Solved

Classify Each of the Following Costs Associated with Long-Lived Assets

Question 246

Matching

Classify each of the following costs associated with long-lived assets as one of the following:

Premises:
Fences around land at new business location
Paved parking areas at new business location
Outdoor lighting at new business location
Walkways to surround new business location
Modifying a building purchased for new business location
Supplies (materials) used to test new equipment
Cost of installing new equipment
Cost of grading and leveling land to be used for a new business site
Cost of removing an existing building to ready land for use as a new business site
Cost assessed by city for paving a public street that borders land on which a new business location will be constructed
Responses:
Land improvements
Buildings
Land
Machinery and equipment

Correct Answer:

Fences around land at new business location
Paved parking areas at new business location
Outdoor lighting at new business location
Walkways to surround new business location
Modifying a building purchased for new business location
Supplies (materials) used to test new equipment
Cost of installing new equipment
Cost of grading and leveling land to be used for a new business site
Cost of removing an existing building to ready land for use as a new business site
Cost assessed by city for paving a public street that borders land on which a new business location will be constructed
Related Questions

Q184: A machine costing $185,000 with a 5-year

Q239: Computer equipment was acquired at the beginning

Q240: The following information was taken from

Q241: A lathe priced at a fair market

Q242: A lathe priced at a fair market

Q243: A lathe priced at a fair market

Q244: Match each account name to the financial

Q245: Match the intangible assets described with their

Q247: Classify each of the following costs associated

Q248: Classify each of the following as:

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents