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True or False 1) Both the gross amount of receivables and the allowance for...

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Accounting

True or False

1) Both the gross amount of receivables and the allowance for doubtful accounts should be reported in the financial statements.

2) Salvage value is NOT subtracted from plant asset cost in determining depreciation expense under the declining-balance method of depreciation.

3) A loss on disposal of a plant asset can only occur if the cash proceeds received from the asset sale are less than the asset's book value.

4) If the unit price of inventory is increasing during a period, a company using the LIFO inventory method will show less gross profit for the period than if it had used the FIFO inventory method.

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