Multiple Choice
[The following information applies to the questions displayed below.]
On January 1, Year 1, Jing Company purchased office equipment that cost $34,000 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2,000. The equipment had a five-year useful life and a $12,000 expected salvage value.
-Assume that Jing Company earned $30,000 cash revenue and incurred $19,000 in cash expenses in Year 3.The company uses the straight-line method.The office equipment was sold on December 31,Year 3 for $16,000.What is the company's net income (loss) for Year 3?
A) ($6,600)
B) $6,600
C) $600
D) $5,400
Correct Answer:
Verified
Correct Answer:
Verified
Q99: Which of the following should be the
Q100: Goodwill is the value attributable to good
Q101: Madison Company owned an asset that had
Q102: On January 1,Year 2 Boothe Company paid
Q103: Goodwill may be recorded in which of
Q105: Flagler Company purchased equipment that cost $90,000.The
Q106: Which of the following industries would most
Q107: Good Company paid cash to purchase mineral
Q108: Emir Company purchased equipment that cost $110,000
Q109: On January 1,Year 1,Friedman Company purchased a