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Robin Blind,Inc

question 176

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Robin Blind,Inc.recorded the following entries during the year.Put an X in the appropriate box to indicate whether each entry caused net income and total assets to be overstated,understated,or correctly stated.
1.Recorded depreciation for the year using $0 salvage value when the salvage value was expected to be $5,000.
Robin Blind,Inc.recorded the following entries during the year.Put an X in the appropriate box to indicate whether each entry caused net income and total assets to be overstated,understated,or correctly stated. 1.Recorded depreciation for the year using $0 salvage value when the salvage value was expected to be $5,000. 2.Depreciated its airplanes over a life of 35 years,which is 10 years longer than the average life of airplanes. 3.Recorded ordinary repairs as capital expenditures. 4.Recorded the purchase of patents as an expense.The purchase should have been capitalized. 5.Recorded its research and development costs as expenses. 2.Depreciated its airplanes over a life of 35 years,which is 10 years longer than the average life of airplanes.
Robin Blind,Inc.recorded the following entries during the year.Put an X in the appropriate box to indicate whether each entry caused net income and total assets to be overstated,understated,or correctly stated. 1.Recorded depreciation for the year using $0 salvage value when the salvage value was expected to be $5,000. 2.Depreciated its airplanes over a life of 35 years,which is 10 years longer than the average life of airplanes. 3.Recorded ordinary repairs as capital expenditures. 4.Recorded the purchase of patents as an expense.The purchase should have been capitalized. 5.Recorded its research and development costs as expenses. 3.Recorded ordinary repairs as capital expenditures.
Robin Blind,Inc.recorded the following entries during the year.Put an X in the appropriate box to indicate whether each entry caused net income and total assets to be overstated,understated,or correctly stated. 1.Recorded depreciation for the year using $0 salvage value when the salvage value was expected to be $5,000. 2.Depreciated its airplanes over a life of 35 years,which is 10 years longer than the average life of airplanes. 3.Recorded ordinary repairs as capital expenditures. 4.Recorded the purchase of patents as an expense.The purchase should have been capitalized. 5.Recorded its research and development costs as expenses. 4.Recorded the purchase of patents as an expense.The purchase should have been capitalized.
Robin Blind,Inc.recorded the following entries during the year.Put an X in the appropriate box to indicate whether each entry caused net income and total assets to be overstated,understated,or correctly stated. 1.Recorded depreciation for the year using $0 salvage value when the salvage value was expected to be $5,000. 2.Depreciated its airplanes over a life of 35 years,which is 10 years longer than the average life of airplanes. 3.Recorded ordinary repairs as capital expenditures. 4.Recorded the purchase of patents as an expense.The purchase should have been capitalized. 5.Recorded its research and development costs as expenses. 5.Recorded its research and development costs as expenses.
Robin Blind,Inc.recorded the following entries during the year.Put an X in the appropriate box to indicate whether each entry caused net income and total assets to be overstated,understated,or correctly stated. 1.Recorded depreciation for the year using $0 salvage value when the salvage value was expected to be $5,000. 2.Depreciated its airplanes over a life of 35 years,which is 10 years longer than the average life of airplanes. 3.Recorded ordinary repairs as capital expenditures. 4.Recorded the purchase of patents as an expense.The purchase should have been capitalized. 5.Recorded its research and development costs as expenses.

Definitions:

Computerization

The process of applying computers and technology to automate tasks, improve efficiency, and store and process information.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods and services that can be produced with limited resources.

Production Possibilities Curve

A graph that shows the different quantities of two goods that an economy can produce using all its resources efficiently.

Unemployment Rate

The segment of workers within the labor force not employed but searching for work.

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