If a plant asset is retired and is fully depreciated

  • University of Phoenix
  • ACC 291
  • Assessment
  • Papertown
  • 13
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If a plant asset is retired and is fully depreciated a gain on disposal will be recorded. phantom depreciation must be taken as though the asset were still on the books. a loss on disposal will be recorded. no gain or loss on disposal will be recorded.
On July 1, 2014, Linden Company purchased the copyright to Norman Computer Tutorials for $140,000. It is estimated that the copyright will have a useful life of 5 years. The amount of Amortization Expense recognized for the year 2014 would be
$28,000. $25,900. $13,125. The following totals for the month of April were taken from the payroll records of Metz Company. Salaries $30,000 FICA taxes withheld 2,295 Income taxes withheld 6,600 Medical insurance deductions 1,200 Federal unemployment taxes 240 State unemployment taxes 1,500 The entry to record accrual of employer’s payroll taxes would include a
Thayer Company purchased a building on January 2 by signing a long-term $2,520,000 mortgage with monthly payments of $23,100. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be
$2,499,000. The following data is available for BOX Corporation at December 31, 2014: Common stock, par $10 (authorized 30,000 shares) $250,000 Treasury stock (at cost $15 per share) $1,200 Based on the data, how many shares of common stock are outstanding? 25,000. 29,920. 24,920. 30,000.
Indicate the respective effects of the declaration of a cash dividend on the following balance sheet sections:
Assume the following cost of goods sold data for a company: 2015 $1,300,000
If 2013 is the base year, what is the percentage increase in cost of goods sold from 2013 to 2015?

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