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Un Company sold office equipment with a cost of $39270 and accumulated depreciation of $35,912 for...
Un Company sold office equipment with a cost of $41,280 and accumulated depreciation of $37,530 for...
Un Company sold office equipment with a cost of $41,280 and accumulated depreciation of $37,530 for $5,390. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)...
Un Company sold office equipment with a cost of $36.280 and accumulated depreciation of $32,438 for...
Un Company sold office equipment with a cost of $36.280 and accumulated depreciation of $32,438 for $5.460. Required a. What is the book value of the asset at the time of sale? Book value b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? Amount Effect Net income d. How would the sale affect the amount of total assets shown on the...
Un Company sold office equipment with a cost of $39,580 and accumulated depreciation of $35,255 for...
Un Company sold office equipment with a cost of $39,580 and accumulated depreciation of $35,255 for $6,440. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)...
Typewritten answers only, please. No handwritten answers. Un Company sold office equipment with a cost of...
Typewritten answers only, please. No handwritten answers. Un Company sold office equipment with a cost of $44,060 and accumulated depreciation of $39,243 for $6,400. What is the book value of the asset at the time of sale? What is the amount of gain or loss on the disposal? How would the sale affect net income (increase, decrease, no effect) and by how much? How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease,...
UN Company
Un Company sold office equipment with a cost of $23,000 and accumulated depreciation of $12,000 for $14,000. Requireda. What is the book value of the asset at the time of sale?b. What is the amount of gain or loss on the disposal?c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much?e. How would the event affect the...
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as...
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as long-term operational assets? a. Prepaid insurance b. Coal mine c. Office equipment d. Accounts receivable e. Supplies f. Copyright g. Delivery van h. Land used in the business i. Goodwill j. Cash k. Filing cabinet I. Tax library of accounting firm Exercise 6-12 Effect of the disposal of plant assets on the financial statements Un Company sold office equipment with a cost of $23,000...
A fixed asset with a cost of $34,636.00 and accumulated depreciation of $31,172.40 is sold for...
A fixed asset with a cost of $34,636.00 and accumulated depreciation of $31,172.40 is sold for $5,888.12. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,463.60 loss $2,424.52 loss $3,463.60 gain $2,424.52 gain
A fixed asset with a cost of $31,000 and accumulated depreciation of $27,900 is sold for...
A fixed asset with a cost of $31,000 and accumulated depreciation of $27,900 is sold for $5,270. What is the amount of the gain or loss on disposal of the fixed asset?
If a business sells for $8,000 equipment that cost $25,000 and has $20,000 of accumulated depreciation,...
If a business sells for $8,000 equipment that cost $25,000 and has $20,000 of accumulated depreciation, how is this reported in the statement of cash flows? Multiple Choice $8,000 cash inflow in financing activities, and $3,000 loss as an addition to net income under operating activities $8,000 cash inflow in financing activities, $3,000 gain as an addition from net income under operating activities $8,000 inflow as an investing activity, and $3,000 gain as a subtraction from net income under operating...
Calculator A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold...
Calculator A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420. What is the amount of the gain or loss on disposal of the fixed asset?
Un Company sold office equipment with a cost of $41,280 and accumulated depreciation of $37,530 for $5,390. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)...
Un Company sold office equipment with a cost of $36.280 and accumulated depreciation of $32,438 for $5.460. Required a. What is the book value of the asset at the time of sale? Book value b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? Amount Effect Net income d. How would the sale affect the amount of total assets shown on the...
Un Company sold office equipment with a cost of $39,580 and accumulated depreciation of $35,255 for $6,440. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)...
Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be classified as long-term operational assets? a. Prepaid insurance b. Coal mine c. Office equipment d. Accounts receivable e. Supplies f. Copyright g. Delivery van h. Land used in the business i. Goodwill j. Cash k. Filing cabinet I. Tax library of accounting firm Exercise 6-12 Effect of the disposal of plant assets on the financial statements Un Company sold office equipment with a cost of $23,000...
If a business sells for $8,000 equipment that cost $25,000 and has $20,000 of accumulated depreciation, how is this reported in the statement of cash flows? Multiple Choice $8,000 cash inflow in financing activities, and $3,000 loss as an addition to net income under operating activities $8,000 cash inflow in financing activities, $3,000 gain as an addition from net income under operating activities $8,000 inflow as an investing activity, and $3,000 gain as a subtraction from net income under operating...
Calculator A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420. What is the amount of the gain or loss on disposal of the fixed asset?
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