Question:What assets should be valued utilizing Fair Value?

What assets should be valued utilizing Fair Value?

The fair value premise can be applied to valuations of real estate, machinery & equipment, intangible assets and business interests. In performing our appraisals, Cambridge Partners follows generally accepted appraisal standards, as pro...

accounting help with take home practice?

Q: 30.Accounts Receivable Turnover measures a.how frequently during the year the accounts receivable are converted to cashb.the number of days outstandingc.the fair market value of accounts receivabled.the efficiency of the accounts payable function ____31.The number of days' sales in receivables a.is an estimate of the length of time the receivables have been outstandingb.measures the number of times the receivables turn over each yearc.is Net Credit Sales divided by Average Receivablesd.is not meaningful and therefore is not used____32.A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, the proceeds are a.$170b.$9,830c.$10,000d.$10,030____33.When comparing the direct write-off method and the allowance method of accounting for uncollectible accounts, a major difference is that the direct method a.uses a percentage of sales method to estimate uncollectible accounts.b.is used primarily by large companies with many receivables.c.is used primarily by small companies with few receivables.d.uses an allowance account.____34.Which of the following should be included in the acquisition cost of a piece of equipment?a.transportation costsb.installation costsc.testing costs prior to placing the equipment into productiond.all are correct____35.A building with an appraisal value of $147,000 is made available at an offer price of $152,000. The purchaser acquires the property for $35,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $65,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is a.$147,000b.$152,000c.$145,000d.$110,000____36.The method of determining depreciation that yields successive reductions in the periodic depreciation charge over the estimated life of the asset is a.units-of-productionb.declining-balancec.straight-lined.time-valuation____37.A machine with a cost of $80,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the units-of-production method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours?a.$5,000b.$25,000c.$15,000d.$26,667____38.Equipment with a cost of $130,000 has an estimated residual value of $10,000 and an estimated life of 5 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,300 hours?a.$24,000b.$32,500c.$33,000d.$35,750 ____39.The proper journal entry to purchase a computer on account to be utilized within the business would be:a.Jan 2 Office Supplies 1,350 Accounts Payable 1,350b.Jan 2 Office Equipment 1,350 Accounts Payable 1,350c.Jan 2 Office Supplies 1,350 Accounts Receivable 1,350d.Jan 2 Office Equipment 1,350 Accounts Receivable 1,350____40.An asset was purchased for $120,000 and originally estimated to have a useful life of 10 years with a residual value of $10,000. After two years of straight line depreciation, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,000. Calculate this year’s depreciation using the revised amounts and straight line method.a.$25,000b.$11,000c.$24,000d.$24,500____41.When a company discards machinery that is fully depreciated, this transaction would be recorded with the following entry a.debit Accumulated Depreciation; credit Machineryb.debit Machinery; credit Accumulated Depreciationc.debit Cash; credit Accumulated Depreciationd.debit Depreciation Expense; credit Accumulated Depreciation____42.On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $215,000 with an accumulated depreciation of $185,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $20,000. What is the amount of the gain or loss on this transaction?a.Gain of $20,000b.Loss of $10,000c.No gain or lossd.Cannot be determined____43.Which intangible assets are amortized over their useful life?a.trademarksb.goodwillc.patentsd.all of the above____44.On June 8, Alton Co. issued an $90,000, 6%, 120-day note payable to Seller Co. What is the maturity value of the note?a.$90,450b.$90,000c.$91,800d.$95,400

A: 38 is C