If the equipment account has a balance of $22,500 and its accumulated depreciation account has a balance of $14,000, the book value of the equipment would be:
A. $36,500
B. $22,500
C. $14,000
D. $8,500
查看答案
The purchases journal is used to record:
A. credit sales
B. cash receipts
C. cash purchases
D. credit purchases (purchases on account)
The type of account with a normal credit balance is
A. an asset
B. drawing
C. a revenue
D. an expense
On a multiple-step income statement, the excess of net sales over the cost of merchandise sold is called:
A. operating income
B. income from operations
C. gross profit
D. net income
Which of the following items represents a deferral?
A. Prepaid insurance
B. Wages payable
C. Fees earned
D. Accumulated depreciation
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