1. (TCO 4)In the first year of an asset’s life, which of the following methods has the smallest depreciation? 2. (TCO 4)Depletion refers to the cost allocation for: 3. (TCO 4)Depreciation, depletion, and amortization: 4. (TCO 4)Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a five-year life and a residual value of $6,000. Using the straight-line method, the book value at December 31, 2011 would be: 5. (TCO 4)A change from the straight-line method to the sum-of-years’-digits method of depreciation is handled as:

In this file of ACCT 304 Week 3 Quiz you can find:

(TCO 5) Popson Inc. incurred a material loss that was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as

(TCO 5) Provincial Inc. reported the following before-tax income statement items:

Operations income: $600,000Extraordinary loss: $ 100,000

Extraordinary gain: $60,000

Provincial has a 30% income tax rate.

Provincial would report the following amount of income tax expense as a separate item in the income statement

(TCO 5) The financial statement presentation of a change in depreciation method is most similar to that of reporting

(TCO 5) Cash flows from financing activities include

(TCO 5) Review Rowdy’s Restaurants cash flow (in millions):