Big Steel Co
Subject:AccountingPrice:3.87 Bought7
Big Steel Co. has the following accounts:
Current assets $10,000
Property, plant & equipment $240,000
Less: accumulated depreciation 100,000 140,000
Total assets $150,000
Gross profit $95,000
Depreciation expense $25,000
Tax expense $10,000
Net income $55,000
1. he average age of fixed asset is estimated to be:
a.1 yearb.2 yearsc.4 yearsd.3 years
2. Given the information from Question 17, the average age % of fixed assets is:
a.25.0%b.71.4%c.10.0%d.41.7%
