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A company sold office furniture costing $12,700 with accumulated depreciation of $10,150 for $2,200 cash. The entry to record the sale would include a gain or loss of what amount?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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A company sold office furniture costing $12,700 with accumulated depreciation of $10,150 for $2,200 cash. The entry to record the sale would include a gain or loss of what amount?

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Un Company sold office equipment with a cost of $42,880 and accumulated depreciation of $39,583 for $5,010. Required What is the book value of the asset at the time of sale? What is the amount of gain or loss on the disposal? How would the sale affect net income (increase, decrease, no effect) and by how much? How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much? 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 $42,960 and accumulated depreciation of $39,803 for $5,640. a. what is the book value of the asset at the time of sale b, what is the amount of gain/loss on the disposal c. how would the sale affect net income and by how much d. how would the sale affect the amount of total assets shown on the balance sheet e. how would the event affect the statements of cash flows
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For questions 2-4, use the following information. A company is disposing of an asset with a cost of $74,000 and associated accumulated depreciation of $69,000. 2. Write the entry if the company trades the asset for a new asset with a cost of $82,000 and the dealer provides a $7,000 trade-in. 3. Write the entry if the company gives the asset to an employee. 4. Write the entry if the company sells the asset for $10,000. hare. W
Keaubie Co. sold office equipment that originally cost $15,000, for $2,500 cash. The equipment had accumulated depreciation in the amount of $10,000 . Record the sale of the equipment.
Kolonas, Inc., sold equipment for $5,200 cash. The equipment cost of $74,100 and had accumulated depreciation through the date of the sale of $72,000. At the date of the sale, the journal entry to record the sale will have. A. a Gain on Sale of Equipment for $3,100. B. a Loss on Sale of Equipment for $2,100. C. a Loss on sale of Equipment for $3,100. D. A gain on sale of equipment for $2,100.