Buy Guided Liberty University BMAL 530 Quiz 2 

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Buy Guided Liberty University BMAL 530 Quiz 2

  1. What is the amount of straight-line depreciation for year 2 if the useful life of an asset is 5 years, the purchase price is $50,000, and the salvage value is $2,000?
  2. What type of business entity makes a special election, and is generally created for the public good?
  3. What is the amount of double-declining balance depreciation, for year 4, if the cost of an asset is $75,000, the useful life is 5 years, and the salvage value is $4,000?
  4. What type of business entity makes a special election, is limited by the number of owners, has only one class of stock, and has earnings/losses flow through to its shareholders?
  5. What is the amount of double-declining balance depreciation, for year 1, if the cost of an asset is $75,000, the useful life is 5 years, and the salvage value is $4,000?
  6. What is the amount of double-declining balance depreciation, for year 3, if the cost of an asset is $75,000, the useful life is 5 years, and the salvage value is $4,000?
  7. What is the amount of double-declining balance depreciation, for year 5, if the cost of an asset is $75,000, the useful life is 5 years, and the salvage value is $4,000?
  8. Assume an asset with an original cost of $40,000, a $6,000 salvage value, is depreciated using straight-line depreciation over 5 After year 2, the salvage value was modified to a $2,000 salvage value, with 5 years of depreciation remaining. What is the new yearly depreciation?
  9. What is the amount of double-declining balance depreciation, for year 2, if the cost of an asset is $75,000, the useful life is 5 years, and the salvage value is $4,000?
  10. What type of business entity has only one owner, and is not distinguishable between the owner and the business entity?

 

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