Depreciation is not recorded because the city has no cost.

Assignment Help Accounting Basics
Reference no: EM13968308

1. Assume in problem (12) that the city reports the work as a capital asset. Which of the following is true?

a. Depreciation is not recorded because the city has no cost.

b. Depreciation is not required if the asset is viewed as being inexhaustible.

c. Depreciation must be recognized because the asset is capitalized.

d. Because the property was received as a gift, recognition of depreciation is optional.

I need reasoning on why the answer is what it is for this number 14.

This is Problem 12 It is refering to:

2. The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the government-wide financial statements?

a. A capital asset of $240,000 must be reported.

b. No capital asset will be reported.

c. If conditions are met, recording the sculpture as a capital asset is optional.

d. The sculpture will be recorded but only for the amount paid by the city.

Reference no: EM13968308

Questions Cloud

Compute schedule that requires minimum number : Assume that all courses are offered every semester and that the student can take an unlimited number of courses. Given a list of courses and their prerequisites, compute a schedule that requires the minimum number of semesters.
Strategic analysis of a third place strategy : Read and Review the analysis - Respond to this analysis by offering potential critical directing questions and specific and constructive ideas for improving this analysis. (2 paragraphs)
Essay on the libby montana movie : Description - Essay on the Libby, Montana movie. Instructions  - After reviewing the Libby, Montana movie, write a short essay discussing the following: provide an overview of the incident facts
Collection of currencies and exchange rates : The input is a collection of currencies and their exchange rates. Is there a sequence of exchanges that makes money instantly? For instance, if the currencies are X, Y, and Z and the exchange rate is 1 X equals 2 Ys, 1 Y equals 2 Zs, and 1 X equal..
Depreciation is not recorded because the city has no cost. : The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the government-wide financial statements?
List of league game scores : The input is a list of league game scores (and there are no ties). If all teams have at least one win and a loss, we can generally "prove," by a silly transitivity argument, that any team is better than any other.
How big is your protein footprint : How big is your protein footprint? Does a meat-rich diet have a negative impact on our environment? Does it contribute to global warming?
Algorithm to solve version of the problem : Suppose that walls in the maze can be knocked down, with a penalty of P squares. P is speci?ed as a parameter to the algorithm. (If the penalty is 0, then the problem is trivial.) Describe an algorithm to solve this version of the problem. What is..
Define evangeliam as it occurs in acts : Read all of the biblical book of Acts with reference the book "The Mystical Way of Evanglism" by Heath's , I need you to read in the content of thier good news relationship between DEED AND WORD. Define evangeliam as it occurs in Acts

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Shares of multi-national enterprises

As a potential investor in the shares of multi-national enterprises, which inflation method, restate-translate or translate-restate, would give you decision needs? Which information set is best from the viewpoint of foreign subsidiary's shareholde..

  Classic attire is the designer and manufacturer of prom

classic attire is the designer and manufacturer of prom dresses. the president of classic wants to switch to an

  Breezes curacao has 200 rooms each room rents at 130 per

breezes curacao has 200 rooms. each room rents at 130 per night and variable costs total 42 per room per night of

  Calculate the cash dividend per share amount to be paid

assume that you own 3000 shares of blueco inc.s common stock and that you currently receive cash dividends of 0.42 per

  Calculate the unit contribution margin

Drake Company's income statement for the most recent year appears below: Calculate the unit contribution margin

  An employee earns 6050 per month working for an employer

an employee earns 6050 per month working for an employer. the fica tax rate for social security is 6.2 and the fica tax

  Create and excel spreadsheet to produce a chart similar to

create and excel spreadsheet to produce a chart similar to figure 10.5 showing sample from a bivariate student

  Risk affects all long term projects the longer the lead

risk affects all long term projects. the longer the lead time on a project the greater the risk. the price of a barrel

  A local retail store hires sales associates to sell laptop

a local retail store hires sales associates to sell laptop computers. create two specific outcomes and behaviors that

  At what amount would the bonds be issued

The Ness Company sells $5,000,000 of five-year, 10% bonds on January 1, 2011. The bonds have an effective yield of 9%.

  If management is responsible for its own financial statement

If management is responsible for its own financial statements, why are auditors important?

  What is the steps involved in getting the budget dm usage

what is the steps involved in getting the budget dm usage dl budget moh budgeted moh cogs budgeted and so

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd