Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
22nd Edition
ISBN: 9781305930421
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 18, Problem 2MC
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Find the correct option that indicates the correct output for the given transaction.
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A copy machine cost $32,000 when new and has accumulated depreciation of $26,000. Suppose Copy Center sold
the machine for $6,000. What is the result of this disposal transaction?
OA. Loss of $6,000
OB. Loss of $26,000
OC. Gain of $6,000
OD. No gain or loss
A copy machine cost $39,000 when new and has accumulated depreciation of $25,000. Suppose Print Center sold the machine for $14,000. What is the result of this disposal transaction?
OA. Gain of $14,000
OB. Loss of $25,000
OC. Loss of $14,000
D. No gain or loss
Slipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?
Chapter 18 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
Ch. 18 - Prob. 1TFCh. 18 - Prob. 2TFCh. 18 - Depreciation is a process of asset valuation; that...Ch. 18 - The straight-line method of depreciation allocates...Ch. 18 - Prob. 5TFCh. 18 - Prob. 1MCCh. 18 - Prob. 2MCCh. 18 - Prob. 3MCCh. 18 - Prob. 4MCCh. 18 - Prob. 5MC
Ch. 18 - The following costs were incurred to purchase a...Ch. 18 - Prob. 2CECh. 18 - Prob. 3CECh. 18 - Grandorf Company replaced the engine in a truck...Ch. 18 - Prepare journal entries for the following...Ch. 18 - Prob. 6CECh. 18 - Prob. 7CECh. 18 - Prob. 1RQCh. 18 - Prob. 2RQCh. 18 - Prob. 3RQCh. 18 - What is meant by the depreciable cost of a plant...Ch. 18 - Prob. 5RQCh. 18 - Prob. 6RQCh. 18 - Prob. 7RQCh. 18 - Prob. 8RQCh. 18 - Prob. 9RQCh. 18 - Prob. 10RQCh. 18 - Prob. 11RQCh. 18 - Prob. 12RQCh. 18 - Prob. 13RQCh. 18 - Prob. 14RQCh. 18 - Prob. 15RQCh. 18 - Prob. 16RQCh. 18 - Prob. 17RQCh. 18 - Prob. 18RQCh. 18 - Prob. 19RQCh. 18 - Prob. 20RQCh. 18 - Prob. 21RQCh. 18 - Prob. 22RQCh. 18 - Prob. 1SEACh. 18 - STRAIGHT-LINE, DECLINING-BALANCE, AND...Ch. 18 - UNITS-OF-PRODUCTION METHOD The truck purchased in...Ch. 18 - Prob. 4SEACh. 18 - JOURNAL ENTRIES: DISPOSITION OF PLANT ASSETS...Ch. 18 - Prob. 6SEACh. 18 - STRAIGHT-LINE, DECLINING-BALANCE,...Ch. 18 - UNITS-OF-PRODUCTION METHOD A machine is purchased...Ch. 18 - CALCULATING AND JOURNALIZING DEPRECIATION...Ch. 18 - IMPACT OF IMPROVEMENTS AND REPLACEMENTS ON THE...Ch. 18 - DISPOSITION OF ASSETS: JOURNALIZING Mitchell Parts...Ch. 18 - DEPLETION: CALCULATING AND JOURNALIZING Mineral...Ch. 18 - INTANGIBLE LONG-TERM ASSETS Track Town Co. had the...Ch. 18 - Prob. 1SEBCh. 18 - STRAIGHT-LINE, DECLINING-BALANCE, AND...Ch. 18 - Prob. 3SEBCh. 18 - Prob. 4SEBCh. 18 - JOURNAL ENTRIES: DISPOSITION OF PLANT ASSETS...Ch. 18 - Prob. 6SEBCh. 18 - STRAIGHT-LINE, DECLINING-BALANCE,...Ch. 18 - UNITS-OF-PRODUCTION METHOD A machine is purchased...Ch. 18 - CALCULATING AND JOURNALIZING DEPRECIATION...Ch. 18 - IMPACT OF IMPROVEMENTS AND REPLACEMENTS ON THE...Ch. 18 - DISPOSITION OF ASSETS: JOURNALIZING Mayer Delivery...Ch. 18 - DEPLETION: CALCULATING AND JOURNALIZING Mining...Ch. 18 - Prob. 13SPBCh. 18 - Prob. 1MYWCh. 18 - Creative Solutions purchased a patent from Russell...Ch. 18 - On April 1, 20-3, Kwik Kopy Printing purchased a...Ch. 18 - Prob. 1CP
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- A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale of this machine is:arrow_forwardTipton Manufacturing has a machine that cost $145,000 when new and has accumulated depreciation of $136,000, which it sold for $1,000. The amount of gain or loss from this sale is: O A. a gain of $8,000 B. a loss of $8,000 O C. a gain of $9,000 D. a loss of $9,000arrow_forwardA copy machine cost $33,000 when new and has accumulated depreciation of $30,000. Suppose ABC Printing discards this machine and receives nothing. What is the result of the disposal transaction? OA. No gain or loss OB. Loss of $3,000 OC. Loss of $33,000 O D. Gain of $3,000arrow_forward
- A company discarded a computer system originally purchased for $8,750. The accumulated depreciation was $6,450. The company should recognize a (an): Multiple Choice $0 gain or loss. $2,300 lo $2,300 gain. $8,750 gain. $6,450 loss.arrow_forwardN1.arrow_forwardA truck costing $42,000 and on which $30,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a 1) loss of $12,000 2) gain of $12,000 3) gain of $7,000. 4) loss of $7,000.arrow_forward
- A fixed asset with a cost of $31,304 and accumulated depreciation of $28,173.60 is sold for $5,321.68. What is the amount of the gain or loss on disposal of the fixed asset?arrow_forward23.- Equipment with an original cost of $50,420 and accumulated depreciation of $33,290 was sold at a loss of $7,128. As a result of this transaction, cash wouldarrow_forwardSolve this onearrow_forward
- A machine with a cost of $176,000 and accumulated depreciation of $108,000 is sold for $58,400 cash. The amount of the loss related to the sale of this machine should be reported in the operating section under the indirect method is: $86,900. $9,600. $14,100. $28,500. $5,840.arrow_forward6. Keaubie Co. retired a piece of equipment that was fully depreciated and had no salvage value. The cost of the equipment was $66,500. Journalize the retirement of this asset.arrow_forwardJake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is : On what from would the gain or loss originally he reported?arrow_forward
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Asset impairment explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=lWMDdtHF4ZU;License: Standard Youtube License