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 Meyer sold, for $8000 cash, a piece of equipment it had originally acquired for $35,000

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 Meyer sold, for $8000 cash, a piece of equipment it had originally acquired for $35,000. At the date of sale, the amount of accumulated depreciation on the equipment was $25,000. How should Meyer record the sale? CREDIT Cash Loss on sale of equipment Equipment DEBIT 8,000 2,000 10,000 CREDIT Cash Gain on sale of equipment Equipment Accumulated depreciation DEBIT 8.000 27,000 10,000 25.000 CREDIT Cash Accumulated depreciation equipment Loss on sale of equipment Equipment DEBIT 8,000 25,000 2.000 35,000
Question 6 1 pts Ip 341-351] In Indiana and most states, merchants collect sales taxes when they sale goods, then remit the collected taxes to the government within 30 days. On the date the merchant collects the taxes, the merchant has: a current liability a long-term liability an intangible liability a contingent liability
Question 4 1 pts Ip 340 - 348). Some obligations are due to be paid within one year or the company's operating cycle, "whichever is longer" and usually one year is longer than the operating cycle. For instance, the operating cycle of a clothing store is about 3 months corresponding to the seasons; It sells summer clothes, then fall clothes, then winter clothes, then spring clothes. The operating cycle of a heating and air conditioning company is about 6 months; it sells air conditioners for summer and space heaters for winter, then starts all over. For most purposes, one year will be equal to or longer than the operating cycle for a company, so we generally default to one year as the dividing line between current and long-term liabilities.) Obligations that come due within one year (or less) are called ... Current liabilities Reverse liabilities Earned revenues Long term liabilities