Could these be answered? Thanks

Could these be answered? Thanks

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1.
A company purchased a cash register on January 1 for $7,000. This register has a useful life of 5
years and a salvage value of $1,200. What would be the depreciation expense for
the
second
year of its useful life using the double-declining-balance method?
$2,320.
$1,616.
$2,800.
$1,160.
$1,680
2.
A company used straight-line depreciation for an item of equipment that cost $18,750, had a
salvage value of $5,000, and had a five-year useful life. After depreciating the asset for three
complete years, the salvage value was reduced to $2,100 and its total useful life was increased
from 5 years to 6 years. Determine the amount of depreciation to be charged against the
machine during each of the remaining years of its useful life:
$2,800.
$2,667.
$3,330.
$2,775.
$1,750.
3.
Marble Company purchased a machine costing $127,000, terms 2/10, n/30. The machine was
shipped FOB shipping point and freight charges were $2,700. The machine requires special
mounting and wiring connections costing $10,700. When installing the machine, $2,000 in
damages occurred. Materials costing $2,200 are used in testing and adjusting the machine to
produce a satisfactory product. Compute the cost recorded for this machine assuming Marble
paid within the discount period.
$144,600.
$138,060.
$142,060.
$137,360.
$140,060.
4.
Thomas Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $168,000.
The asset is expected to have a salvage value of $16,700 at the end of its five-year useful life. If
the asset is depreciated on the double-declining-balance method, the asset’s book value on
December 31, Year 3 will be
(Do not round intermediate calculations)
:
$49,572
$54,432
$36,288

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$33,048
$151,200
5.
Lomax Enterprises purchased a depreciable asset for $27,500 on March 1, Year 1. The asset
will be depreciated using the straight-line method over its four-year useful life. Assuming the
asset’s salvage value is $3,100, what will be the amount of accumulated depreciation on this
asset on December 31, Year 4? (Do not round intermediate calculations. Round your final
answer to two decimal places.)
$23,383.33
$6,100.00
$24,400.00
$5,083.33
$20,333.33
6.
During August, Arena Company sells $352,000 in product that has a one year warranty.
Experience shows that warranty expenses average about 5% of the selling price. The warranty
liability account has a balance of $11,400 before adjustment. Customers returned product for
warranty repairs during the month that used $8,000 in parts for repairs. The entry to record the
estimated warranty expense for the month is:
Debit Estimated Warranty Liability $17,600; credit Warranty Expense $17,600.
Debit Estimated Warranty Liability $8,000; credit Warranty Expense $8,000.
Debit Warranty Expense $17,600; credit Estimated Warranty Liability $17,600.
Debit Warranty Expense $6,200; credit Estimated Warranty Liability $6,200.
Debit Warranty Expense $14,200; credit Estimated Warranty Liability $14,200.
7.
A company sells computers at a selling price of $1,750 each. Each computer has a 2 year
warranty that covers replacement of defective parts. It is estimated that 3% of all computers sold
will be returned under the warranty at an average cost of $149 each. During November, the
company sold 29,000 computers, and 390 computers were serviced under the warranty at a total
cost of $54,000. The balance in the Estimated Warranty Liability account at November 1 was
$28,500. What is the company’s warranty expense for the month of November?
$58,110
$54,000
$25,500
$64,815
$129,630
8.
A company had fixed interest expense of $4,500, its income before interest expense and any
income taxes is $17,000, and its net income is $7,400. The company’s times interest earned
ratio equals:

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