ...

Cost accounting systemsconsider the places of employment of

Cost Accounting Systems Consider the places of employment of the team members or businesses with which the team is familiar and the industries in which they operate. Create a 12-slide presentation, including detailed spe ...

  • 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