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29. Losses on the sale of long-term assets for cash: A. Are the excess of the book value over the cash received B. Are record
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Answer #1

Question 29

A. Are the excess of the book value over the cash received

.

Question 30

A. To allocate the cost of a long term asset to an expense over its service life.

.

Question 31

BEASLEY, INC.
Multiple-step Income Statment
For the Year Ended December 31, 2018
Sales revenue $300,000
Cost of Goods Sold $125,000
Gross Profit                   [$300,000 - $125,000] $175,000
   Salaries expense $35,000
   Utilities expense $41,000
   Advertising expense $24,000
Total operating expenses $100,000
Operating Income                        [$175,000 - $100,000] $75,000
Interest expense = $12,000
Income before income taxes           [$75,000 - $12,000] $63,000
Income tax expense $38,000
Net Income                                      [$63,000 - $38,000] $25,000
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