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The company should record a loss on sale of $6,000.
What is asset book value?
Book value is the worth of the asset or the amount left undepreciated at a particular point in time.
This implies that if the cash received in respect of the asset is more than the book value, there would be gains, and when the cash is less, that would result in losses. But in this case, the latter situation applies as shown in the loss computation below:
Selling an asset whose worth is $19,500 for $13,500 means that the company has lost $6,000 as computed thus:
Loss on asset=sales proceeds-book value
loss on asset=$13,500-$19,500
loss on asset=-$6,000
In essence the second to the last option is correct.
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Answer:
None of the states.
Explanation:
Since XYZ Advisers is a federal covered adviser, it implies that it is registered with the Security and Exchange Commission (SEC) but not registered with any of the states. Therefore, only the SEC has its registration that it can revoke.
However, it is compulsory for the XYZ Advisers or any other adviser carrying out a business in any state to notify the State in which it is carrying out a business. This is to enable the relevant State to carry out an investigation and issue an order against the adviser whenever the the Administrator of a State received a complaint against a federal covered adviser. But the state still does not have the registration of the federal covered adviser it can revoke.
Therefore, none of the State Administrator(s) has the authority to revoke XYZ Adviser's registration.
I would say C. Hope this helps!
Answer:
A. $470,000
Explanation:
They have a total assets of 700000 but lost 230000 in total liabilities
700,000-230,000=470,000