Equipment with an original cost of 75,000 and accumulated depreciation of 20,000 was sold at a...
Homework Answers
Book value of asset = Historical cost - Depreciation = 75000 - 20000 = 55000
Selling price = Book price - loss = 55000 - 7000 = 48000
Since asset is sold at 48000, cash received = $48000
Cash would increase by $48000
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Equipment with an original cost of 75,000 and accumulated depreciation of 20,000 was sold at a...
Equipment with an original cost of $75,370 and accumulated depreciation of $21,037 was sold at a...
Equipment with an original cost of $75,370 and accumulated depreciation of $21,037 was sold at a loss of $5,147. As a result of this transaction, cash would a.increase by $49,186 b.decrease by $5,147 c.increase by $75,370 d.decrease by $21,037
Hinrich Company traded machinery with original cost of $145,000 and accumulated depreciation of $25,000. It received...
Hinrich Company traded machinery with original cost of $145,000 and accumulated depreciation of $25,000. It received in exchange from Noach Company a machine with a fair value of $180,000 and cash of $20,000. Hinrich expects its future cash flows not to change as a result of this transaction. Noach’s machine has a book value of $190,000. What amount of gain or loss should Hinrich recognize on the exchange? a. $ -0- *b. $8,000 gain c. $20,000 loss d. $80,000 gain...
In 2019, BayKing Company sold used equipment for $ 22,000.The equipment had an original cost of...
In 2019, BayKing Company sold used equipment for $ 22,000.The equipment had an original cost of $ 84,000 and accumulated depreciation as of the date of sale was $ 60,000.BayKing also purchased held-to-maturity securities for $7,000. What is the gain or loss on the sale of the equipment? A. $39,000 gain B. $2,000 loss C. $24,000 gain D. $17,000 loss
Question 6 Equipment costing $20,000 with $17,800 of accumulated depreciation is sold for $2,500 cash. The...
Question 6 Equipment costing $20,000 with $17,800 of accumulated depreciation is sold for $2,500 cash. The journal entry will involve a debit to accumulated depreciation for $2,200. debit to depreciation expense for $17,800. credit to accumulated depreciation for $17,800. credit to depreciation expense for $17,800. debit to accumulated depreciation for $17,800.
Additional Information: 1. Equipment with an original cost of $90,000 and accumulated depreciation of $60,000 was...
Additional Information:
1. Equipment with an original cost of $90,000 and accumulated
depreciation of $60,000 was sold for cash.
2. Depreciation, amortization, and bad debt expense are included in
operating expenses.
3. Boyd accounts for their investment in XYZ using the equity
method. XYZ Company paid no cash dividends during 2017.
4. Boyd declared and paid cash dividends during the year.
Check Figure:
Cash from Operating Activities $139,100
NOTES Providing (well labeled & well organized) computations, schedules, etc. will...
uestion 9 3 points In a situation where a company sold equipment with an original cost...
uestion 9 3 points In a situation where a company sold equipment with an original cost of $50,000 and accumulated depreciation of $35,000 for $20,000 cash, which of the following choices will be included in the journal entry for the sale of the equipment? Credit Sales Revenue $20,000 Debit Equipment $50,000 Debit Accumulated Depreciation $35.000 Debit Gain on Sale of Equipment $5.000
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.
The following beginning and ending balances were drawn from the records of Allen Company Equipment begining 350,000 ending 275,000. Accumulated Depreciation Begining 175,000 Ending 100,000. If Allen Company sold equipment that had an original cost of $175
If Allen Company sold equipment that had an original cost of $175,000
and accumulated depreciation of $75,000 for $62,500, how much did Allen
pay for new equipment?
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 inflow as an investing activity, and $3,000 gain as a subtraction from net income under operating activities $8,000 cash inflow in financing activities, and $3,000 loss as an addition to net income under operating activities $8,000 cash inflow as an investing activity only 58.000 cash inflow in financing activities, $3,000 gain...
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...
Additional Information:
1. Equipment with an original cost of $90,000 and accumulated
depreciation of $60,000 was sold for cash.
2. Depreciation, amortization, and bad debt expense are included in
operating expenses.
3. Boyd accounts for their investment in XYZ using the equity
method. XYZ Company paid no cash dividends during 2017.
4. Boyd declared and paid cash dividends during the year.
Check Figure:
Cash from Operating Activities $139,100
NOTES Providing (well labeled & well organized) computations, schedules, etc. will...
uestion 9 3 points In a situation where a company sold equipment with an original cost of $50,000 and accumulated depreciation of $35,000 for $20,000 cash, which of the following choices will be included in the journal entry for the sale of the equipment? Credit Sales Revenue $20,000 Debit Equipment $50,000 Debit Accumulated Depreciation $35.000 Debit Gain on Sale of Equipment $5.000
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.
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 inflow as an investing activity, and $3,000 gain as a subtraction from net income under operating activities $8,000 cash inflow in financing activities, and $3,000 loss as an addition to net income under operating activities $8,000 cash inflow as an investing activity only 58.000 cash inflow in financing activities, $3,000 gain...
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...
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