The formula to compute annual straight-line depreciation is: Select one: a

The formula to compute annual straight-line depreciation is:
Select one:
a. Depreciable cost divided by useful life in units.
b. (Cost minus salvage value) divided by the useful life in years.
c. (Cost plus salvage value) divided by the useful life in years.
d. Cost multiplied by useful life in years.

Correct Answer is option:

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A company estimates that warranty expense will be 4% of sales. The company's sales for the current period are $185,000. The current period's entry to record the warranty expense is:
Select one:
a. Debit Estimated Warranty Liability $7,400; credit Warranty Expense $7,400.
b. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400.
c. Debit Estimated Warranty Liability $7,400; credit Cash $7,400.
d. Debit Warranty Expense $7,400; credit Sales $7,400.

Correct Answer is option
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A loss on disposal of a plant asset occurs if the cash proceeds received from the asset sale is less than the asset's book value.
Select one:
a. TRUE
b. FALSE

True
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One characteristic of plant assets is that they are:
Select one:
a. Current assets.
b. Natural resources.
c. Long-term investments.
d. Used in operations.

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Accounts payable are:
Select one:
a. Amounts received in advance from customers for future services.
b. Not usually due on specific dates.
c. Estimated liabilities.
d. Amounts owed to suppliers for products and/or services purchased on credit.

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