Net income will decrease by? Apex Corporation sold machinery for $57,000. Themachinery had an original cost of $135,000 andaccumulated depreciation of $62,000. Ignoring thetax effect, as a result of the sale: a. net incomewill increase by $57,000. b. net income willdecrease by $16,000. c. net income will increaseby $16,000. d. net income will decrease by $57,000.

Explanation of Original Cost: The original cost of the machinery is the amount that Apex Corporation…

Answered: Apex Corporation sold machinery for…

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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Choose the best answer with solutions. Choose the answer in choices below only.
Tipton Manufacturing has a machine that cost $145,000 when new and has accumulated depreciation of $136,000, which it sold for $1,000. The amount of gain or loss from this sale is: O A. a gain of $8,000 B. a loss of $8,000 O C. a gain of $9,000 D. a loss of $9,000
Question for Maroon Company: • HOW MUCH IS THE GAIN OR LOSS IF THE BLDG IS SOLD FOR P8MILLION ONE YEAR AFTER REVALUATION? • HOW MUCH IS THE BLANCE OF REVALUATION SURPLUS AFTER THE SALE? For Noypi Store, follow the requirement. (Choose from the choices and kindly provide a solution.)
An asset that cost $20,000 and has accumulated depreciation of $17,000 is sold for $4,000. This sale will result in a: Group of answer choices loss of $13,000. gain of $4,000. loss of $16,000. gain of $1,000.
Fill in the missing numbers for the following income statement. (Do not round intermediate calculations.) $ Sales Costs Depreciation EBIT Taxes (23%) Net income $ $ 662,000 423,600 100,400 138,000 31,740 106,260 a. Calculate the OCF. (Do not round intermediate calculations.) b. What is the depreciation tax shield? (Do not round intermediate calculations.) a. OCF b. Depreciation tax shield
9. TRANSCEND EXCEED Co. traded-in an old machine for a new model. Pertinent data are as follows: Old equipment: Cost 200,000 Accumulated depreciation Average published retail value 80,000 24,000 New equipment: List price Cash price without trade in Cash price with trade in 380,000 280,000 220,000 How much is the gain (loss) recognized by TRANSCEND Co. on the transaction? c. (60,000) d. 0 60,000 b. 160,000 а.
In each of the following cases, find the unknown variable. Ignore taxes. (Do not round intermediate calculations and enter your depreciation answer rounded to the nearest whole number and other answers rounded to 2 decimal places.) Accounting Break-Even Unit Price Unit Variable Cost Fixed Costs Depreciation 95,800 $42 $30 $820,000 143,806 64 2,750,000 1,150,000 7,835 97 245,000 105,000
A copy machine cost $32,000 when new and has accumulated depreciation of $26,000. Suppose Copy Center sold the machine for $6,000. What is the result of this disposal transaction? OA. Loss of $6,000 OB. Loss of $26,000 OC. Gain of $6,000 OD. No gain or loss
A fixed asset with a cost of dollar 42,200 and accumulated depreciation of dollar 36,500 is sold for dollar 9,850. What is the amount of the gain or loss on disposal of the fixed asset? a. dollar 4,100 loss b. dollar 3,500 loss c. dollar 4,150 gain d. dollar 2,000 gain
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

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