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Indicate whether the statement is true or false.
F
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The depreciation method using a fixed rate applied to the undepreciated cost of the asset each year, resulting in successively smaller depreciation charges as the undepreciated cost diminishes year by year is called the
a. declining-balance method. b. sum-of-the-years'-digit method. c. units-of-production method. d. straight-line method.
Answer the following statements true (T) or false (F)
When a direct assessment measure is used, there is always only one correct measure.
In September of 2018, Michelle sold shares of qualified small business stock for $1,000,000 that had a basis of $200,000. She had held the stock for 17 months. Forty-five days after the sale she purchased other qualified small business stock for $1,100,000. What is the basis in the new stock she purchased?
A. $300,000 B. $800,000 C. $1,100,000 D. $200,000
Andrews Corporation uses the weighted-average method of process costing. The following information is available for February in its Polishing Department: Equivalent units of production-direct materials 110,000EUPEquivalent units of production-conversion 95,000EUPCosts in beginning Work in Process-direct materials$49,000 Costs in beginning Work in Process-conversion$36,000 Costs incurred in February-direct materials$414,000 Costs incurred in February-conversion 520,000 The cost per equivalent unit of production for direct materials is:
A. $5.05 B. $4.21 C. $4.97 D. $9.26 E. $5.85