Which of the following statements regarding selling fixed assets for cash is NOT true?
Which of the following statements regarding selling fixed assets for cash is NOT true?
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 10Q: If a company reports a gain/(loss) from the sale of assets, as part of the net income on the income...
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Question
Which of the following statements regarding selling fixed assets for cash is NOT true?
a.The journal entry is similar to discarding fixed assets.
b.The cash payment to the buyer is recorded.
c.The cash receipt is recorded.
d.If the selling price is more than the book value, a gain is recorded.
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