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) $16,000, (b) $12,000, and (c) $18,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)

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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[The following information applies to the questions displayed below.]
(a)
(a)
(a)
(b)
Nomad Industries 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 Nomad sold a delivery truck for
$25,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $41,000 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) $16,000, (b) $12,000, and (c) $18,000. (Enter any decreases to Assets,
Liabilities, or Stockholders' Equity with a minus sign.)
Assets
=
=
Liabilities
+
+
+
+
+
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] (a) (a) (a) (b) Nomad Industries 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 Nomad sold a delivery truck for $25,000. Nomad had originally purchased the vehicle and recorded it in the Truck account for $41,000 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) $16,000, (b) $12,000, and (c) $18,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Assets = = Liabilities + + + + +
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