QUESTION 48 Calculate the gross profit for Macy Company based on the following Sales 5764,000 Net Sales $744,000 42,500 Selling expenses Administration expenses 60,000 538.000 Cost of goods sold a. $495,500 b. $206,000 C. $226,000 d. $721,500 4 points Save Answer QUESTION 49 On December 31, Ace Machine Company has decided to discard one of its machines. The machine had an initial cost of $425,000 and has accumulated depreciation of $390,000 Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal? a. Gain on Disposal of Asset, credit, $35,000 . b. Accumulated Depreciation, debit, $390,000 c. Loss on Disposal of Asset, debit, 50 (no loss) d. Equipment, debit, $425,000 4 points Saved QUESTION 50 A 90 day, 8% note for $80,000 dated March 12 is not paid by the maker at maturity. The journal entry to recognize this event is a. debit Cash, $81,600, credit Notes Receivable, $81,600 b. debit Accounts Receivable, 551,600, credit Notes Receivable, $80,000 credit Interest Revenue, $1,600 C. debit Notes Receivable, 551,600, credit Accounts Receivable, $80,000 credit Interest Receivable, $1,600 d. debit Notes Receivable, $86,400, credit Accounts Receivable, $86,400