Consider the following data:
Silicon Valley Company purchased an asset on January 1 at acost of $78,000. It is expected to be used for five years and havea salvage value of $8,000. Calculate the depreciation expense foreach year of the asset’s useful life under each of the followingmethods:Under the double-declining-balance method, the book value ofthe asset at the end of year 3 would be:
$54,667None of these answers are correct$12,667$78,000$8,000$16,848$22,000$36,000$28,080$10,109Question 3 of 30Which of the following statements is true?
The current ratio is calculated by dividing total currentassets by total liabilities.In calculating the percentage of change (for a comparativefinancial statement), the amount for the year prior serves as thebase.Quick assets include cash, temporary investments, andreceivables.Merchandise inventory turnover measures the relationshipbetween sales and inventory.Factors that reflect the ability of a business to pay itsdebts and earn a reasonable amount of income are referred to assolvency and profitability.The debt-to-equity ratio is calculated by dividing the netincome for the year by the average stockholders’ equity for theyear.Question 4 of 30Consider the following data:
Silicon Valley Company purchased an asset on January 1 at acost of $78,000. It is expected to be used for five years and havea salvage value of $8,000. Calculate the depreciation expense foreach year of the asset’s useful life under each of the followingmethods:Under the sum-of-the-years-digit method, the book value of theasset at the end of year 3 would be:
$16,848$10,109$36,000$8,000$28,080$54,667$78,000$22,000None of these answers are correct$12,667Question 5 of 30If sales are $540,000, expenses are $440,000 and dividends are$50,000, what is the balance of income Summary prior toclosing?
It will have a debit balance of $50,000.It will have a debit balance of $100,000.It will have a credit balance of $50,000.None of these answers are correctIt will have a credit balance of $100,000.
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