Moore Furniture Inc. sells retail furniture to the public. Moore recently sold three pieces of property. Use the spreadsheet below to calculate the gain or loss on each of the following dispositions of property, plant, and equipment assets. Place your answer in the space provided. A loss should be indicated by a negative number (enter with a leading minus (-) sign). Note: To use a formula in the spreadsheet, it must be preceded by an equal sign (e.g., =B1+B2). B12 fxA1 Furniture sold2 Original cost of the furniture3 Accumulated depreciation on the furniture4 Fair market value of replacement furniture5 Sales price of the furniture sold6 Gain or loss recognized7 Pickup truck exchanged for a new pickup truck8 Carrying value of old truck9 Fair value of old truck10 Fair value of new truck11 Cash paid to dealer12 Gain or loss recognized13 Equipment destroyed by fire14 Original cost of equipment15 Accumulated depreciation16 Insurance proceeds17 Cost to replace equipment18 Gain or loss recognizedB$13,000$11,500$18,000$1,800$18,000$19,000$25,000$6,000$17,500$3,500$15,000$23,000

Part 1 Furniture sold:Carrying Value of the Asset = $1,500 ($13,000 - $11,500)Sales price of…

Answered: A 1 Furniture sold 2 Original cost of…

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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Moore Furniture Inc. sells retail furniture to the public. Moore recently sold three pieces of property. Use the spreadsheet below to calculate the gain or loss on each of the following dispositions of property, plant, and equipment assets. Place your answer in the space provided. A loss should be indicated by a negative number (enter with a leading minus (-) sign). Note: To use a formula in the spreadsheet, it must be preceded by an equal sign (e.g., =B1+B2).

B12 fx
A
1 Furniture sold
2 Original cost of the furniture
3 Accumulated depreciation on the furniture
4 Fair market value of replacement furniture
5 Sales price of the furniture sold
6 Gain or loss recognized
7 Pickup truck exchanged for a new pickup truck
8 Carrying value of old truck
9 Fair value of old truck
10 Fair value of new truck
11 Cash paid to dealer
12 Gain or loss recognized
13 Equipment destroyed by fire
14 Original cost of equipment
15 Accumulated depreciation
16 Insurance proceeds
17 Cost to replace equipment
18 Gain or loss recognized
B
$13,000
$11,500
$18,000
$1,800
$18,000
$19,000
$25,000
$6,000
$17,500
$3,500
$15,000
$23,000

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