The higher the output multiplier, the more economically self-sufficient the country

A copy machine costs $ 45,000 when new and has accumulated depreciation of $ 44,000. Suppose Print and Photo Center discards this machine and receives nothing. What is the result of the disposal transaction?

A. No gain or loss B. Gain of $ 1, 000 C. Loss of $ 1,000 D. Loss of $ 45,000

Which of the following errors would most likely lead to an overstatement of income in the current accounting period?

A. Recording revenue next period when the cash is collected although it is earned in the current period. B. Recording a current-period expense in the following year when cash is paid. C. Failure to adjust deferred rent revenue account for the portion of rent earned this year. D. All of the above lead to overstated income this period.