Vera Bradley

Bad Brads BBQ purchased a piece of equipment by paying $5,000 cash. They also incurred a shipping follow of $400 to get the equipment to its factory. The fair determine of this equipment is $7,000. For what amount should Bad Brads BBQ record the equipment? $5,000. $5,400. $7,000. $7,400. Research and development costs should be Expensed in the period incurred. Expensed in the period they are determined to be unsuccessful. Deferred pending determination of success. Expensed if unsuccessful, capitalized if successful. Goodwill is Amortized over the greater of its estimated life or forty stratums. Only recorded by the seller of a business. The surplus of the fair value of a business as a unhurt over the fair value of all net identifiable assets. record when created internally through advertising cost. Which of the following is considered a contra account? unearned Revenue. Goodwill. Accumulated Depreciation. Costs of Good Sold. Using the straight-li ne method, depreciation expense for 2012 would be $12,000. $11,000. $60,000. None of the other answers are correct. Using the straight-line method, the book value at December 31, 2012 would be $44,000. $49,000. $55,000. $60,000. Using the double-declining balance method, depreciation expense for 2012 would be $24,000. $22,000. $19,000. $20,000. Using the double-declining balance method, depreciation expense for 2013 would be $22,000. $13,200. $14,400. $24,000. Berry Co. purchases a patent on January 1, 2012, for $40,000 and the patent has an expected useful life of quintette years with no residual value. Assuming Berry Co. ses the straight-line method, what is theamortization expensefor the year ended December 31, 2013? $0. $8,000. $16,000. $40,000. Abbott Company purchased a computing machine that cost $10,000. It had an estimated useful life of 5 years and no residual value. The computer was depreciated by the straight-line method and was s old at the end of the fourth year of use for $3,000 cash. Abbott should record a advance of $1,000. a loss of $1,000. uncomplete a gain nor a loss the computer was sold at its book value. neither a gain nor a loss the gain that occurred in this case would not be recognized.