KTQT (56->109)

Chapter 3 (29 câu) Câu 3.16: Erin Danielle Company purchased equipment and incurred the following costs. Cash price $24,000 Sales taxes 1,200 Insurance during transit 200 Installation and testing 400 Total costs $25,800 What amount should be recorded as the cost of the equipment?

• A. $24,000.
• B. $25,200.
• C. $25,400
• D. $25,800.

Câu 3.17: ABC Company purchased equipment on January 1, 2012, at a total invoice cost of $400,000. The equipment has an estimated residual value of $10,000 and an estimated useful life of 5 years. The amount of accumulated depreciation at December 31, 2013, if the straight-line method of depreciation is used, is:

• A. $80,000
• B. $160,000.
• C. $78,000
• D. $156,000.

Câu 3.18: ABC company purchased a truck for $11,000 on January 1, 2012. The truck will have an estimated residual value of $1,000 at the end of 5 years. Using the production unit’s method, the balance in accumulated depreciation at December 31, 2013, can be computed by the following formula:

• A. ($11,000: Total estimated production) x Units of production for 2013.
• B. ($10,000: Total estimated production) x Units of production for 2013
• C. ($11,000: Total estimated production) x Units of production for 2012 and 2013.
• D. ($10,000: Total estimated production) x Units of production for 2012 and 2013

Câu 3.19: Company purchased a piece of equipment on January 1, 2012. The equipment cost $60,000 and has an estimated life of 8 years and a salvage value of $8,000. What was the depreciation expense for the asset for 2013 under the reducing balance method with the depreciation rate of 50%?

• A. $6,500
• B. $11,250.
• C. $15,000
• D. $6,562.

Câu 3.20: Bennie Razor Company has decided to sell one of its old manufacturing machines on June 30, 2012. The machine was purchased for $80,000 on January 1, 2008, and was depreciated on a straight-line basis for 10 years assuming no residual value. If the machine was sold for $26,000, what was the amount of the gain or loss recorded at the time of the sale?

• A. $18,000.
• B. $54,000.
• C. $22,000.
• D. $46,000.

Câu 3.21: Martha Beyerlein Company incurred $150,000 of research and development costs in its laboratory to develop a patent granted on January 2, 2012. On July 31, 2012, Beyerlein paid $35,000 for legal fees in a successful defense of the patent. The total amount debited to Patents through July 31, 2012, should be:

• A. $150,000
• B. $35,000.
• C. $185,000
• D. $170,000.

Câu 3.22: Schopenhauer Company exchanged an old machine, with a book value of $39,000 and a fair value of $35,000 and paid $10,000 cash for a similar new machine. The transaction has commercial substance. At what amount should the machine acquired in the exchange be recorded on Schopenhauer’s books?

• A. $45,000.
• B. $46,000.
• C. $49,000.
• D. $50,000.

Câu 3.23: The closing inventory at cost of a company at 31 January 20X3 amounted to $284,700. The following items were included at cost in the total: (1) 400 coats, which had cost $80 each and normally sold for $150 each. Owing to a defect in manufacture, they were all sold after the reporting date at 50% of their normal price. Selling expenses amounted to 5% of the proceeds. (2) 800 skirts, which had cost $20 each. These too were found to be defective. Remedial work in February 20X3 cost $5 per skirt and selling expenses for the batch totalled $800. They were sold for $28 each. What should the inventory value be according to IAS 2 Inventories after considering the above items?

• A. $281,200
• B. $282,800
• C. $329,200
• D. None of these

Câu 3.24: You are preparing the financial statements for a business. The cost of the items in closing inventory is $41,875. This includes some items which cost $1,960 and which were damaged in transit. You have estimated that it will cost $360 to repair the items, and they can then be sold for $1,200. What is the correct inventory valuation for inclusion in the financial statements?

• A. $39,915
• B. $40,755
• C. $41,515
• D. $42,995

Câu 3.25: An inventory record card shows the following details. February 1 50 units in stock at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit. 14 80 units sold. 21 50 units purchased at a cost of $50 per unit. 28 60 units sold. What is the value of inventory at 28 February using the FIFO method?

• A. $2,450
• B. $2,700
• C. $2,950
• D. $3,000