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
d
You might also like to view...
Which of the following refers to our internal communication that can often derail our attempts to control our anxiety?
a. Self-deprecation b. Self-control c. Self-talk d. Thought-stopping
Answer the following statements true (T) or false (F)
1) All cash receipts should be deposited in the bank at the end of each week. 2) Companies receive cash either over the counter, through the mail, or by electronic funds transfer. 3. The security measures are the same for any type of cash receipts. 4. A point-of-sale terminal provides control for over the counter cash receipts. 5. At the end of each day, the accountant proves the cash by comparing the cash in the drawer against the point-of-sale terminal record of cash sales.
In the United States, civil rights laws do not protect employees from being fired on the basis of race and sex.
Answer the following statement true (T) or false (F)
The AICPA Audit and Accounting Guide: Health Care Organizations applies to:
A. Investor-owned health care organizations. B. Governmentally owned health care organizations. C. Private not-for-profit health care organizations. D. All of the above.