Vera Bradley

Bad Brads BBQ purchased a piece of equipment by paying $5,000 cash. They also incurred a shipping cost of $400 to get the equipment to its factory. The fair regard as 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 years. Only recorded by the seller of a business. The excess of the fair comfort of a business as a whole over the fair value of all net identifiable assets. Recorded when created internally through advertizement expense. Which of the following is considered a contra account? Unearned Revenue. Goodwill. Accumulated Depreciation. Costs of Good Sold. employ 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 five years with no residual value. Assuming Berry Co. ses the straight-line method, what is the amortisation expensefor the year ended December 31, 2013? $0. $8,000. $16,000. $40,000. Abbott Company purchased a estimator 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 sold at the en d of the fourth year of use for $3,000 cash. Abbott should record a gain of $1,000. a loss of $1,000. neither 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 study would not be recognized.