Homework Answers
Answer and Explanation:
- Option first is right answer - credit to gain disposal for $ 12,000.
Gain or loss = Disposed value minus (-) Book value of Equipment on the date of sales
when disposed value is more than the book value of assets it is called gain.
Book value of Equipment
| Cost of Equipment | $ 144,000 |
| Less : Accumulated Depreciation | $ 120,000 |
| Book value on the date of Sales | $ 24,000 |
Gain on disposed of equipment
| Disposed value of equipment | $ 36,000 |
| Less : Book value of Equipment | $ 24,000 |
| Gain on disposed of Equipment | $ 12,000 |
Add Answer to:
Question 6 0.6 points Save Answer Equipment that cost $144,000 and on which $120,000 of accumulated...
Question 6 0.6 points Save Answer Equipment that cont $144,000 and on which $120,000 of accumulated...
Question 6 0.6 points Save Answer Equipment that cont $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $35,000 cash. The entry to record this event would include a credit to gain on disposal for $12,000, debit to loss on disposal for $12,000 credit to the Equipment account for $36,000 credit to Accumulated Depreciation for $120,000
Question 17 Current Attempt in Progress Equipment that cost $426000 and on which $198000 of accumulated...
Question 17 Current Attempt in Progress Equipment that cost $426000 and on which $198000 of accumulated depreciation has been recorded was disposed of for $176000 cash. The entry to record this event would include a credit to the Equipment account for $228000. credit to Accumulated Depreciation for $198000. loss of $52000. gain of $52000. Attempts: 0 of 1 used Save for Later Check Answer
A truck that cost $73100 and on which $59100 of accumulated depreciation has been recorded was...
A truck that cost $73100 and on which $59100 of accumulated
depreciation has been recorded was disposed of for $17000 cash. The
entry to record this event would include a
a
gain of $3000.
b
loss of $3000.
c
credit to Accumulated Depreciation for $59100.
d
credit to the Equipment account for $14000.
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for...
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for $20.200. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Debit Accumulated Depreciation $5,600 Credit Equipment $28,000 Debit Loss on Disposal of Equipment $2,200. Credit Gain on Disposal of Equipment $2.200 Debit Cash $20.200
Gaston owns equipment that cost $22,000 with accumulated depreciation of $6,600. Gaston asks $14,900 for the...
Gaston owns equipment that cost $22,000 with accumulated depreciation of $6,600. Gaston asks $14,900 for the equipment but sells the equipment for $13,900. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Credit Equipment $22,000. Debit Loss on Disposal of Equipment $1,500. Debit Cash $13,900. Credit Gain on Disposal of Equipment $1,500. Debit Accumulated Depreciation $6,600.
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple...
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 152 Equipment that cost $145000 and on which $122000 of accumulated depreciation has been recorded was disposed of for $34000 cash. The entry to record this event would include O credit to Accumulated Depreciation for $122000 gain of $11000 loss of $11000 credit to the Louiment account for $34000 LINK TO THE question Attempts of I used SAVE FOR LATER SET ASWER
Sheridan Company bought a machine on January 1, 2017. The machine cost $136000 and had an...
Sheridan Company bought a machine on January 1, 2017. The
machine cost $136000 and had an expected salvage value of $30000.
The life of the machine was estimated to be 5 years. The
depreciation expense using the straight-line method of depreciation
is
$35333.
$27200.
$21200.
none of these answer choices are correct.
