Equipment costing $400,000 with accumulated depreciation of $260,000 is sold at a gain of $10,000. This implies that $150,000 cash was received from the sale.
Answer the following statement true (T) or false (F)
True
Cost of asset$400,000 Accumulated depreciation 260,000 Book value 140,000 Gain on sale 10,000 Cash received from sale$150,000
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The journal entry a company uses to record fully funded pension rights for its salaried employees at the end of theyear is
a. debit Salary Expense; credit Cash b. debit Pension Expense; credit Unfunded Pension Liability c. debit Pension Expense; credit Unfunded Pension Liability and Cash d. debit Pension Expense; credit Cash
A company that provides services (not goods) to its customers may incur costs that are appropriately classified as product-level costs.
Answer the following statement true (T) or false (F)
The operating cycle involves the purchase and sale of merchandise inventory as well as the subsequent collection of cash from credit sales
Indicate whether the statement is true or false
______ is the ability to influence the behavior of others through the possession of knowledge or expertise on which others depend.
What will be an ideal response?