Sunset Company sells land for cash at a price in excess of its cost. Which of the following is true as a result of this transaction? a. Cash is decreased. b. Decreases total liabilities. c. Total assets are unchanged. d. Owners' equity is decreased. e. none of the above.
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- What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesWhich of the following is not true in regard to selling fixed assets? a.If the selling price is more than the book value, a gain is recorded. b.The cash receipt is recorded. c.The journal entry is similar to discarding fixed assets. d.Accumulated Depreciation will be credited.When an intangible asset is amortized: OA. stockholders' equity decreases. OB. net assets decrease. C. net income decreases. D. all of the above are correct.
- 1. If a Revaluation of an asset is done for the first time and there is a revaluation gain, this should be shown in a. Other Comprehensive Income as a Negative figure b. Other Comprehensive Income as a Positive figure c. The Statement of Profit and Loss Account as an Expense d. The Statement of Profit and Loss as IncomeWhich sentence is incorrect? Select one: a. Depreciation is not the actual change in the value of the asset. b. Accumulated Depreciation account has effects on the cash flow statement. c. Accumulated Depreciation is called a contra asset account. d. Depreciation is the process of allocating the cost of an asset to expense, not a valuation process.Which of the following is an example of a noncash activity? Purchase of land using cash proceeds from issuance of common stock. Purchase of land by issuing debt. Sale of land for less than its cost. Sale of land for more than its cost.
- 1. On reporting date, they are measured at market value.2. Initially measured at purchase price, which is the fair value at purchase date.3. Initially recognized at purchase price plus transaction costs.4. Generally, dividends received or receivable are recorded as dividend revenue.5. Change in fair value is not recognized unless there is permanent impairment in value.6. Dividends received are reported as a decrease in the carrying amount of the investment.7. Impairment loss and reversal of impairment are not separately accounted for.8. Bonus issue is not separately recognized in a formal accounting entry.9. Any difference between the cost of investment and the share i the fair value of the net identifiable assets is amortized and is considered an adjustment to the recognized income from this investment.10. At the date of the disposal of the securities, the equity account accumulated in other comprehensive income may be transferred to another equity account.11. The income recognized in…In which ways is the balance sheet impacted when by creating and depreciating assets? A) Assets decrease as the cash balance decreases when cash is spent on Capex B) Assets increase when capex is added to the fixed asset balance C) Equity decreases through retained earnings balance as depreciation is expensed in the P&L D) Assets decrease when the fixed asset balance as depreciation reduces the balance O A only O B only O Conly OD only O A, B, and D only OB and D only O All of the aboveWhich of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.
- The cost basis of a given property does not include liabilities payable to the seller by the buyer because no cash changes hands. Group of answer choices True FalseWhich of the following statements is correct with respect to the sale of a depreciable asset? Multiple Choice A gain occurs when the selling price exceeds book value. A sale for a gain results in a decrease in total assets. A sale for a loss results in an increase in total assets. A loss occurs when the selling price is more than book value.1. A company is deciding whether to exchange an old asset for a new asset. Within the context of the exchange decision, and ignoring income tax considerations, the undepreciated book value of the old asset would be considered a(an) Sunk cost Irelevant cost No No Yes No No Yes d. Yes Yes 2. Expected future costs that will differ among alternatives a. Opportunity cost. b. Relevant costs. c. Sunk cost. d. Out-of-pocket costs.