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3 years ago

Which of the following is not true in regard to selling fixed assets?

Business

1 answer:

svetoff [14.1K]3 years ago

4 0

Answer: Option D

Explanation: Accumulated depreciation refers to the total amount of reduction in value that an asset has incurred upto a certain point of time. Depreciation is charged on fixed assets.

When a fixed asset is sold or discarded the accumulated deprecation of such asset is debited from the value to ascertain actual value of the asset.

If the selling amount received exceeds the actual value then a gain is recorded.

Hence from the above we can conclude that the correct option is D.

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Failure to record the adjusting entry for deferred revenue now earned causes liabilities on the balance sheet to be what

zlopas [31]

Answer:

overstated

Explanation:

Adjusting entry is a term used in the accounting process, which describes journal entries usually carried out at the end of an accounting period to assign income and expenditure to the period in which they actually happened.

However, the journal entry to identify a deferred revenue is to debit or increase cash and credit or increase a deposit or another liability account.

Hence, Failure to record the adjusting entry for deferred revenue now earned causes liabilities on the balance sheet to be what OVERSTATED

8 0

3 years ago

May 31, 2018 June 30, 2018Total Assets $211,000 $209,000Total Liabilities 133,000 99,000Begin by identifying the accounting equa

daser333 [38]

Answer:

a. $7,000

b. $39,500

c. $19,000

Explanation:

a. The computation of the net income or net loss is shown below:

= (June 30,2018 assets - June 30,2018 liabilities - contribution) - (May 31,2018 assets - May 31,2018 liabilities)

= ($209,000 - $99,000 - $25,000) - ($211,000 - $133,000)

= $85,000 - $78,000

= $7,000

b. The computation of the net income or net loss is shown below:

= (June 30,2018 assets - June 30,2018 liabilities + cash withdrawn) - (May 31,2018 assets - May 31,2018 liabilities)

= ($209,000 - $99,000 + $7,500) - ($211,000 - $133,000)

= $117,500 - $78,000

= $39,500

c. The computation of the net income or net loss is shown below:

= (June 30,2018 assets - June 30,2018 liabilities + cash withdrawn - contribution) - (May 31,2018 assets - May 31,2018 liabilities)

= ($209,000 - $99,000 + $22,000 - $35,000) - ($211,000 - $133,000)

= $97,000 - $78,000

= $19,000

6 0

2 years ago

The main function of the Federal Reserve System is to:

PolarNik [594]

Answer:

D. Serve as the fiscal agent for the Federal government

Explanation:

The Federal Reserve System (FRS) is the central bank of the United States. FRS regulates the U.S. monetary and financial system.

The functions of Federal Reserve System includes;

1. conducting the nation's monetary policy

2. regulating banking institutions

3. monitoring and protecting the credit rights of consumers

4. maintaining the stability of the financial system

5. providing financial services to the U.S. government.

4 0

3 years ago

What is the formal agreement between two or more countries trade,peace and other matters called?

Arlecino [84]

Pretty sure its a treaty

5 0

3 years ago

Read 2 more answers

The total cost of an asset less its accumulated depreciation is called:

mars1129 [50]

Total cost of asset less depreciationThe book value of an asset is the original cost of the asset less its accumulated depreciation. At the end of year three, for example, total accumulated depreciation equals $7,080, and the book value equals $5,720.

7 0

3 years ago