Does the book value of an asset equal the current value of an asset?
What is no
100
COJOWA has current assets of $50,000 and total assets of $150,000. COJOWA has current liabilities of $30,000 and total liabilities of $80,000. What is the amount of COJOWA’s stockholder’s equity?
What is $70,000
200
What are balance sheets also known as?
What is report of financial position
200
What are income statements also known as?
What is statement of operations
200
How is an assets useful life determined?
What is how long a company will use it for
200
What does the “G” in GAAP stand for?
What is generally
300
Investments are an example of what kind of asset?
What is long term
300
Under the accrual method of accounting, when are expenses and revenues reported?
What is when the transaction occurs
300
What is another name for book value?
What is carrying value
300
A company purchases equipment for $30,000 on July 1, 2012. It estimates that the equipment will have a salvage value of $2,000 and its useful life will be 7 years. What will be the accumulated depreciation for the year 2015 assuming straight-line depreciation?
What is $12,000
400
What type of liability would the balance on a mortgage loan be considered?
What is long term
400
What category of expenses is from a company’s main activities?
What is operating
400
What type of asset purchased for the use of a corporation cannot be depreciated?
What is land
400
A company bought equipment for $30,000 and expected it to have a useful life of 10 years. If the depreciation expense is $3,000 each year with straight-line depreciation, how much is the scrap value of the equipment?
What is 0$
500
What does equity consist of?
What is stock investments and owners equity
500
How do you calculate Net Profit?
What is total revenue minus total expenses
500
How do you calculate book value of an asset after x years?
What is cost-accumulated depreciation
500
If a company's sales are $340,000 and made a gross profit of $30,000, how much were the cost of goods sold?