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Please help me complete this. I have been struggling for quite some time, and mainly I need the answer. Thank you ! 6) A company
Please help me complete this.
I have been struggling for quite some time, and mainly I need the answer.
Thank you !
6) A company purchased a machine for $200,000. The accumulated depreciation on the machine is now $130,000. The machine is junked which means that they received no cash on disposal.. Which journal entry is prepared to record the disposal? A)debit Accumulated Depreciation - Machine for $130,000 and credit Machine for $130,000 B)debit Accumulated Depreciation - Machine for $200,000, credit Machine for $130,000 and credit Gain on Disposal of Machine for $70,000 debit Loss on Disposal of Machine for $70,000, debit Accumulated Depreciation - Machine $70,000 and credit Machine for $140,000 D) debit Loss on Disposal of Machine for $70,000, debit Accumulated Depreciation - Machine for $130,000 and credit Machine for $200,000 7) Stelloh's Berry Farm accepted a bank-issued credit card in payment of a $1,600 sales transaction. Stelloh's bank charges 1% to process the transaction. The journal entry to record the sales transaction will include (Ignore cost of goods sold.): A) a debit to Accounts Receivable for $1,584 and a credit to Sales Revenue for $1,584. B) a debit to Cash for $1,600 and a credit to Sales Revenue for $1,600. C) a debit to Cash for $1,584, a debit to Credit Card Discount Expense for $16 and a credit to Sales Revenue for $1,600 D) a debit to Accounts Receivable for $1,600, a debit to Credit Card Revenue for $16 and a credit to Sales Revenue for $1,616. 8) Beck Company had the following accounts and balances at the end of the year. What is net income or loss for the year? Cash $74,000 Accounts Payable $12,000 Common Stock $21,000 Cost of Goods Sold $88,000 Dividends Declared and Paid $12,000 Operating Expenses $16,000 Accounts Receivable $0 Inventory $0 Long-term Notes Payable $33,000 Revenues $91,000 Salaries Payable $26,000 A) net loss of $13,000 B) net income of $3000 C) net income of $91,000 D) net income of $75,000 9) Which of the three types of activities reported on the statement of cash flows is the MOST critical for a company's long-term survival? A) noncash investing and financing activities B) financing activities C) operating activities D) investing activities 10) The Allowance for Uncollectible Accounts is classified as: A) a contra-expense account. B) a contra-revenue account. C) a contra-asset account. D) an asset account
Please help me complete this.
I have been struggling for quite some time, and mainly I need the answer.
Thank you !
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