For each of the following assets, state whether the asset is tangible/intangible property, personal/real property, and depreciable/nondepreciable property. a. A computer used for personal e-mail, blogging, and hobbies. b. A file cabinet in your business office. c. A commercial delivery truck. d. An office complex for business.

For each of the following assets, state whether the asset is tangible/intangible property, personal/real property, and depreciable/nondepreciable property. a. A computer used for personal e-mail, blogging, and hobbies. b. A file cabinet in your business office. c. A commercial delivery truck. d. An office complex for business.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 11CDQ

See similar textbooks

Similar questions

To purchase an asset such as office equipment on account, you would credit which account? (a) Cash (c) Accounts Payable (b) Accounts Receivable (d) Capital
An example of an item that would be used often, and treated as a consumable would be: Select one: a. An overdraft facility at the bank b. Cleaning materials c. Cash kept on the business premises d. A vehicle for transporting staff
Identify each of the following as (a) a current asset or (b) property, plant, and equipment:1. Accounts Receivable2. Building3. Cash4. Land5. Prepaid Insurance6. Supplies
Identify each of the following as (a) a current asset or (b) property, plant, and equipment: 1. Accounts Receivable2. Building3. Cash 4. Equipment5. Prepaid Insurance6. Supplies
A personal balance sheet is the financial picture of how much "wealth" you have accumulated as of a certain date. It specifically lists your assets (i.e., what you own) and your liabilities (i.e., what you owe). Your current net worth is the difference between the assets and the liabilities. net worth = assets − liabilities Tom and Carol Jackson have asked for your help in preparing a personal balance sheet. They have listed the following assets and liabilities: current value of home, $149,000; audio/video equipment, $1,340; automobiles, $17,700; personal property, $4,350; computer, $3,700; mutual funds, $26,700; 401(k) retirement plan, $53,680; jewelry, $4,800; certificates of deposit, $19,300; stock investments, $24,280; furniture and other household goods, $8,600; balance on Walmart and Sears charge accounts, $4,868; automobile loan balance, $8,840; home mortgage balance, $106,170; Visa and MasterCard balances, $4,213; savings account balance, $3,700; Carol's night school tuition…
Paid $3,200 to the owner for his personal use. What would be the correct General Ledger Entry?
Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for its customers. How will this business transaction affect the accounting equation?
This topic is about PPE. Please check the problem on the attached picture. Princess company shall record the asset received at? Sarah Company shall record the asset received at?
Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000.
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. Instructions 1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Indicate receipts by an asterisk. Identify each item by letter and list the amounts in columnar form, as follows: 2. Determine the amount debited to Land, Land Improvements, and Building. 3. The costs assigned to the land, which is used as a plant site, will not be depreciated, while the costs assigned to land improvements will be depreciated. Explain this seemingly contradictory application of the concept of depreciation. 4. What would be the effect on the current years income statement and balance sheet if the cost of filling and grading land of 12,000 [payment (i)] was incorrectly classified as Land Improvements rather than Land? Assume that Land Improvements are depreciated over a 20-year life using the double-declining-balance method.
Define depreciation as it relates to a van you bought for your business.
MCQS 31In the general ledger, a separate "account" is maintained for each:Type of asset and liability and for each element of owners' equity.Business transaction.Business day.Journal entry. MCQS 32 The cost of a new windshield wiper on a delivery vehicle would be classified as:A. A capital expenditure.B. A revenue expenditure.C. Part of the cost of goods sold.D. An unusual and infrequent expense MCQS 33 The cash effects of transactions that create revenues and expenses arefinancing activities.investing activities.operating activities.processing activities. MCQS 34 Harvard Company purchased equipment having an invoice price of $11,500. The terms of sale were 2/10, n/30, and Harvard paid within the discount period. In addition, Harvard paid a $160 delivery charge, $185 installation charge, and $931 sales tax. The amount recorded as the cost of this equipment is:A. $11,845.B. $12,776.C. $11,615.D. $12,546. MCQS 35 Immaterial items may be accounted for in the most convenient manner,…