A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is solid for $3,500. What is the amount of the gain or loss on disposal of the fixed asset $3,500 gain $I,500 loss $2,000 gain $2.000 loss The balance in the prepaid rent account before adjustment at the end of the year is $24,000. which represents four months rent paid on December 1. The adjusting entry required on December 31 debit Rent Expense. $ 18.000; credit Prepaid Rent. $6,000 debit Prepaid Rent. $ 6,000; credit Rent Expense. S6.000 debit Prepaid Rent. $6,000. credit Rent Expense. $6,000 debit Rent Expense. $6,000; credit Prepaid Rent. $6,000 An employee receives, an hourly rate of $30, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows; hours worked. 46; federal income tax withheld. $300; cumulative earnings for year prior to current week, $90,700; social security tax rate. 6 0% on maximum of $ 100.000; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid the employee $1.059.75 $1.249.50 $1.381.80 $1,470 The balance in the supplies account, before adjustment at the end of the year is $725. The proper adjusting entry if the amount of supplies on hand at the end of the year is $300 would be debit Supplies Expense. $425; credit Supplies. $425; debit Supplies Expense. $300; credit Supplies. $300 debit Supplies. S300, credit Supplies Expense, $300 debit Supplies. $42S; credit Supplies Expense. $425 One potential advantage of financing corporations through the use of bonds rather than common stock is the corporation must pay the bonds at maturity the interest expense is deductible for tax purposes by the corporation a higher earnings per share is guaranteed for existing common shareholders the interest on bonds must be paid when due