Today's Question of the Day: FAR

A company using the composite depreciation method for its fleet of trucks, cars, and campers retired one of its trucks and received cash from a salvage company. The net carrying amount of these composite asset accounts would be decreased by the...

Go here to select your answer...http://bit.ly/cgHqmq

Today's question: FAR

In December 31, 2007, Bit Co. had capitalized costs for a new computer software product with an economic life of five years. Sales for 2008 were 30 percent of expected total sales of the software. At December 31, 2008, the software had a net realizable value equal to 90 percent of the capitalized cost. What percentage of the original capitalized cost should be reported as the net amount on Bit's December 31, 2008, balance sheet?

View choices & post your answers here:
http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=35586&am p;PN=1&TPN=6

Today's question: FAR

A lessee had a ten-year capital lease requiring equal annual payments. The reduction of the lease liability in year 2 should equal:

View choices & post your answers here:
http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=35586&am p;TPN=9

Today's question: FAR

When using the periodic-inventory method, which of the following generally would not be separately accounted for in the computation of cost of goods sold?

View choices and post your answer here:
http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=35586&am p;TPN=13