Multiple Choice
On January 1,2012,a machine with an estimated life of 5 years and an estimated residual value of $5,000 was acquired for $40,000.On July 1,2014,the machine was sold for $7,000 cash.The journal entry to record the sale
A) decreases stockholder's equity
B) increases total assets
C) decreases total expenses
D) increases net income
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Depreciation is a process by which<br>A) replacement
Q3: Many companies use MACRS (Modified Accelerated Cost
Q61: If a company uses the same depreciation
Q62: Fields of Green,a turf farm,purchased equipment at
Q64: Fantasy Cruise Lines On January 1,2012,the company
Q64: Floors 4 U uses straight-line depreciation for
Q68: Fleet Rentals purchased equipment with a cost
Q98: Generally accepted accounting principles (GAAP) require that
Q154: An accumulated _ account is used when
Q170: Distinguish between tangible and intangible operating assets.