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47. On January 1, 2014, Sparkle, Inc. purchased a machine for S160,000. Sparkle uses straight-line depreciation and estimates a seven-year useful life and a S6,000
47. On January 1, 2014, Sparkle, Inc. purchased a machine for S160,000. Sparkle uses straight-line depreciation and estimates a seven-year useful life and a S6,000 salvage value. On December 31, 2020, Sparkle cannot locate a buyer for the used machine so it is scrapped. In recording the machine retirement, Sparkle should reflect: A) B) C) D) No gain or loss A S6,000 gain A S6,000 loss A S154,000 loss 52. Where are plant assets and intangible assets classified in a balance sheet? A) B) C) D) Between current assets and investments Immediately before current assets After current assets and investments After long-term liabilities 54. The asset turnover ratio relates financial data from the balance sheet with financial data from the: A) B) C) D) Statement of cash flows Income statement Statement of owners' equity Balance sheet 55. The return on assets ratio relates financial data from the balance sheet with financial A) C) data from the Statement of cash flows Income statement Statement of owners' equity D) Balance sheet
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