Estimated liabilities are ________. A) obligations of an exact ...

[K@]

Estimated liabilities are ________.
 
  A) obligations of an exact amount
  B) obligations of an uncertain amount
  C) always current liabilities
  D) always long-term liabilities

Question 2

On November 1, 2011, Frigate Shipping Company bought equipment that cost 400,000, with an estimated useful life of 8 years and an estimated salvage value of 28,000.
 
  The company uses the straight-line method of depreciation and has a fiscal year ending on October 31. For the year ended October 31, 2012, Frigate Company will report depreciation expense of ________.
  A) 50,000
  B) 33,333
  C) 46,500
  D) 31,000

[nital]

Answer to Question 1

B

Answer to Question 2

C