A machine was acquired at cost for 1000. The useful economic life is 3 years with 40 in residual value. If you choose straight line depreciation over declining balance depreciation at 30%, what will the residual value be after 3 years? Which statement about accrued expenses before adjustment is true? (one answer) Which of the following is not a plant asset? (one answer) Which statement about the adjusted trial balance is false? (one answer) 40 343 303 (-343-40) Zero It depends on the decision between keeping the machine or selling it It depends on the sales price of the machine after 3 years None of the above Expenses get overstated, liabilities as well Expenses get understated, liabilities as well Expenses get overstated, liabilities get understated Expenses get understated, liabilities get overstated None of the above Land Buildings Land improvements Realtor fees due when purchasing land Products Office furniture Machines used Equipment An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are made The adjusted trial balance provides the primary basis for the preparation of financial statements The adjusted trial balance lists the account balances segregated by assets and liabilities The adjusted trial balance is prepared after the adjusting entries have been journalized and posted The adjusted trial balance is the basis for an adjusted statement of financial position