The tax treatment regarding the sale of existing assets that are sold for less than the book value results in ________
A) an ordinary tax benefit
B) a capital loss tax benefit
C) recaptured depreciation taxed as ordinary income
D) a capital gain tax liability and recaptured depreciation taxed as ordinary income
B
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In reconciling a bank statement, it was discovered that an ATM withdrawal by the owner had not been recorded. He used the cash for personal purposes. The journal entry for this transaction would
a. credit Cash and debit Miscellaneous Expense; b. debit Owner's Expense and credit Drawing; c. debit Owner's Account Receivable and credit Cash; d. debit Drawing and credit Cash; e. debit Owner's Capital and credit Cash.
Federal law does not prohibit employers from engaging in gender-based wage discrimination
a. True b. False Indicate whether the statement is true or false
A regular charge account is one
A) that covers a single purchase. B) that is used primarily as a shopping convenience. C) that requires an initial security deposit. D) offered only by travel and entertainment lenders, such as American Express.
Who said, "I am incredibly nervous that we will implode in a wave of accounting scandals"?
a. Margaret Ceconi b. Cliff Baxter c. Jeffrey Skilling d. Sherron Watkins