Tim's Taxi Service sold one of its cabs for $9,000. The cab had an original cost of $23,000 with $16,000 in accumulated depreciation. Assuming this is the only asset sold during the year, what is the recognized gain or loss and character of the gain or loss on this sale?

Which term refers to the cost that motivates an economic decision

Which alternative accounting method allows farmers to record expenses and incomes in the year in which they sell their yield? gaap allows for the method, which permits farmers to subtract the expenses of producing the crop in the year in which they sell the yield and earn the revenue.

Which type of market are you in if your company, along with three other companies, controls 95 percent of the total music industry?