On January 1, 2011, James Company sold a machine for $10,000 that it had used for several years. The machine was purchased at $22,000, and had accumulated depreciation of $9,000 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine?
A) Gain of $10,000
B) Loss of $13,000
C) Loss of $3,000
D) Gain of $3,000
C
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Indicate whether the statement is true or false
Michaels purchased a desk from Erwin who is not in the business of selling furniture. Erwin tendered delivery of the desk after receiving payment in full from Michaels. Michaels told Erwin that she would be unable to take possession of the desk until the next day. In the meantime, thieves stole the desk from Erwin's garage before Michaels had a chance to take possession. The risk of loss
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If a fast food restaurant has hamburger patties on a serving tray at the cash register, these would
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