Knowledge Check 01 If a company sells one of its trucks for consideration (cash and receivables)...
Knowledge
Check 01
If a company sells one of its trucks for consideration (cash and
receivables) that is less than the book value of the truck (updated
through the date of the sale), which of the following is true?
Multiple Choice
-
A gain will be recognized by the seller
-
A loss will be recognized by the seller
-
No gain or loss is recognized by the seller
-
Not enough information is provided to determine whether a gain or loss will be recognized by the seller
Homework Answers
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Knowledge
Check 01
If a company sells one of its trucks for consideration (cash and
receivables)...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
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Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
1 of 4 Knowledge Check 01 A company borrows cash from a local bank. The company...
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Yoshi Company completed the following transactions and events involving its delivery trucks. 2016 Jan. 1 Paid...
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 salvage
value. Delivery truck costs are recorded in the Trucks
account.
Dec.
31
Recorded annual straight-line depreciation on the truck.
2017
Dec.
31
Due to new information obtained earlier in the year, the
truck’s estimated useful life was changed from five to four...
Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales...
Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the revenue portion of the February 13 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns View transaction list Journal entry worksheet On February 13, a jewelry store sells an...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2017 Jan. 1 Paid...
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Knowledge Check 01 Which of the following is an example of a preventive control in a...
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Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
1 of 4 Knowledge Check 01 A company borrows cash from a local bank. The company records this transaction with a: Multiple Choice Book erences Debit to Accounts Receivable Debit to Cash 0 Credit to Accounts Payable 0 Credit to Retained Earnings 0 < Prev 15 16 17 18 of 29 Next >
1:00 1:00 Knowledge Check 01 Silver Company purchased a machine for use in the business. The purchase price was $55,000 and the related sales tax totaled $500 Sliver paid $1,000 to have the machine delivered to its factory and $2.000 to have it assembled. Over the five-year life of the machine. maintenance cost of $800 will be incurred annually What is the capitalized cost of this asset? PreN 456 10 of 10 Next> Knowledge Check 01 Manning Company purchased a...
Yoshi Company completed the following transactions and events involving its delivery trucks Year 1 Jan. 1 Poid $22,015 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,000 salvage value. Delivery truck costs are recorded in the Trucks, account. Dec. 31 Recorded annual straight-line depreciation on the truck. Year 2 Dec. 31 The truck's estimated useful life was changed from five to four years, and the estimated salvage value was...
Yoshi Company completed the following transactions and events
involving its delivery trucks.
2016
Jan.
1
Paid $23,515 cash plus $1,785 in sales tax for a new delivery
truck estimated to have a five-year life and a $2,000 salvage
value. Delivery truck costs are recorded in the Trucks
account.
Dec.
31
Recorded annual straight-line depreciation on the truck.
2017
Dec.
31
Due to new information obtained earlier in the year, the
truck’s estimated useful life was changed from five to four...
Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the revenue portion of the February 13 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns View transaction list Journal entry worksheet On February 13, a jewelry store sells an...
Yoshi Company completed the following transactions and events involving its delivery trucks. 2017 Jan. 1 Paid $23,515 cash plus $1,635 in sales tax for a new delivery truck estimated to have a five-year life and a $2,150 salvage value. Delivery truck costs are recorded in the Trucks account. Dec. 31 Recorded annual straight-line depreciation on the truck. 2018 Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four...
Knowledge Check 01 Which of the following is an example of a preventive control in a company? Multiple Choice The management evaluates the overall performance by comparing sales for the current year with sales for the previous year. 0 Employees responsible for making cash disbursements are not in charge of cash receipts. 0 Management periodically determines whether the amount of physical assets of the company match the accounting records. 0 0 Actual performance of individuals are routinely checked against their...
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