The City of Miami is about to replace an old fire truck with a new vehicle in an effort to save maintenance and other operating costs.
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The City of Miami is about to replace an old fire truck with a new vehicle in an effort to save maintenance and other operating costs. Which of the following items, all related to the transaction, would be considered in the decision?
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- Answer the following questions: 2. The City of Miami is about to replace an old fire truck with a new vehicle in an effort to save maintenance and other operating costs. Which of the following items, all related to the transaction, would be considered in the decision? a. Purchase price of the new vehicle. b. Purchase price of the old vehicle. c. savings in operating costs as a result of the new vehicle. d. Proceeds from disposal of the old vehicle. 3. The book value of the equipment currently owned by a firm is an example of a(n): a. future cost. b. differential cost. c. comparative cost. d. opportunity cost. e. sunk cost. 4. An accounting information system should be designed to provide information that is useful. To be useful the information must be: a. qualitative rather than quantitative. b. unique and unavailable through other sources. c. historical in nature and not purport to predict the future. d. marginal between two…A city builds sidewalks throughout its various neighborhoods at a cost of $2.1 million. Which of the following is not true? Because the sidewalks qualify as infrastructure, the asset is viewed in the same way as land so that no depreciation is recorded. Depreciation is required unless the modified approach is utilized. The modified approach recognizes maintenance expense in lieu of depreciation expense for qualifying infrastructure assets. The modified approach is allowed only if the city maintains the network of sidewalks at least at a predetermined condition.The Department of Transportation wishes to choose between two alternative accident prevention programs. It has identified three benefits to be gained from such programs: 1. Reduced property damage, both to the vehicles involved in an accident and to other property (e.g., real estate that may be damaged at the scene of an accident) 2. Reduced injuries 3. Reduced fatalities The department’s experts are willing to provide dollar estimates of property damage savings that are expected to accrue from any program, but they will estimate only the number of injuries and fatalities that may be averted. The first program is relatively moderate in its costs and will be concentrated in a large city. It involves upgrading traffic signals, improving road markers, and repaving some potholed streets. Because of the concentration and value of property in the city, savings from reduced property damage are expected to be substantial. Likewise, a moderate number of traffic-related deaths and…
- The Department of Transportation wishes to choose between two alternative accident prevention programs. It has identified three benefits to be gained from such programs: 1. Reduced property damage, both to the vehicles involved in an accident and to other property (e.g., real estate that may be damaged at the scene of an accident) 2. Reduced injuries 3. Reduced fatalities The department’s experts are willing to provide dollar estimates of property damage savings that are expected to accrue from any program, but they will estimate only the number of injuries and fatalities that may be averted. The first program is relatively moderate in its costs and will be concentrated in a large city. It involves upgrading traffic signals, improving road markers, and repaving some potholed streets. Because of the concentration and value of property in the city, savings from reduced property damage are expected to be substantial. Likewise, a moderate number of traffic-related deaths and…Discuss the three questions for the following scenario, in very short answers: Recording and Reporting of Damaged Capital Assets. A tornado damaged a part of the City of Westbrook's Police Station. Some of the costs related to the damage included the following: The building wiring had to be replaced. Since the wiring was over 20 years old, replacing the wiring allowed the city to bring the wiring up to current code and accommodate the increasing technology needs of the police station. A large section of the interior walls (dry-wall) had to be replaced and painted. The same type of material was used in replacing the interior walls. All hardwood floors were replaced with the same materials. Office furniture that had been gathered for transfer to the city's surplus storage facility was damaged beyond repair. Replacement furniture was on order but had not been received by the date of the tornado. The police station's radio dispatch equipment suffered water damage. 1. Discuss how to…The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Assume that the city reports the work as a capital asset. Which of the following is true? Choose the correcta. Depreciation is not recorded because the city has no cost.b. Depreciation is not required if the asset is viewed as being inexhaustible.c. Depreciation must be recognized because the asset is capitalized.d. Because the property was received as a gift, recognition of depreciation is optional.
- Indicate whether each of the following statements is true or false. When land with an old building is purchased as a future building site, the cost of removing the old building is part of the cost of the new building. Answer Special assessments for local improvements such as streetlights and sewers should be accounted for as land improvements. Answer Avoidable interest is the amount of interest cost that a company could theoretically avoid if it had not made expenditures for the asset.The City of Newport operates its own solid waste landfill and charges fees to users who dump solid waste in the landfill. When should estimated costs for closure and post-closure care be accounted for?The city of Papagos, Arizona, had a deteriorating bridge in need of repair on a prominent public roadway. The city posted notices seeking proposals for an artistic bridge design and reconstruction. Davidson Masonry, LLC, which was owned and managed by Carl Davidson and his wife, Marilyn Rowe, decided to submit a bid to create a decorative concrete structure that incorporated artistic metalwork. They contacted Shana Lafayette, a local sculptor who specialized in large-scale metal creations, to help them design the bridge. The city selected their bridge design and awarded them the contract for a commission of $184,000.Davidson Masonry and Lafayette then entered into an agreement to work together on the bridge project. Davidson Masonry agreed to install and pay for concrete and structural work, and Lafayette agreed to install the metalwork at her expense. They agreed that overall profits would be split, with 25 percent going to Lafayette and 75 percent going to Davidson Masonry.…
- Which one of the following costs is most likely to be deductible? Group of answer choices Fines paid for dumping toxic waste into a City of Denver park. Bribes to a city health inspector to ensure an “A” rating to a restaurant. The telephone bill for the headquarters of an illegal stolen car parts organization. Advertising costs for a Colorado marijuana dispensary.In which of the following situations would an entity have a decommissioning obligation? Assume all companies follow IFRS. Question 2 options: a) Kennedy Corp. is constructing a bridge over a creek and a city inspector has indicated that if the creek is damaged, the company will be responsible for the restoration. Kennedy has estimated that there is a 5% chance of damage, and if it occurs, the cost of restoration will be approximately $120,000. b) Salem Cable Co. is in negotiations to build a new distribution facility. Based on the current planned design, the facility is expected to be dismantled in 30 years for $2.5 million. Once the company finds a project manager in the next three months, it expects to sign the final contract for construction. c) Horace Ltd. is developing 80 natural gas wells in a remote area of northern British Columbia. Horace expects that if it were to restore the wells after drilling is…The Lake Placid Town Council decided to build a new community center to be used for conventions, concerts, and other public events, but considerable controversy surrounds the appropriate size. Many influential citizens want a large center that would be a showcase for the area. But the mayor feels that if demand does not support such a center, the community will lose a large amount of money. To provide structure for the decision process, the council narrowed the building alternatives to three sizes: small, medium, and large. Everybody agreed that the critical factor in choosing the best size is the number of people who will want to use the new facility. A regional planning consultant provided demand estimates under three scenarios: worst case, base case, and best case. The worst-case scenario corresponds to a situation in which tourism drops substantially; the base-case scenario corresponds to a situation in which Lake Placid continues to attract visitors at current levels; and the…