South-western Federal Taxation 2020: Comprehensive (with Intuit Proconnect Tax Online & Ria Checkpoint, 1 Term (6 Months) Printed Access Card)
43rd Edition
ISBN: 9780357109144
Author: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Publisher: Cengage Learning
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Financial accounting question
From the balance sheets 12/31/2024
Accounts receivable
Prepaid insurance
Machines
Acc. depreciation
12/31/2023
From the income statement 12/31/2024
$90,000
8,000
$80,000
12,000
Sales
$750,000
Cost of sales
-600,000
65,000
95,000
Operating Expenses
-75,000
-30,000
-20,000
Gain on sale of machine
4,000
Additional information:
Operating expenses includes depreciation expense
Machines costing $30,000 were sold for $22,000 at a gain.
Answer this Accounting problem
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