bPreview File Edit View Go Tools Window Help♥mgt120h-a17.pdfPage 3 of 10a. When an individual account is written off.b.When the loss amount is known.c. For an amount that the company estimates it will not collect.Several times during the accounting period.d.a. $100,000 loss on disposalb. $40,000 loss on disposalc. $40,000 gain on disposald. $25,000 loss on disposalDVO6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016.The accumulated depreciation account had a balance of $60,000 after the current year'sdepreciation of $15,000 had been recorded. The company should recognize aCC7Search(CªƠSat Apr 15 3:05 PM7. The average cost of a company's property and equipment is $200,000, depreciationCost-Volume-Profit AnalysisThe Effect Of Prepaid Taxes On AssetsDebenture ValuationAnd Liabili...905. Under the allowance method for uncollectible accounts, Bad Debts Expense is recordedan individual account is written offFor an amount that the company estimates it will not collectd. Several times during the accounting period.6 A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016.The Pocumented depreciation account had a balss of seo.co400-0 2-

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Description: bPreview File Edit View Go Tools Window Help♥mgt120h-a17.pdfPage 3 of 10a. When an individual account is written off.b.When the loss amount is known.c. For an amount that the company estimates it will not collect.Several times during the accounting

Book value of an asset is the difference between the original cost of the asset and the accumulated…

Business

Accounting

6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2 The accumulated depreciation account had a balance of $60,000 after the current year depreciation of $15,000 had been recorded. The company should recognize a a. $100,000 loss on disposal b. $40,000 loss on disposal c. $40,000 gain on disposal $25,000 loss on disposal d.

6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2 The accumulated depreciation account had a balance of $60,000 after the current year depreciation of $15,000 had been recorded. The company should recognize a a. $100,000 loss on disposal b. $40,000 loss on disposal c. $40,000 gain on disposal $25,000 loss on disposal d.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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17 Equipment that cost 412000 and on which 191000 of accumulated depreciation has been recorded was disposed of for 181000 cash. The entry to record this event would include a ?
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2- Depreciation is reserved according to the accelerated depreciation method for the machine with a cost value of 60.000 TL and a scrap value of 10.000 TL . What is the amount of depreciation calculated at the end of the 2nd year for the machine with an economic life of 5 years? a) 24,000 TL B) 20.000 TL NS) 10,000 TL D) 12.000 TL TO) 16.000 TL
9. Compute for the depreciation in the first year using double declining method. a. 40,000 c. 72,000 b. 36,000 d. 80,000 10. How much is the book value of the equipment as of end of second year using output method of depreciation? a. 360,000 c. 301,500 b. 341,500 d. 230,000
8.8 A new drill press was purchased for $95,000 by trading in a similar machine that had a book value of $25,000. Assuming that the trade-in allowance is $20,000 and that $75,000 cash is to be paid for the new asset, what is the cost basis of the new asset for book depreciation purposes?
COTB MC Qu. 15-70 (Algo) Assume a company sold a... Assume a company sold a piece of equipment that had an original cost of $500,000 and accumulated depreciation of $300,000. The gain on the sale was $21,000. In addition, the beginning and ending balances in the company's Property, Plant, and Equipment account were $4,700,000 and $4,600,000, respectively. Based solely on the information provided, the company's net cash provided by (used in) investing activities would be: Multiple Choice $(179,000). $(200,000). O $(158,000). $(121,000).
A copy machine cost $39,000 when new and has accumulated depreciation of $25,000. Suppose Print Center sold the machine for $14,000. What is the result of this disposal transaction? OA. Gain of $14,000 OB. Loss of $25,000 OC. Loss of $14,000 D. No gain or loss
Q 2. NC purchased a cement mixer for $ 14500. The mixer is expected to have a useful life of five years and a residual value of $ 1000 at the end of that time. Required: Prepare the journal entries to record the disposal of the mixer at the end of second year, assume the straight line depreciation method was used and that: It was sold for $ 10000 cash а. b. It was sold for $ 8000 cash It was traded in on a similar mixer ( new) C. having a list price of $ 16500, a trade in allowance of $ 8000 was given and the balance was paid in cash.
An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What amount of gain or loss will be recognized when the asset is sold? a. A gain of $14,000 b. A loss of $14,000 c. A gain of $8,000 d. A loss of $8,000