Chapter 10, Problem 10.1P

Which accounting principle requires that expenses be matched with revenues in the period in which they are incurred to produce those revenues? A) Going Concern Principle B) Matching Principle C) Consistency Principle D) Conservatism Principle

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A delivery van cost $64,300 when purchased and has a $58,700 balance in the accumulated depreciation account. If the van is discarded, Tread line Logistics will record: (1) Loss on disposal, $5,600 (2) Gain on disposal, $2,000 (3) No gain or loss because it was discarded (4) Loss of $58,700

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Accurate Value Hardware began in 2019 with a credit balance of $47,000 in the allowance for sales returns account. Sales and cash collections from customers during the year were $663,000 and $615,000, respectively. Accurate Value estimates that 7.2% of all sales will be returned. In 2019, customers returned merchandise for a credit of $36,000 to their accounts. Accurate Value's 2019 income statement would report net sales of__.

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Account

What is the ending total asset balance?