Donatella Owns Factory Machinery and the Tools to Service It,as

question 21

Multiple Choice

Donatella owns factory machinery and the tools to service it,as well as office furniture,including computers. Emilio owns patents,trademarks that identify the products made under those patents,and stock in the company that sells those products. Personal property includes items owned by

• A)Donatella and Emilio.
• B)Donatella only.
• C)Emilio only.
• D)neither Donatella nor Emilio.

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Definitions:

Accumulated Depreciation

The total amount of an asset's cost that has been allocated as depreciation expense since the asset was put into use.

Contra-Asset Account

An account shown on the balance sheet that reduces the value of a related asset, used for accumulated depreciation or allowances for doubtful accounts.

Depreciation Schedule

A table detailing the periodic depreciation expense of an asset over its useful life.

Worksheet

A document that accountants use for planning and preparing adjustments, showing the results of those adjustments before preparing financial statements.