61) Avatar, Inc. bought a machine on January 1, 2011 for $96,000. The machine is expected to last for 8 years, after which it will be worthless. What is the book value of the machine on Avatar’s balance sheet at December 31, 2011?
A) $96,000
B) $16,000
C) $12,000
D) $84,000
62) Avatar, Inc. bought a machine on January 1, 2011 for $96,000. The machine is expected to last for 8 years, after which it will be worthless. How much depreciation expense will Avatar show on its income statement for the year ended December 31, 2012?
A) $96,000
B) $72,000
C) $12,000
D) $24,000
63) Avatar, Inc. bought a machine on January 1, 2011 for $96,000. The machine is expected to last for 8 years, after which it will be worthless. How much accumulated depreciation will Avatar report at December 31, 2012?
A) $96,000
B) $72,000
C) $12,000
D) $24,000
64) Avatar, Inc. bought a machine on January 1, 2011 for $96,000. The machine is expected to last for 8 years, after which it will be worthless. What is the book value of the machine on Avatar’s balance sheet at December 31, 2012?
A) $96,000
B) $84,000
C) $72,000
D) $24,000
65) Sure Enuf, Inc. paid $4,800 on May 1, 2012 for 12 months’ insurance coverage starting May 1. How much insurance expense should appear on the company’s balance sheet at December 31, 2012?
A) $4,800
B) $2,800
C) $3,200
D) $0. Insurance expense does not appear on the balance sheet.
66) Sure Enuf, Inc. paid $4,800 on May 1, 2012 for 12 months’ insurance coverage starting May 1. How much insurance expense should appear on the company’s income statement for the year ended December 31, 2012?
A) $4,800
B) $2,800
C) $3,200
D) $0. Insurance expense does not appear on the income statement.
67) Sure Enuf, Inc. paid $4,800 on May 1, 2012 for 12 months’ insurance coverage starting May 1. How much prepaid insurance should appear on the company’s balance sheet at December 31, 2012?
A) $4,800
B) $1,600
C) $1,000
D) $3,200
68) 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, 2012?
A) $48,000
B) $8,000
C) $6,000
D) $0. Depreciation expense does not appear on the income statement.
69) 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 balance sheet at December 31, 2012?
A) $48,000
B) $8,000
C) $6,000
D) $0. Depreciation expense does not appear on the balance sheet.
70) 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 accumulated depreciation will Maxine report at December 31, 2012?
A) $48,000
B) $8,000
C) $6,000
D) $0. Accumulated depreciation does not appear on the balance sheet.
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