Which of the following items qualifies as property, plant and equipment? A machine bought for resale to a customer Computer software bought for use in more than one accounting period A machine bought for use in more than one accounting period A machine bought for use during a single accounting period
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- Where, if at all, should the following items be classifiedon a balance sheet?(a) Goods out on approval to customers.(b) Goods in transit that were recently purchased f.o.b.destination.(c) Land held by a realty firm for sale.(d) Raw materials.(e) Goods received on consignment.(f) Manufacturing supplies.Dynamic Services, Inc. purchased computers that are to be used in its consulting services. Based on the matching principle, the related account that should appear on the income statement for the year ended December 31 is ________. A. Computer Expense B. Depreciation Expense−Computers C. Accumulated Depreciation−Computers D. Service RevenueCollins 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?
- Identify the accounting concept that was violated in each of the following situations.3. The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer wasrecorded the day the order was receivedWhich of the following transactions should not be disclosed in the income statement?A. Purchase of an office buildingB. Depreciation of vehiclesC. Maintenance of machineryD. Sales discount offered to a customerUsers of Accounting Information and Their Needs Havre Company would like to buy a building and equipment to produce a new product line. Information about Havre is more useful to some people involved in the project than to others. Required Complete the following chart by identifying the information listed on the left with the users need to know the information. Identify the information as one of the following: Need to know Helpful to know Not necessary to know
- Costs and Expenses The following costs are incurred by a retailer: Display fixtures in a retail store Advertising Merchandise for sale Incorporation (i.e., legal costs, stock issue costs) Cost of a franchise Office supplies Wages and salaries Computer software Computer hardware Required For each cost, explain whether all of the cost or only a portion of the cost would appear as an expense on the income statement for the period in which the cost was incurred. If not all of the cost would appear on the income statement for that period, explain why not.Required information [The following information applies to the questions displayed below.] Bob and Michael started a technology support company called eSys Answers. During year 1, they bought the following assets (placed in service on date of purchase) and incurred the following start-up fees: Year 1 Assets Purchase Date Basis Computers (5-year) October 30, Y1 $ 15,000 Office equipment (7-year) October 30, Y1 10,000 Furniture (7-year) October 30, Y1 3,000 Start-up costs October 30, Y1 17,000 In year 1, they elected to expense the start-up costs to the maximum extent possible. Note: immediate expensing reduces basis. On April 30, year 2, they purchased a customer list (a Section 197 intangible) for $10,000 from a company providing virtually the same services. During the summer of year 2, they purchased a small van (for transportation, not considered a luxury auto) and a business-use machine (7-year life). They bought the van and placed it in service on…Where, if at all, should the following items be classified on a statement of financial position? (a) Goods out on approval to customers (b) Goods in transit that were recently purchased FOB destination (c) Land held by a real estate firm for sale (d) Raw materials (e) Goods received on consignment (f) Stationery supplies
- Presented below is selected information related to Martin Burke Inc. at year-end. All these accounts have debit balances.(a1) Identify which items should be classified as an intangible asset. Reported as Cable television franchises Music copyrights Research and development costs Goodwill Cash Discount on notes payable Accounts receivable Property, plant, and equipment Internet domain name Film contract rights Customer lists Prepaid expenses Covenants not to compete…For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.Cashier salaries, rental of store fixtures, depreciation of storeroom building are examples of what type of expense? Group of answer choices administrative expense selling expense other expense miscellaneous expense