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
