Multiple Choice
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7. Equipment was purchased for $100,000 and has a book value of $44,000 and a depreciable cost of $76,000. The estimated salvage value is
a. $44,000.
b. $56,000.
c. $32,000.
d. $24,000.
8. Anway Company has total cash register receipts of $7,980. This total includes a 5% sales tax. The entry to record the receipts will include a
a. debit to Sales Tax Expense for $380.
b. credit to Sales for $7,980.
c. credit to Sales Taxes Payable for $399.
d. credit to Sales Taxes Payable for $380.
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The solution explains the answers to multiple choice questions in accounting
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7. Depreciable Cost = Cost Price - Salvage Value
We are gievn that the depreciable cost = 76,000 and the the cost price is ...
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