1. (TCO 1) The capitalized cost of equipment excludes: 2. (TCO 1) On July 1, 2011, Larkin Co. purchased a $400,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2011 as follows: What would be the balance in the land account as of December 31, 2011? 3. (TCO 3) In a nonmonetary exchange of equipment, if the exchange has commercial substance, a gain is recognized if: 4. (TCO 1) Interest may be capitalized: 5. (TCO 3) Horton Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming that the exchange has commercial substance, Horton would record land-new at and record a gain/(loss) of:

In this file of ACCT 304 Week 1 Quiz you will find:

(TCO 1) Which of the following was the first private sector entity that set accounting standards in the United States?

(TCO 2) The enhancing qualitative characteristic of understandability means that information should be understood by

(TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ’s journal entry to record this transaction would include a

(TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year?

(TCO 3) Temporary accounts would not include