Intermediate Accounting Quiz

1.| motion :| (TCO 1) The acquisition costs of property, plant, and equipment do not involve:|
|
 | Student execute:| | The ordinary and necessary costs to crop the addition to its desired condition and location for use. |
 | | | The net explanation price. |
 | | | Legal fees, delivery charges, installation, and any applicable sales tax. |
 | | | livelihood costs during the first 30 days of use |
 | teacher accounting:| Chapter 10|
|
|
 | Points Received:| 4 of 4 |
 | Comments:| |
|
|

 2.| Question :| (TCO 1) Cantor Corporation acquired a manufacturing facility on quad acres of land for a lump-sum price of $8,000,000. The building include used but functional equipment. According to independent appraisals, the fine values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial values of the building, land, and equipment would be:
  
|
|
 | Student execute:| | Option a |
 | | | Option b |
 | | | Option c |
 | | | Option d |
 | Instructor Explanation:| |
|
|
 | Points Received:| 4 of 4 |
 | Comments:| |
|
|

 3.



| Question :| (TCO 3) When selling property, plant, and equipment for cash:|
|
 | Student Answer:| | The seller recognizes a gain or loss for the inconsistency between the cash received and the fair value of the summation sold. |
 | | | The seller recognizes a gain or loss for the oddment between the cash received and the book value of the asset sold. |
 | | | The seller recognizes losses, but not gains. |
 | | | None of the above. |
 | Instructor Explanation:| Chapter 10|
|
|
 | Points Received:| 4 of 4 |
 | Comments:| |
|
|

 4.| Question :| (TCO 1) matter to is not capitalized for:|
|
 | Student Answer:| | Assets that are constructed as distinct projects for sale or lease. |
 | | | Assets constructed for a...If you want to get a dependable essay, order it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .