The following financial information is from Collins Company:…
The following financial information is from Collins Company:Accounts Payable$ 15,000Dividends4,000Prepaid Rent12,000Accounts Receivable8,000Treasury Stock5,000Investments50,000Retained Earnings60,000Inventory20,000Equipment80,000Notes Payable25,000Additional Paid in Capital5,000Deferred Revenue4,000Cash & Cash Equivalents10,000Common Stock35,000What is the amount of total assets, assuming the accounts above reflect normal activity?
Read DetailsACME Products purchased equipment that cost $200,000. It had…
ACME Products purchased equipment that cost $200,000. It had an estimated service life of seven years and $25,000 residual value. The equipment was depreciated by the straight-line method and was sold at the end of the five year of use. What is the amount of the gain or loss if ACME sells the equipment for $40,000?
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