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! Required information [The following information applies to the questions displayed below.] (a) (a) (a) (b) (b) (b) (C) (c) (c) Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $6,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and for decrease) of the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $4,000, (b) $3,000, and (c) $5,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Assets = = = = = = = = = Liabilities + + + + + + + + + + Stockholders' Equity

! Required information [The following information applies to the questions displayed below.] (a) (a) (a) (b) (b) (b) (C) (c) (c) Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $6,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and for decrease) of the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $4,000, (b) $3,000, and (c) $5,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Assets = = = = = = = = = Liabilities + + + + + + + + + + Stockholders' Equity

FINANCIAL ACCOUNTING
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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MoveIt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that MoveIt sold a delivery truck for $6,000. MoveIt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years.

 

  1. Using the following structure, indicate the effects (accounts, amounts, and + for increase and − for decrease) of the disposal of the truck, assuming Accumulated Depreciation—Truck was (a) $4,000, (b) $3,000, and (c) $5,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)

### Required Information *[The following information applies to the questions displayed below]* Movelt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $6,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. ### Instructions: 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and - for decrease) of the disposal of the truck, assuming Accumulated Depreciation—Truck was (a) $4,000, (b) $3,000, and (c) $5,000. *(Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign).* #### Table Structure: - **Row (a)** - Assets: - Depreciation Amount: $\_\_\_\_\_ - Truck Value: $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Liabilities: - $\_\_\_\_\_ - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Stockholders' Equity: - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - **Row (b)** - Assets: - Depreciation Amount: $\_\_\_\_\_ - Truck Value: $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Liabilities: - $\_\_\_\_\_ - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Stockholders' Equity: - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - **Row (c)** - Assets: - Depreciation Amount: $\_\_\_\_\_ - Truck Value: $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Liabilities: - $\_\_\_\_\_ - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Stockholders' Equity: - $\_\_\_\_\_ -
Transcribed Image Text:### Required Information *[The following information applies to the questions displayed below]* Movelt Corporation is the world’s leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $6,000. Movelt had originally purchased the vehicle and recorded it in the Truck account for $10,000 and had recorded depreciation for three years. ### Instructions: 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and - for decrease) of the disposal of the truck, assuming Accumulated Depreciation—Truck was (a) $4,000, (b) $3,000, and (c) $5,000. *(Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign).* #### Table Structure: - **Row (a)** - Assets: - Depreciation Amount: $\_\_\_\_\_ - Truck Value: $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Liabilities: - $\_\_\_\_\_ - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Stockholders' Equity: - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - **Row (b)** - Assets: - Depreciation Amount: $\_\_\_\_\_ - Truck Value: $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Liabilities: - $\_\_\_\_\_ - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Stockholders' Equity: - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - **Row (c)** - Assets: - Depreciation Amount: $\_\_\_\_\_ - Truck Value: $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Liabilities: - $\_\_\_\_\_ - $\_\_\_\_\_ - Total: $\_\_\_\_\_ - Stockholders' Equity: - $\_\_\_\_\_ -
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