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. |
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A truck that cost $73100 and on which $59100 of accumulated
depreciation has been recorded was...
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 cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 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
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
3. Assume an older truck with a cost of S24.000 has accumulated depreciation of S14,000. The older truck and $18,00...
3. Assume an older truck with a cost of S24.000 has accumulated depreciation of S14,000. The older truck and $18,000 cash are traded for new equipment valued at $30,000. Which of the following would be part of the journal entry to record this exchange? a. debit Loss on Disposal for $2.000 b. debit Equipment for $30,000 c. credit Accumulated Depreciation for $14,000 d. debit Cash for $18,000 4. Jill Hamlin borrowed S40,000 from the bank on August 16, issuing the...
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...
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
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation...
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright...
1. Assume that a machine with a cost of $3,000 has accumulated depreciation of $1.500. Assume it is sold for $2,500...
1. Assume that a machine with a cost of $3,000 has accumulated depreciation of $1.500. Assume it is sold for $2,500. Which of the following would be part of the journal entry to record this sale? a credit Accumulated Depreciation for $1,500 b. debit the Machine Account for $3.000 c. debit Loss on Disposal for $1.000 d. credit Gain on Disposal for $1.000 2. Assume that a machine with a cost of $5,000 has accumulated depreciation of $1,500. It was...
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...
Question 6 0.6 points Save Answer Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been recorded was disposed of for $36,000 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
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
3. Assume an older truck with a cost of S24.000 has accumulated depreciation of S14,000. The older truck and $18,000 cash are traded for new equipment valued at $30,000. Which of the following would be part of the journal entry to record this exchange? a. debit Loss on Disposal for $2.000 b. debit Equipment for $30,000 c. credit Accumulated Depreciation for $14,000 d. debit Cash for $18,000 4. Jill Hamlin borrowed S40,000 from the bank on August 16, issuing the...
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...
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
Sample Non-monetary Exchange Questions 2. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright...
1. Assume that a machine with a cost of $3,000 has accumulated depreciation of $1.500. Assume it is sold for $2,500. Which of the following would be part of the journal entry to record this sale? a credit Accumulated Depreciation for $1,500 b. debit the Machine Account for $3.000 c. debit Loss on Disposal for $1.000 d. credit Gain on Disposal for $1.000 2. Assume that a machine with a cost of $5,000 has accumulated depreciation of $1,500. It was...
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...
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