On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $215,000 with an accumulated depreciation of $185,000. Depreciation has been taken up to the end of the year. Strike found a company that is willing to buy the equipment for $55,000. What is the amount of the gain or loss on this transaction?
A) Cannot be determined
B) No gain or loss
C) Gain of $25,000
D) Gain of $55,000
C
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Trisha grew up in a drug-ridden inner city neighborhood. Through sheer determination and intelligence, Trisha is now a medical doctor teaching on the staff of a large university hospital
Trisha is proud of what she has accomplished, but sometimes she feels stressed and uncertain of who she really is. The concept of ________ assesses the impact of such inconsistencies. A) status crystallization B) homogamy C) habitus D) invidious distinction
Which fundamental characteristic is an ingredient of faithful representation?
A) predictive value B) confirmatory value C) timeliness D) neutrality
Alpha and Beta are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $50,000. What amount of loss on realization should be allocated to Alpha?
A) $60,000 B) $20,000 C) $30,000 D) $50,000
You are organizing your résumé for a highly competitive summer internship with an accounting firm. You believe your education is your strongest qualification because your work experience has been seasonal jobs at minimum wage. You also believe that your abilities, interests, and character are qualities that closely parallel the job description supplied by the business. What type of résumé
would be LEAST preferred for conveying your strengths? a. Chronological b. Functional c. Chrono-functional d. All are equally preferred.