Corel Sales sold its old office furniture for

$ 9 comma 500$9,500.

The original cost was

$ 18 comma 000$18,000,

and at the time of sale, accumulated depreciation was

$ 10 comma 000$10,000.

What is the effect of this transaction?

A.

loss of $ 9 comma 500$9,500

B.

loss of $ 1 comma 500$1,500

C.

gain of $ 9 comma 500$9,500

D.

gain of $ 1 comma 500$1,500

____________________________________________________________________________________________________________________________________

Which of the following asset categories would include the cost of clearing land and removing unwanted buildings?

A.

land improvements

B.

machinery and equipment

C.

land

D.

buildings

_____________________________________________________________________________________________________________

The maturity value of a note is the ________.

A.

principal amount minus interest due at maturity

B.

principal amount plus interest due at maturity

C.

principal amount times the interest rate

D.

face amount of the note

_________________________________________________________________________________________________________________________

A truck costs $303,000 and is expected to be driven 115,000 miles during its

fiveminusyear

life. Residual value is expected to be zero. If the truck is driven 29,000 miles during the first year, how much depreciation should the business record under the

unitsminusofminusproduction

method? (Round any intermediate calculations to two decimal places, and your final answer to the nearestdollar.)

A.

$97,750

B.

$47,520

C.

$76,270

D.

$25,423

____________________________________________________________

Charms, Inc. has determined that an account receivable of $125 is uncollectible. The company uses the direct

writeminusoff

method. Which of the following entries is required to record the

writeminusoff?

A.

Cash	125
Accounts Receivable		125

B.

Allowance for Bad Debts	125
Accounts Receivable		125

C.

Accounts Receivable	125
Bad Debts Expense		125

D.

Bad Debts Expense	125
Accounts Receivable		125