[APPENDIX] Tarr, a sole proprietorship, had the following balances and transactions during 2016: beginning capital, $40,000; contribution of cash to the business by the owner, $15,000; revenue, $60,000; expenses, $35,000; withdrawal by the owner, $5,000 . What is the amount of the ending capital balance?
a. $40,000
b. $60,000
c. $75,000
d. $85,000
c
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On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initialcost of $310,000 and has accumulated depreciation of $260,000 . Depreciation has been recorded up to the end ofthe year. Which of the following will be included in the entry to record the disposal?
a. Gain on Disposal of Asset Cr., $50,000 b. Loss on Disposal of Asset Dr., $260,000 c. Accumulated Depreciation Dr., $310,000 d. Equipment Cr., $310,000
When responding to those who post incorrect information, which of the following groups are being responded to?
A) Public affairs B) Trolls C) The misguided D) Unhappy customers E) Ragers
A budget prepared for a particular level of activity is a(n)
A) operational budget B) capital budget C) static budget D) flexible budget E) cash budget
If a person owns real property in fee simple, his or her ownership is limited in duration
Indicate whether the statement is true or false