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The cost of an asset and its fair market value are __________. A. the same on the date of acquisition B. never the same C. the same when the asset is sold D. irrelevant when the asset is used by the business in its operations
Weegy: The cost of an asset and its fair market value are the same on the date of acquisition. User: The cost of an asset and its fair market value are __________. A. the same on the date of acquisition B. never the same C. the same when the asset is sold D. irrelevant when the asset is used by the business in its operations Weegy: The cost of an asset and its fair market value are the same on the date of acquisition. User: One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers? A. $90,000 B. $150,000 C. $60,000 D. $75,000 Weegy: The machine setup cost pool should be assigned to sparklers is [ $60,000. ] User: The cost principle is the basis for preparing financial statements because it is __________. A. the most accurate measure of purchasing power B. a conservative value C. relevant and objectively measured, and verifiable D. an international accounting standard Weegy: The cost principle is the basis for preparing financial statements because it is relevant and objectively measured, and verifiable. User: Which one of the following items is not generally used in preparing a statement of cash flows? A. Additional information B. Adjusted trial balance C. Comparative balance sheets D. Current income statement Weegy: B. Adjusted trial balance is not generally used in preparing a statement of cash flows. (More)
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Asked 4/6/2013 2:53:51 PM
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Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?
Weegy: D. $4,500 is Sam?s gross profit for March User: These are selected account balances on December 31, 2008. Land (location of the corporation's office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 Equipment 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 What is the net amount of property, plant, and equipment that will appear on the balance sheet? A. $950,000 B. $1,300,000 C. $1,600,000 D. $1,100,000 Weegy: B) $1,300,000 is the net amount of property, plant, [ and equipment that will appear on the balance sheet ] User: The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: Income Statement Balance Sheet Dr. Cr. Dr. Cr. Totals $58,000 $48,000 $34,000 $44,000 Closing entries are necessary for __________. A. permanent or real accounts only B. permanent accounts only C. both permanent and temporary accounts D. temporary accounts only Weegy: C. permanent or real accounts User: These are selected account balances on December 31, 2008. Land (location of the corporation's office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 Equipment 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 What is the net amount of property, plant, and equipment that will appear on the balance sheet? A. $950,000 B. $1,300,000 C. $1,600,000 D. $1,100,000 Weegy: Weegy: C. $1,600,000 User: As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead? A. The western division’s vice president’s salary B. Factory janitor C. Cost of landscaping the ... (More)
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Asked 4/6/2013 2:37:13 PM
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