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What should charlie do

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Problem 1: Charlie purchased a Building for $100,000 cash. At the end of year 1, a real estate broker told Charlie that the Building was worth $120,000. What should Charlie do?

A. record a gain of $20,000

b. Debit Building for $20,000

c. Leave the Building at its original cost

d. Record depreciation on the Building for $20,000

Problem 2: In which of these cases was revenue earned?

A. We received a cash payment from a customer on account.

B. We paid cash to reduce an Account Payable

c. Cash was received today for service that we will perform in 30 days

d. We performed services for a customer on account

Reference no: EM132944231

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