Match the following:
A. Allocating the cost of a tangible asset over its service life.
B. The amount the company expects to receive from selling the asset at the end of its service life.
C. A contra asset account representing the total depreciation taken to date.
D. How long the company expects to receive benefits from the asset before disposing of it.
E. Equal to the original cost of the asset minus the current balance in accumulated depreciation.
A. Depreciation
B. Residual value
C. Accumulated depreciation
D. Service life
E. Book value
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On October 1, 2019, Springfield Company made a loan to one of its customers. The customer signed a 6-month note for $130,000 at 12%. How much interest revenue did the company record in 2020 for this note? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A) $5200 B) $2600 C) $3900 D) $7800
A retailer's total merchandise available for sale (at cost) is $175,000 . The total in merchandise available for sale at retail equals $255,000 . The retailer's cost complement is 1.46
Indicate whether the statement is true or false
During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 110,000 that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to labor. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to labor. The production department incurred direct labor cost of $578,900 and its beginning inventory included labor cost of $54,700. Compute the direct labor cost per equivalent unit for the department using the weighted-average method.
A. $4.40. B. $4.86. C. $4.28. D. $4.69. E. $3.84.
Product standards may constitute Technical Barriers to Trade
Indicate whether the statement is true or false