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
$2,424.52 gain
Working:
Sales price | $ 5,888.12 | |
Less net book value | $ 3,463.60 | |
Gain on sale of fixed asset | $ 2,424.52 | |
Working: | ||
Cost | $ 34,636.00 | |
Less accumulated depreciation | $ 31,172.40 | |
Net Book value | $ 3,463.60 |
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 $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?
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?
A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset? Group of answer choices $2000 loss $1,500 loss $3,500 gain $2,000 loss
1.A fixed asset with a cost of $30,000 and accumulated
depreciation of $25,000 is sold for $3,500. What is the amount of
gain or loss on disposal of the fixed asset?
2. A company purchased an oil well
for $25 million. It is estimated that 10 million barrels can be
extracted from the well. Determine depletion expense assuming 3
million barrels are extracted and sold during the year.
3. The following data was adapted
from recent financial statements of Hammond Corporation:
2....
A fixed asset with a cost of $36,849 and accumulated depreciation of $33,164 is traded for a similar asset priced a f $4.700, the cost basis of the new asset in a transaction with commercial substance Select the correct answer. O $32,149 O$1,015 $4,700 O$67,092
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)...
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)...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $875,000 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimated residual value of $75,300. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On March 4 of Year 5, the equipment was sold for $128,100. Required: 1. Determine the annual depreciation expense...