Use the information below for Alpha Inc for 2015 and 2016 to answer the following question. Equipment, December 31, 2015 $65,000 Equipment, December 31, 2016 72,000 Accumulated depreciation, December 31, 2015 39,000 Accumulated depreciation, December 31, 2016 30,000 During 2016, Alpha Inc sold equipment with a cost of $30,000 and accumulated depreciation of $25,000 . A gain of $3,000 was
recognized on the sale of the equipment This was the only equipment sale during the year. What amount would be reported as the cash proceeds from the sale of equipment?
a. $2,000
b. $3,000
c. $5,000
d. $8,000
d
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The purpose of the appropriation of retained earnings is:
a. to allow the corporation to declare higher stock dividends. b. to enable the corporation to pay higher salaries to the board of directors. c. to enable the corporation to pay off outstanding debts. d. to restrict the corporation's right to take over another corporation. e. to restrict the corporation's ability to pay out its assets as dividends.
An increase in an expense may be accompanied by a decrease in a liability.
Answer the following statement true (T) or false (F)
What will cause the variable-overhead efficiency variance?
A. Changes in the salary cost of manufacturing supervisors. B. Efficient or inefficient use of a specific component of variable overhead (e.g., electricity). C. Production of units in excess of the number of units sold. D. Efficient or inefficient use of the cost driver (e.g., machine hours) for variable overhead. E. Full or partial utilization of major equipment resources.
Malory is the new marketing manager for the footwear division of her company and is currently planning next season's product lines. She needs to gain access to data about recent purchasing patterns in the industry but has a limited budget and time. Which type of data would be the best choice for Malory to use in this situation?
A. Sampling data B. Secondary data C. Quota data D. Primary data E. Survey data