UN Company
Un Company sold office equipment with a cost of $23,000 and accumulated depreciation of $12,000 for $14,000.
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) and by how much?
e. How would the event affect the statement of cash flows (inflow, outflow, no effect) and in what section?
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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 $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 $39270 and accumulated depreciation of $35,912 for...
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Typewritten answers only, please. No handwritten answers. Un Company sold office equipment with a cost of...
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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...
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)...
i'd appreciate some help! Save & Exit Help Su Saved Required information [The following information applies...
i'd appreciate some help!
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QUESTION #3 Statement of Cash Flow REMEMBER THE PROPER FORMAT OF THIS STATEMENT IS TO BALANCE...
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The double-declining - balance method of depreciation causes: O A. the same amount of depreciation in...
The double-declining - balance method of depreciation causes: O A. the same amount of depreciation in early years of an asset's use as compared to other depreciation methods O B. more depreciation in early years of an asset's use as compared to other depreciation methods O c. less depreciation in early years of an asset's use as compared to other depreciation methods OD. is not an acceptable depreciation method according to GAAP A loss is recorded on the sale of...
Click to watch the Tell Me More Learning Objective 2 video and then answer the questions...
Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. While calculating cash flows from operating activities using the indirect method, which of the following is added to the net income? a. Increase in accounts payable b. Decrease in sundry creditors c. Decrease in common stock d. Increase in inventories 2. Silver Trading Corp. recorded a net income of $200,000 for the year 20X1. For the same period, the company purchased land...
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 $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 $39270 and accumulated depreciation of $35,912 for $5,320. 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 (ncrease, 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...
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)...
i'd appreciate some help!
Save & Exit Help Su Saved Required information [The following information applies to the questions displayed below Exact Photo Service purchased a new color printer at the beginning of 2018 for $38,800. The printer is expected to have a four-year useful life and a $1,552 salvage value. The expected print production is estimated at 1,500,000 pages. Actual print production for the four years was as follows: 2018 551,100 483,000 383, 300 386,100 2019 2020 2021 1,803,...
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The double-declining - balance method of depreciation causes: O A. the same amount of depreciation in early years of an asset's use as compared to other depreciation methods O B. more depreciation in early years of an asset's use as compared to other depreciation methods O c. less depreciation in early years of an asset's use as compared to other depreciation methods OD. is not an acceptable depreciation method according to GAAP A loss is recorded on the sale of...
Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. While calculating cash flows from operating activities using the indirect method, which of the following is added to the net income? a. Increase in accounts payable b. Decrease in sundry creditors c. Decrease in common stock d. Increase in inventories 2. Silver Trading Corp. recorded a net income of $200,000 for the year 20X1. For the same period, the company purchased land...
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