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On a balance sheet, natural resources may be described more specifically as all of the following except land improvements. mineral deposits. oil reserves. timberlands.2 points   Question 2Which of the following assets does not decline in service potential over the course of its useful life? Equipment Furnishings Land Fixtures2 points   Question 3Sales taxes collected by the retailer are recorded as a(n) revenue. liability. expense. asset.2 points   Question 4The book value of an asset is equal to the asset’s market value less its historical cost. blue book value relied on by secondary markets. replacement cost of the asset. asset’s cost less accumulated depreciation.2 points   Question 5A company sells a plant asset which originally cost $210,000 for $70,000 on December 31, 2014. The Accumulated Depreciation account had a balance of $84,000 after the current year’s depreciation of $21,000 had been recorded. The company should recognize a $140,000 loss. $56,000 gain. $56,000 loss. $35,000 loss.2 points   Question 6A company purchased factory equipment on April 1, 2014 for $80,000. It is estimated that the equipment will have a $10,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2014 is $8,000. $7,000. $5,250. $6,000.2 points   Question 7A cash register tape shows cash sales of $2,000 and sales taxes of $160. The journal entry to record this information is Cash2,160    Sales 2,160 Cash2,160    Sales Tax Payable 160   Sales 2,000 Cash2,000 Sales Tax Expense160    Sales 2,160 Cash2,160    Sales 2,000   Sales Taxes Revenue 1602 points   Question 8Layton Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $31,500. If the sales tax rate is 5%, what amount must be remitted to the state for Otober’s sales taxes? $1,500 $1,575 $75 It cannot be determined.2 points   Question 9To qualify as natural resources in the accounting sense, assets must be underground. replaceable. of a mineral nature. physically extracted in operations.2 points   Question 10A company purchased factory equipment for $350,000. It is estimated that the equipment will have a $35,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be $140,000. $84,000. $126,000. $60,480.2 points   Question 11The following totals for the month of April were taken from the payroll register of Noll Company. Salaries$24,000FICA taxes withheld1,100Income taxes withheld5,000Medical insurance deductions900Federal unemployment taxes64State unemployment taxes432The entry to record the net payroll would include a credit to Cash for $15,900. credit to Salaries Payable for $16,504. credit to Salaries Payable for $15,900. credit to Salaries Payable for $17,000.2 points   Question 12A current liability  is usually paid within one year. is always paid after one year. is always paid within one year. must be paid within 30 days.2 points   Question 13Depreciation is the process of allocating the cost of a plant asset over its service life in an equal and equitable manner. an accelerated and accurate manner. a systematic and rational manner. a conservative market-based manner.2 points   Question 14All of the following factors in computing depreciation are estimates except cost. residual value. salvage value. useful life.2 points   Question 15A factory machine was purchased for $90,000 on January 1, 2014. It was estimated that it would have a $18,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2014. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2014 would be $9,000. $14,400. $18,000. $7,200.2 points   Question 16All of the following are examples of Intangible Assets except: a patent. goodwill. a copyright. Oil wells.2 points   Question 17A gain or loss on disposal of a plant asset is determined by comparing the replacement cost with original cost. book value with original cost. original cost with the proceeds received from its sale. book value with the proceeds received from its sale.2 points   Question 18The following totals for the month of April were taken from the payroll register of Noll Company.Salaries$24,000FICA taxes withheld1,100Income taxes withheld5,000Medical insurance deductions900Federal unemployment taxes64State unemployment taxes432 The journal entry to record the gross salaries would include a credit to Salaries Payable for $24,000. debit to Salaries Expense for $24,000. debit to Salaries Expense for $17,000. debit to Salaries Payable for $24,000.2 points   Question 19Which depreciation method is most frequently used in businesses today? Straight-line Declining-balance Units-of-activity Double-declining-balance2 points   Question 20The four subdivisions for plant assets are land, land improvements, buildings, and equipment. intangibles, land, buildings, and equipment. furnishings and fixtures, land, buildings, and equipment. property, plant, equipment, and land.2 points   Question 21Indicate whether each of the following expenditures should be classified as land (L), land improvements (LI), buildings (B), equipment (E), or none of these (X).-1.2.3.4.5.Parking lots-1.2.3.4.5.Electricity used by a machine-1.2.3.4.5.Filling and grading of the land-1.2.3.4.5.Architect fees-1.2.3.4.5.Cost of trial runs for machinery-1.2.3.4.5.Insurance on the machine while in transit-1.2.3.4.5.Construction costs of a new building-1.2.3.4.5.Fences-1.2.3.4.5.Annual insurance on the building-1.2.3.4.5.Cost of tearing down a building on the land to get it ready for a new building1.E2.L3.LI4.X5.B