[The following information applies to the questions displayed below.] MoveIt Corporation is the world’s leading express-distribution...
[The following information applies to the questions displayed below.]
MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $21,000. MoveIt had originally purchased the truck for $35,000 and had recorded depreciation for three years.
Required:
-
Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a) $14,000, (b) $11,000, and (c) $19,000. (Select "None" if there is no Gain or Loss.)
Homework Answers
Calculate gain or loss
| Situation | Cost | Accumulated depreciation | Book value | Gain (loss) |
| 1 | 35000 | 14000 | 21000 | 21000-21000 = 0 |
| 2 | 35000 | 11000 | 24000 | 21000-24000 = -3000 (loss) |
| 3 | 35000 | 19000 | 16000 | 21000-16000 = 5000 Gain |
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MoveIt Corporation is the world’s leading express-distribution...
[The following information applies to the questions displayed below.] MoveIt Corporation is the world’s leading express-...
[The following information applies to the questions displayed below.] MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $21,000. MoveIt had originally purchased the truck for $35,000 and had recorded depreciation for three years. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was (a) $14,000, (b)...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $26,000. Movelt had originally purchased the truck for $43,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a)...
Required Information The following information applies to the questions displayed below.] Movelt Corporation is the wor...
Required Information The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a)...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the w...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $22,000. Movelt had originally purchased the truck for $37,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a)...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $26,000. Movelt had originally purchased the truck for $43,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and - for...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and for decrease)...
Required Information [The following Information applies to the questions displayed below.] Movelt Corporation is the world's...
Required Information [The following Information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and - for...
[The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution...
[The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 54,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $8,000. Movelt had originally purchased the truck for $14,000 and had recorded depreciation for three years. value: 0.90 points Required: 1. Calculate the amount of gain or loss on disposal, assuming...
Required information The following information applies to the questions displayed below. FedEx Corporation is the world's...
Required information The following information applies to the questions displayed below. FedEx Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that FedEx sold a delivery truck for $16,000. FedEx had originally purchased the truck for $28,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and – for...
Required Information [The following information applies to the questions displayed below.] Movelt Corporation is the world's...
Required Information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $26,000. Movelt had originally purchased the truck for $43,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a)...
Required Information The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a)...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $22,000. Movelt had originally purchased the truck for $37,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was (a)...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $26,000. Movelt had originally purchased the truck for $43,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and - for...
Required information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and for decrease)...
Required Information [The following Information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and - for...
[The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 54,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $8,000. Movelt had originally purchased the truck for $14,000 and had recorded depreciation for three years. value: 0.90 points Required: 1. Calculate the amount of gain or loss on disposal, assuming...
Required information The following information applies to the questions displayed below. FedEx Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that FedEx sold a delivery truck for $16,000. FedEx had originally purchased the truck for $28,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and – for...
Required Information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was...
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