A piece of equipment that was originally purchased for $29,400, had accumulated depreciation of $19,150, and was sold for $9,200, would recognize a gain of $1,500. a. True. b. False. Choose the right option
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A piece of equipment that was originally purchased for $29,400, had accumulated depreciation of $19,150, and was sold for $9,200, would recognize a gain of $1,500. a. True. b. False. Choose the right option
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- A fixed asset with a cost of $31,365.00 and accumulated depreciation of $28,228.50 is sold for $5,332.05. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,136.50 loss $2,195.55 loss $2,195.55 gain $3,136.50 gainI want to answer this questionSolve this question
- Which of the following is considered when depreciating an asset under the cost model? The cost of the asset. The change in the fair value of the asset. The useful life of the asset. Both a and b. Which of the following depreciation methods will most likely result in the highest amount of reported profit in the early years of an asset’s useful life? Straight line 150% declining balance Double declining balance Sum-of-the-years’ digits The most commonly used depreciation method is the straight-line method. replacement method. depreciation method based on revenue. inventory method.A fixed asset with a cost of $33,769.00 and accumulated depreciation of $30,392.10 is sold for $5,740.73. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $2,363.83 gain $2,363.83 loss $3,376.90 loss $3,376.90 gainI need help with that question given.
- A Moving to another question will save this response. Question 3 Which the following is used to find MACRS depreciation? O Depreciable base of the asset O Each of the choices is correct O The life of the asset as determined by tax code O A percentage of the depreciable base as determined by tax code AMoving to another question will save this response. MacBoc esc F1 F2 D00 F4 F5 @ 2$ 4 Q W E tab A S F G caps lock hift C V alt %#3Grover Inc. wishes to use the revaluation model for this property: Building Gross Value Building Accumulated Depreciation Net carrying value The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the proportional method to record the revaluation? OA. $20,000 credit B. $10,000 credit O C. SO Before Revaluation $120,000 40,000 80,000 D. $10,000 debitA fixed asset with a cost of $30,192 and accumulated depreciation of $27,172.80 is sold for $5,132.64. What is the amount of the gain or loss on disposal of the fixed asset? a.$2,113.44 loss b.$3,019.20 gain c.$3,019.20 loss d.$2,113.44 gain
- When an asset is held for sale: Question 10 options: the asset is remeasured at the lower of carrying (book) value and fair value less costs to sell. it must related to discontinued operations. the company continues to record depreciation on the asset. the asset is remeasured at the lower of fair value and carrying (book) value. The matching principle is best demonstrated by: Question 11 options: measuring expenses correctly. not recognizing any expenses until some revenue has been received. recognizing prepaid rent as revenue. associating effort (expenses) with accomplishment (revenues).What is proper time or time period over which to match the cost of an intangible asset with revenues if it is likely that the benfit of the asset will last fro an indefinite period? a. 40 yrs b. 50 yrs c. immediately d. at such time as reduction in value can be quantitatively determined e. either a or b f. none from the choices givenWhich of the following is not a requirement for an asset to be depreciable?a. It must have a life longer than 1 year b. It must have a basis(initial purchase plus installation cost) greater than $1,000 c. It must be held with the intent to produce income d. It must wear out or get used up.