PP&E

Cost-SV / Useful life in Units

• Straight-Line

• Units-of-Production

• Declining-Balance

ABC Co. received $4,000 for equipment with a book value $3,000.

• DR Gain on Disposal

• DR Loss on Disposal

• CR Gain on Disposal

• CR Loss on Disposal

Which is not an intangibles?

• Copyright

• Oil

• License

• Trademark

Journal entry to discard equipment with $0 SV after depreciation

• DR Dep Exp

  CR Acc Dep

• DR Acc Dep

  CR Dep Exp

• DR Acc Dep

  CR Equ

• DR Equ

  CR Acc Dep

Which is not a natural resource?

• Goodwill

• Gold

• Minerals

• Timberland

$10,000 Cost, 5 Year Useful life, 10,000 Units of production, and $2,000 SV?

• Declining-Balance = .20

• Declining-Balance = .40

• Declining-Balance = .30

• Declining-Balance = .50

Two * Straight-line rate

• Straight-Line

• Units-of-Production

• Declining-Balance

($20,000 Cost, $17,408 Acc Dep, $0 SV) what is the last year of Dep Exp?

The book Value is

• Cost

• Cost - SV

• Cost - Dep Exp

• Cost - Acc Dep

What is the Declining-balance rate for $1000 / 5 years?

• 20%

• 40%

• 200

• 400