choose right answer only

On January 1, 2023, XYZ inc accounting records show the following about a machine:

Purchase date: 1/1/2020 for $35,000

Accumulated amortization as of January 1, 2023: $26,400

On July 1, 2023, the machine was sold for $7,000. Amortization for the first six months of 2023 was $1,467. The gain or loss on disposal would be: Question options:

$1600 loss

gain of $133

loss of $133

gain of $1600

choose right answer only

How many statement(s) are incorrect:

The concept of economic entity means the distinction between the company and its owners The double part means that for each transaction total debits must be equal to total credits Balance sheet and cash flow from financing activities are connected The income statement is an indicator of the company's solvency Question options:

2

0

1

3

choose right answer only

A company is created on September 20, 2022. It publishes the following information regarding its 2023 financial year.

- Total charges $20,000

- Total assets $65,000

- Total proceeds $30,000

- Dividends declared $16,000;

- Share capital $40,000

- Undistributed earnings at the beginning of the year $18,000

Total liabilities for the 2023 financial year amount to: Question options:

none of the above

$13,000

52,000

$31,000

$0