The financing instrument, such as a trust deed is an example of a _____________________ lien.

The book value of a plant asset is

a. the fair market value of the asset at a balance sheet date b. the asset's acquisition cost less the total related depreciation recorded to date c. equal to the balance of the related accumulated depreciation account d. the assessed value of the asset for property tax purposes

A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $12,000 and paid $770 for the freight-in. The company sold the whole lot to a supermarket chain for $13,000 on account

The company uses the specific-identification method of inventory costing. Which of the following entries correctly records the cost of goods sold? A) Cost of Goods Sold 12,770 Merchandise Inventory 12,770 B) Merchandise Inventory 12,770 Cost of Goods Sold 12,770 C) Cost of Goods Sold 12,000 Sales Revenue 12,000 D) Cost of Goods Sold 12,000 Merchandise Inventory 12,000