In 2023, Big Money Corp has a fleet of delivery trucks that originally cost $240,000 and has accumulated depreciation of $140,000. A a more fuel efficient delivery truck which is much cheaper to operate has rendered the old trucks obsolete, so they are retiring the entire fleet of older trucks. Which of the following entries should Big Money use to record the retirement of the fleet of trucks? A) Loss on Disposal of Truck Fleet 100,000 Accumulated Depreciation — Truck Fleet 100,000 B) Loss on Disposal of Truck Fleet 100,000 Truck Fleet 100,000 C) Truck Fleet 240,000 Accumulated Depreciation — Truck Fleet 140,000 Loss on Disposal of Truck Fleet 100,000 D) Accumulated Depreciation — Truck Fleet 140,000 Loss on Disposal of Truck Fleet 100,000 Truck Fleet 240,000
In 2023, Big Money Corp has a fleet of delivery trucks that originally cost $240,000 and has accumulated depreciation of $140,000. A a more fuel efficient delivery truck which is much cheaper to operate has rendered the old trucks obsolete, so they are retiring the entire fleet of older trucks. Which of the following entries should Big Money use to record the retirement of the fleet of trucks? A) Loss on Disposal of Truck Fleet 100,000 Accumulated Depreciation — Truck Fleet 100,000 B) Loss on Disposal of Truck Fleet 100,000 Truck Fleet 100,000 C) Truck Fleet 240,000 Accumulated Depreciation — Truck Fleet 140,000 Loss on Disposal of Truck Fleet 100,000 D) Accumulated Depreciation — Truck Fleet 140,000 Loss on Disposal of Truck Fleet 100,000 Truck Fleet 240,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
36)In 2023, Big Money Corp has a fleet of delivery trucks that originally cost $240,000 and has
A)
| Loss on Disposal of Truck Fleet | 100,000 |
| Accumulated Depreciation — Truck Fleet | 100,000 |
B)
| Loss on Disposal of Truck Fleet | 100,000 |
| Truck Fleet | 100,000 |
C)
| Truck Fleet | 240,000 |
| Accumulated Depreciation — Truck Fleet | 140,000 |
| Loss on Disposal of Truck Fleet | 100,000 |
D)
| Accumulated Depreciation — Truck Fleet | 140,000 |
| Loss on Disposal of Truck Fleet | 100,000 |
| Truck Fleet | 240,000 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education