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Indicate whether the statement is true or false
True
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Yellow Dog Transit sold an old truck on December 31, 2013, for $18,400 cash. The following data was available when the truck sold: Acquisition cost $75,000 Estimated residual value at time of acquisition 8,000 Accumulated depreciation on December 31, 2013 after adjustment 53,600 When this transaction is recorded, it should include a(n)
a. Loss on Disposal account for $3,000 b. Decrease of $21,400 to the Truck account c. Gain on Disposal account for $3,000 d. Gain on Disposal account for $5,000
A pioneer in China, ________ created a national campaign asking Beijing residents to send text messages guessing the high temperature in the city every day for just over a month for a chance to win a one-year supply of its products
A) PepsiCo B) Coca-Cola C) Red Bull D) Poland Spring E) Unilever
The business entity assumption means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.
Answer the following statement true (T) or false (F)
Martin sold his used car to Nixon for $2,000 . Later Martin discovered that the car was worth $3,000 . Martin then claimed that Nixon owed him an additional $1,000 . If Martin attempted to take legal action to collect the additional $1,000, he would be entitled to
a. $1,000 plus legal fees. b. $1,000 only. c. $3,000 minus $1,000. d. nothing.