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On December 31, 2023, Listach Inc. sold a used industrial crane for $600,000 cash. The original cost of the crane was $5.0 million and its accumulated depreciation equaled $4.2 million on December 31, 2023. What is the gain or loss from the December 31, 2023 equipment sale?

Which of the following would not be classified as property, plant and equipment on a balance sheet?

A company sells a product FOB destination. The product is shipped on December 29, 2023 and the customer receives the shipment on January 3, 2024. Which of the following is true?

Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $800,000. The estimated residual value of the building is $50,000 and it has an expected useful life of 25 years. Assuming the first year’s depreciation expense was recorded properly, what would be the amount of depreciation expense for the second year?

Newark Company has provided the following information:· Cash sales, $450,000· Credit sales, $1,350,000· Selling and administrative expenses, $330,000· Sales returns and allowances, $90,000· Depreciation expense, $101,000· Gross profit, $1,360,000· Increase in accounts receivable, $55,000· Bad debt expense, $33,000· Sales discounts, $43,000How much is Newark’s cost of goods sold?

Which of the following includes only intangible assets?

Flyer Company has provided the following information:· Cash sales, $150,000· Credit sales, $450,000· Selling and administrative expenses, $110,000· Sales returns and allowances, $30,000· Gross profit, $490,000· Accounts receivable, $110,000· Sales discounts, $14,000· Allowance for doubtful accounts credit balance, $1,200Flyer Company uses the aging of accounts receivable method for bad debt expense.  How much is bad debt expense assuming that 5% of accounts receivable is estimated to be uncollectible?

According to this chart, each of these math terms were used in a classroom with varying degrees of understanding. The letter “D” means the word was used in discussion, “W” means students can use the word in their writing, “A” means that they applied the skill (student was able to actually solve for area, perimeter, etc.), and “T” means they were tested on their knowledge of the word (understand the definition). Which statement below is the most true?

Using the CORE Vocabulary screener, please match the correct score to the correct label. 

Yelena Company received cash in advance from a customer in advance of providing the service to the customer. Which of the following does not accurately describe the impact on the financial statements when Yelena later provides the service?