Answer Choices:

True

False

725 Saturday Company, a consulting firm, has provided below various 12/31st account balances all of which are normal Saturday purchases all supplies on account from vendor. Quick Supply and performs all consulting services on account Account Description 12/31/2019 12/31/2020 Accounts Receivable net $105,800 $85.880 Supplies 9.200 8.700 Prepaid Advertising Expense 15,450 20,695 Prepaid Insurance Expense 4.415 7.230 Vehicle 190,000 190,000 Equipment 106,000 94.000 Accumulated Depreciation 140.815 188,050 Accounts Payable-Quick Supply Co 8,000 11.000 Dividend Payable 18,000 28,000 Interest Payable 0 Rent Payable 3.000 3.650 Salaries Payable 2.600 3.100 Utilities Payable 1.300 1.800 Note Payable 145,000 0 "the Accounts Receivable above is shown net of the allowance account the allowance for doubtful accounts totaled 59.200 at the end of 2019 and 539,120 at the end of 2020L Below, Saturday has provided the details for the company's income from operations for the twelve months ended 12/31/2020 Consulting Revenue $470,000 Less Operating Expense Advertising Expense $22,855 Bad Debt Expense 71.920 Depreciation Expetise 51.135 Insurance expense 6.770 Miscellaneous Expause 5.500 Rent pense 13.800 Sales Expo 100 770 Supplies Expense 27.500 Travel Expense 32,000 Utilities Expense 20,400 382,650 Net Income from Operations $87.350 During the twelve months ended December 31, 2020, Saturday made no faced asset purchases and had only a single fixed asset disposal of equipment True or False if the disposed equipment was sold for $12,000 Saturday would report 50 gain or loss an fixed asset disposal