Question : 71) Maxine, Inc. bought a machine January 1, 2012 for : 1253167

 

 

71) Maxine, Inc. bought a machine on January 1, 2012 for $48,000. The machine is expected to last for 8 years, after which it will be worthless. What is the book value of the machine on Maxine’s balance sheet at December 31, 2012?

A) $48,000

B) $44,000

C) $6,000

D) $42,000

 

72) Maxine, Inc. bought a machine on January 1, 2012 for $48,000. The machine is expected to last for 8 years, after which it will be worthless. How much depreciation expense will Maxine show on its income statement for the year ended December 31, 2013?

A) $48,000

B) $36,000

C) $9,000

D) $6,000

 

73) Maxine, Inc. bought a machine on January 1, 2010 for $24,000. The machine is expected to last for 8 years, after which it will be worthless. How much accumulated depreciation will Maxine report at December 31, 2011?

A) $24,000

B) $16,000

C) $3,000

D) $6,000

 

74) Maxine, Inc. bought a machine on January 1, 2012 for $48,000. The machine is expected to last for 8 years, after which it will be worthless. What is the book value of the machine on Maxine’s balance sheet at December 31, 2013?

A) $48,000

B) $42,000

C) $36,000

D) $12,000

75) Enoch, Inc. began operations on July 1, 2011. On August 1, it received $12,000 in advance for services to be performed evenly over the next 12 months. How much of this revenue should the company report on its income statement for the MONTH ended August 31, 2011?

A) $12,000

B) $1,000

C) $11,000

D) $5,000

 

76) Enoch, Inc. began operations on July 1, 2011. On August 1, it received $12,000 in advance for services to be performed evenly over the next 12 months. How much unearned revenue should the company report on its balance sheet at August 31, 2011?

A) $12,000

B) $1,000

C) $11,000

D) $5,000

 

77) Enoch, Inc. began operations on July 1, 2011. On August 1, it received $12,000 in advance for services to be performed evenly over the next 12 months. How much of this revenue should the company report on its income statement for the YEAR ended December 31, 2011?

A) $12,000

B) $1,000

C) $11,000

D) $5,000

 

78) Enoch, Inc. began operations on July 1, 2011. On August 1, it received $12,000 in advance for services to be performed evenly over the next 12 months. How much unearned revenue should the company report on its balance sheet at December 31, 2011?

A) $12,000

B) $1,000

C) $7,000

D) $5,000

79) Avatar, Inc. began operations on July 1, 2011. On August 1, it received $24,000 in advance for services to be performed evenly over the next 12 months. How much of this revenue should the company report on its income statement for the year ended December 31, 2012?

A) $0

B) $2,000

C) $14,000

D) $10,000

 

80) On January 1, 2011, We Haul, Inc. bought a $48,000 truck, which has no residual value and an expected life of 6 years. How much depreciation expense should the company report for the year ended December 31, 2011?

A) $8,000

B) $16,000

C) $24,000

D) $40,000

 

 

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