A company had a tractor destroyed by fire. The tractor originally cost $129,000 with accumulated depreciation...
A company had a tractor destroyed by fire. The tractor originally cost $129,000 with accumulated depreciation of $63,600. The proceeds from the insurance company were $24,000. The company should recognize:
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A company had a tractor destroyed by fire. The tractor
originally cost $129,000 with accumulated depreciation...
A company had a tractor destroyed by fire. The tractor originally cost $128,000 with accumulated depreciation...
A company had a tractor destroyed by fire. The tractor originally cost $128,000 with accumulated depreciation of $62,700. The proceeds from the insurance company were $23,000. The company should recognize:
A company sold equipment that originally cost $140,000 for $112,000 cash. The accumulated depreciation on the...
A company sold equipment that originally cost $140,000 for $112,000 cash. The accumulated depreciation on the equipment was $28,000. The company should recognize a: Multiple Choice 0 $0 gain or loss. $14,000 gain. O $14,000 loss. o $28,000 loss. o o $112,000 gain.
A machine originally had an estimated service life of 5 years, and after 3 years, it...
A machine originally had an estimated service life of 5 years, and after 3 years, it was decided that the original estimate should have been for 10 years. The remaining cost to be depreciated should be allocated over the next Multiple Choice 5 years 6 years 10 years 7 years 2 years Creek Construction owned a bulldozer which was destroyed by fire. The bulldozer originally cost $38,000. The accumulated depreciation recorded to the date of loss was $20,000. The proceeds...
A company sells a plant asset that originally cost $300000 for $115000 on December 31, 2017. The accumulated depreciatio...
A company sells a plant asset that originally cost $300000 for $115000 on December 31, 2017. The accumulated depreciation account had a balance of $120000 after the current year's depreciation of $30000 had been recorded. The company should recognize a A. $65000 loss on disposal. B.$35000 loss on disposal. C.$185000 loss on disposal. D.$65000 gain on disposal.
1. A company sold a piece of PP&E for 8,000 that had originally cost 25,000. Accumulated...
1. A company sold a piece of PP&E for 8,000 that had originally cost 25,000. Accumulated depreciation was 15,000. What amount if any would appear in the operating section of the cash flow statement (indirect method) because of this transaction?
A fire destroyed one of Government A's fire stations, which had a net book value of...
A fire destroyed one of Government A's fire stations, which had a net book value of $635,000. The government received an insurance settlement of $400,000 in the same fiscal year the fire had occurred. Which of the following best describes the external financial reporting in the year of the fire? A special item in the amount of $635,000 should be reported in government-wide financial statements only. A loss of $235,000 should be reported in the government-wide financial statements only. A...
Robbins Company sells a plant asset that originally cost $500,000 for $500,000 on December 31, 2018....
Robbins Company sells a plant asset that originally cost $500,000 for $500,000 on December 31, 2018. current year's depreciation of $100,000 had been recorded. The company should recognize The accumulated depreciation account had a balance of $300,000 before the O no gain or loss O $400,000 gam O $200,000 gaim O $100,000 1loss O $200,000 1los
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000...
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000 on December 31, 2017. The accumulated depreciation account had a balance of $150000 after the current year's depreciation of $37500 had been recorded. The company should recognize a O $265000 loss on disposal. O $115000 gain on disposal. $115000 loss on disposal. $77500 loss on disposal.
Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had...
Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $12,500 (original cost of $29,000 less accumulated depreciation of $16,500) and a fair value of $9,100. Kapono paid $21,000 cash to complete the exchange. The exchange has commercial substance. Case B. Kapono Farms exchanged 100 acres of farmland for similar land. The farmland given had a book value of $505,000 and a fair value of $710,000. Kapono paid $51,000 cash...
24. A company sells a plant asset which originally cost $358,000 for $115,000 on December 31,...
24. A company sells a plant asset which originally cost $358,000 for $115,000 on December 31, 2018. The Accumulated Depreciation account had a balance of $145,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize a a. $98,000 loss. b. $62,000 loss. c. $98,000 gain. d. $62,000 gain. 25. All of the following intangible assets are amortized except a. copyrights. b. limited-life franchises. c. patents. d. goodwill.
A company sold equipment that originally cost $140,000 for $112,000 cash. The accumulated depreciation on the equipment was $28,000. The company should recognize a: Multiple Choice 0 $0 gain or loss. $14,000 gain. O $14,000 loss. o $28,000 loss. o o $112,000 gain.
Robbins Company sells a plant asset that originally cost $500,000 for $500,000 on December 31, 2018. current year's depreciation of $100,000 had been recorded. The company should recognize The accumulated depreciation account had a balance of $300,000 before the O no gain or loss O $400,000 gam O $200,000 gaim O $100,000 1loss O $200,000 1los
Multiple Choice Question 147 A company sells a plant asset that originally cost $375000 for $110000 on December 31, 2017. The accumulated depreciation account had a balance of $150000 after the current year's depreciation of $37500 had been recorded. The company should recognize a O $265000 loss on disposal. O $115000 gain on disposal. $115000 loss on disposal. $77500 loss on disposal.
24. A company sells a plant asset which originally cost $358,000 for $115,000 on December 31, 2018. The Accumulated Depreciation account had a balance of $145,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize a a. $98,000 loss. b. $62,000 loss. c. $98,000 gain. d. $62,000 gain. 25. All of the following intangible assets are amortized except a. copyrights. b. limited-life franchises. c. patents. d. goodwill.
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