The following information was disclosed in the financial statements of Highfield Co for the year ended 31/12/2015. 2014 2015 Plant &Equipment cost Accumulated Depreciation 255,000 (100,000) 235,000 (110,000) During 2015, the following occurred in respect of Plant & Equipment: Purchases of P&E Depreciation charged on P&E Loss on disposal of P&E 10,000 25,000 8,000 What were the sales proceeds received on disposal of the P&E? A. O 8,000 B. O $25,000 C. $15,000 D. $7,000
The following information was disclosed in the financial statements of Highfield Co for the year ended 31/12/2015. 2014 2015 Plant &Equipment cost Accumulated Depreciation 255,000 (100,000) 235,000 (110,000) During 2015, the following occurred in respect of Plant & Equipment: Purchases of P&E Depreciation charged on P&E Loss on disposal of P&E 10,000 25,000 8,000 What were the sales proceeds received on disposal of the P&E? A. O 8,000 B. O $25,000 C. $15,000 D. $7,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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What were the sales proceeds received on disposal of the P&E?
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The following information was disclosed in the financial statements of Highfield Co for the year ended 31/12/2015.
2014
2015
2$
Plant & Equipment cost
Accumulated Depreciation
255,000
(100,000)
235,000
(110,000)
During 2015, the following occurred in respect of Plant & Equipment:
Purchases of P&E
Depreciation charged on P&E
Loss on disposal of P&E
10,000
25,000
8,000
What were the sales proceeds received on disposal of the P&E?
А.
$8,000
В.
$25,000
С.
$15,000
D.
$7,000
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