MACRS Finance Assingment Help With Solution

Question 1
A company purchased new machinery and incurred freight, assembly, and installation costs in addition to the invoice cost of the machinery. These additional costs should be debited to __________.
A. cash
B. machinery
C. installation expense
D. machinery expense

Question 2
The exclusive right to produce and sell a manuscript is called a __________.
A. copyright
B. franchise
C. patent
D. goodwill

Question 3
A tractor costing $80,000 is depreciated using MACRS. The tractor qualifies as a three-year property and has a scrap value of $20,000. The depreciation rates are:
Year 1:
33.33%
Year 2:
44.45%
Year 3:
14.81%
Year 4:
7.41%

Question 4
What is the depreciation expense for Year 2?
A. $44,450
B. $35,560
C. $26,670
D. $20,000

Question 5
The process of writing off an intangible asset is __________.
A. depreciation
B. depletion
C. amortization
D. none of the above

Question 6
Salvage value was ignored when originally calculating the units-of-production depreciation. This error would cause __________.
A. the period’s net income to be overstated
B. the period’s net income to be understated
C. the period end assets to be overstated
D. none of the above

Question 7
The cost of equipment is expensed __________.
A. at the time it is paid
B. over the periods that benefit the company
C. in the period it is purchased
D. in the period it is sold

Question 9
Which of the following is an example of a land improvement?
A. shrubbery
B. fence
C. driveway
D. all of the above

Question 10
The entry to record the cost of a property, plant, or equipment asset would include __________.
A. acquisition cost
B. freight
C. installation
D. all of the above

A. patents
B. copyrights
C. franchises
D. Accounts Receivable

The write-off of intangible assets is called __________.
A. depreciation
B. amortization
C. depletion
D. deterioration

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Question 11

The allocation of the cost of a natural resource is __________.
A. depreciation
B. depletion
C. amortization
D. accrual

Question 12

A coal mine was acquired for $2,000,000. No salvage value was expected, and the company expects to mine 2,000,000 tons of coal. During the first year, it mines and sells 220,000 tons of coal. The depletion expense is __________.
A. $2,220,000
B. $2,000,000
C. $220,000
D. $24,200

Question 13
When calculating declining balance depreciation, the straight-line rate was used instead of double the straight-line rate. In the first year of ownership, this error would cause __________.
A. the period’s depreciation expense to be overstated
B. the period’s depreciation expense to be understated
C. the period end assets to be understated
D. none of the above

Question 14

Amortization of a patent was ignored. This error would cause __________.
A. the period’s net income to be overstated
B. the period’s net income to be understated
C. the period end assets to be understated
D. none of the above

Question 15

Intellectual property assets are __________.
A. depreciated
B. depleted
C. amortized
D. expensed

Question 16

A manufacturer or seller of a product may identify its merchandise and bar others from using the same identification by getting a __________.
A. franchise
B. trademark
C. patent
D. copyright

Question 17

Using MACRS rates for a three-, five-, seven-, and ten-year property, what is the percentage for the depreciable rate?
A. 200 percent
B. 150 percent
C. 125 percent
D. 100 percent

Question 18

Chocolate Supreme purchased new baking equipment for $15,000 subject to terms 4/10, n/45. The discount was taken. Additional costs included $900 in sales tax and $300 for installation. The total cost to be added to the machinery account is __________.
A. $15,900
B. $15,300
C. $15,000
D. $15,600

Question 19
The depreciation method that charges more expense in earlier years than in later years is the __________
A. straight-line method
B. double declining-balance method
C. units-of-production method
D. all of the above

Question 20

Which depreciation method is used to determine depreciation for income tax purposes?
A. straight-line
B. MACRS
C. units-of-production
D. double-declining balance

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