What is the amount of the gain or loss on disposal of the fixed asset? Glenview Systems sold a fixed asset that had a costof $45,000 and accumulated depreciation of $31,500.The asset was sold for $10,200. What is the amountof the gain or loss on disposal of the fixed asset?a) $3,300 gainb) $3,300 lossc) $3,000 lossd) $3,600 losse) $2,700 gain

Definition of Book Value:Book value of a fixed asset is the net value at which the asset is recorded…

Answered: Glenview Systems sold a fixed asset…

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 11MCQ

See similar textbooks

Similar questions

Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
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 gain
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 gain
A fixed asset with a cost of $32,167.00 and accumulated depreciation of $28,950.30 is sold for $5,468.39. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. A. $2,251.69 loss B. $2,251.69 gain C. $3,216.70 gain D. $3,216.70 loss
A fixed asset with a cost of $28,000 and accumulated depreciation of $25,200 is sold for $4,760. What is the amount of the gain or loss on disposal of the fixed asset? a.$1,960 loss b.$2,800 gain c.$2,800 loss d.$1,960 gain
A fixed asset with a cost of $27,381 and accumulated depreciation of $24,642.90 is sold for $4,654.77. What is the amount of the gain or loss on disposal of the fixed asset? a.$1,916.67 loss b.$2,738.10 gain c.$1,916.67 gain d.$2,738.10 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 fixed asset with a cost of $25,104 and accumulated depreciation of $22,593.60 is sold for $4,267.68. What is the amount of the gain or loss on disposal of the fixed asset? a.$1,757.28 gain b.$2,510.40 loss c.$1,757.28 loss d.$2,510.40 gain
I want to answer this question
A fixed asset with a cost of $31,304 and accumulated depreciation of $28,173.60 is sold for $5,321.68. What is the amount of the gain or loss on disposal of the fixed asset?
What's the amount of gain/loss?
A fixed asset with a cost of $34,571 and accumulated depreciation of $31,113.90 is sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed asset? Oa. $3,457.10 loss Ob. $3,457.10 gain Oc. $2,419.97 gain Od. $2,419.97 loss

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Glenview Systems sold a fixed asset that had a cost of $45,000 and accumulated depreciation of $31,500. The asset was sold for $10,200. What is the amount of the gain or loss on disposal of the fixed asset? a) $3,300 gain b) $3,300 loss c) $3,000 loss d) $3,600 loss e) $2,700 gain