Vera Bradley

Bad Brads BBQ purchased a piece of equipment by paying $5,000 cash. They also incurred a shipping cost of $400 to bum around the equipment to its factory. The fair value 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 reading costs should be Expensed in the period incurred. Expensed in the period they argon determined to be unsuccessful. Deferred p lay offing determination of success. Expensed if unsuccessful, capitalized if successful. Goodwill is Amortized over the great of its estimated life or forty years. Only recorded by the vender of a business. The excess of the fair value of a business as a whole over the fair value of all gelt identifiable assets. Recorded when created internally through advertising expense. Which of the following is considered a contra account? Unearned Revenue. Goodwill. Accumulated Depreciation. Costs of Good Sold. Using the straight-l ine method, wear and tear expense for 2012 would be $12,000. $11,000. $60,000. None of the other answers are correct. Using the straight-line method, the phonograph recording 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 helpful life of five 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 figurer 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 end 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 case would not be recognized.