Equipment that cost $110000 and on which $57000 of accumulated
depreciation has been recorded was disposed of for $60500 cash. The
entry to record this event would include...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1,...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Question 6 0.6 points Save Answer Equipment that cont $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $35,000 cash. The entry to record this event would include a credit to gain on disposal for $12,000, debit to loss on disposal for $12,000 credit to the Equipment account for $36,000 credit to Accumulated Depreciation for $120,000
Question 17 Current Attempt in Progress Equipment that cost $426000 and on which $198000 of accumulated depreciation has been recorded was disposed of for $176000 cash. The entry to record this event would include a credit to the Equipment account for $228000. credit to Accumulated Depreciation for $198000. loss of $52000. gain of $52000. Attempts: 0 of 1 used Save for Later Check Answer
A truck that cost $73100 and on which $59100 of accumulated
depreciation has been recorded was disposed of for $17000 cash. The
entry to record this event would include a
a
gain of $3000.
b
loss of $3000.
c
credit to Accumulated Depreciation for $59100.
d
credit to the Equipment account for $14000.
Gaston owns equipment that cost $28,000 with accumulated depreciation of $5,600. Gaston sells the equipment for $20.200. Which of the following would not be part of the journal entry to record the disposal of the equipment? Multiple Choice Debit Accumulated Depreciation $5,600 Credit Equipment $28,000 Debit Loss on Disposal of Equipment $2,200. Credit Gain on Disposal of Equipment $2.200 Debit Cash $20.200
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation...
Equipment that cost $390,300 and has accumulated depreciation of $313,600 is exchanged for equipment with a fair value of $160,000 and $40,000 cash is received. The exchange lacked commercial substance. Calculate the gain to be recognized from the exchange. Gain recognized SHOW LIST OF ACCOUNTS Prepare the entry for the exchange. Show a check of the amount recorded for the new equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Time 1142 AM Ra n g 56 min CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 152 Equipment that cost $145000 and on which $122000 of accumulated depreciation has been recorded was disposed of for $34000 cash. The entry to record this event would include O credit to Accumulated Depreciation for $122000 gain of $11000 loss of $11000 credit to the Louiment account for $34000 LINK TO THE question Attempts of I used SAVE FOR LATER SET ASWER
Sheridan Company bought a machine on January 1, 2017. The
machine cost $136000 and had an expected salvage value of $30000.
The life of the machine was estimated to be 5 years. The
depreciation expense using the straight-line method of depreciation
is
$35333.
$27200.
$21200.
none of these answer choices are correct.
Equipment that cost $110000 and on which $57000 of accumulated
depreciation has been recorded was disposed of for $60500 cash. The
entry to record this event would include...
Current Attempt in Progress Crane Company owns equipment that cost $85,000 when purchased on January 1, 2019. It has been depreciated using the straight- line method based on an estimated salvage value of $25,000 and an estimated useful life of 5 years. Prepare Crane Company's journal entries to record the sale of the equipment in these four independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
Most questions answered within 3 hours.
-
Holding all else constant, when teams face a binding roster
limit, the salary of players is...
asked 2 minutes ago -
1. When can parametric and non-parametric statistical tests be
used?
A. Parametric?
The independent variable is...
asked 10 minutes ago -
How can bacteria resist killing from cationic antimicrobial
peptides (CAMPs)? Choose all that apply. a. Use...
asked 17 minutes ago -
As an economic term, what is the definition of :Technological
Trends? Please try and keep the...
asked 18 minutes ago -
Labor demand will be less elastic in those labor markets in
which:
A.
the price elasticity...
asked 19 minutes ago -
5 situations are listed below and 8 reduction chemicals are
listed A-H below, match the letters...
asked 25 minutes ago -
1. If more spouses decide to quit their jobs to stay home with
their young children...
asked 29 minutes ago -
Please use algebraic manipulation to prove the following
statement:
x'y'z' + x'yz' + x'yz + xyz'...
asked 29 minutes ago -
3.Another patient has a family history in which:
1. the disease was equally distributed among the...
asked 33 minutes ago -
If you are the TM of a shipper of cooking oil the sales
department wants to...
asked 31 minutes ago -
NEED THIS URGENTLY PLEASEEE
Suppose a fair coin is tossed 5 times and the result are...
asked 39 minutes ago -
Find the magnetic field B produced by several circular loops of
which has a radius given...
asked 47 minutes ago