A machine with a cost of $100,000 and accumulated depreciation of $80,000 was sold at a loss

Question:

A machine with a cost of $100,000 and accumulated depreciation of $80,000 was sold at a loss of $6,000. What amount of cash was received from the sale?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Using Financial Accounting Information The Alternative to Debits and Credits

ISBN: 978-1285183237

9th edition

Authors: Gary A. Porter, Curtis L. Norton

See More Books

Question Posted: Aug 12, 2016 11:07 AM

See More Questions

During the year, the company sold equipment that originally cost $61,000. Accumulated depreciation associated with the equipment was $17,500. A gain of $8,500 on the sale of the equipment was...
What effect would each of the following transactions have on the statement of cash flows? 1. The sum of $5,000 in cash was received from the sale of used office equipment that originally cost...
During the period, Wong Company sold some excess equipment at a loss. The following information was collected from the companys accounting records: From the Income Statement Depreciation expense...
Read the Poem Little Birds Flying and answer the following questions: What it is notifying? To whom it is notifying? How is the work two dimensional? What does it take to realize the project? ...
Bay Area Electronics Company assembles circuit boards by using a manually operated machine to insert electronic components. The original cost of the machine is $140,000, the accumulated depreciation...
Compute the Macaulay and modified duration for the same securities as in Exercise 1. Today is May 15, 2000, and the current, semi-annually compounded yield curve is in Table 3.6. Compute the duration...
A mixture of benzene and monochlorobenzene is to be separated into almost pure products by distillation. Determine an appropriate operating pressure at the top of the tower.
The sales price per unit is $13 for the Dakota Companys only product. The variable cost per unit is $5. In year 2011, the company sold 80,000 units, which was 10,000 units above the break-even point....
What was the purpose for here I stand the BIOGRAPHY OF Martin Luther. Why is it important to establish the meaning of talent and talent management in a particular organizational setting? How does the...
The company Smart Inc. is a company that produces Dog Shampoo in Toronto area. The results of the company, which has been mediocre for the past couple of years, have been presented in the annual...
Company X bought from Company Y land and an accompanying warehouse for $800,000. The fair market values of the land and the building at the time of purchase were $700,000 and$300,000, respectively....
Which of the following would be considered intangible assets on the balance sheet? Which intangibles should be amortized? Patents Copy rights Research and development Goodwill The company's...
Suppose two individuals (Smith and Jones) each have 10 hours of labor to devote to producing either ice cream (X) or chicken soup (Y). Smiths demand for X and Y is given by XS = 0:3/S /PX YS = 0:7/S...
firms market share % HHI <2100 HHI aftrer Lg &HTC merger HHI after huawei & nokia merger samsung 30 apple 24 huawei 16 LG 15 yota 5 htc 4 motorola 3 nokia 2 others 1 total 100 What is the value of...
Answer the following operation management questions: 1. How are the '5 Whys' and the Ishikawa/fishbone diagrams different from each other, and how are they similar. Which on is in your opinion more...
Explain the effect of inflation on UK, Canada, US, Switzerland, China, South Africa, Australia Comparison should be based on house prices, food price, gasoline, energy and so on. I need proper...
7) $450 is deposited at 5.6% annual simple interest. a) Write an expression to compute the accumulated value of the account at any time t. b) Graph this expression. What sort of function is it? c)...
Establishing the Value of Life a. Explain how the value of life can be estimated by comparing wage differentials across different occupations or jobs. b. What might be the problem with a calculation...
Satu Companys current-year income statement, comparative balance sheets, and additional information follow. For the year, (1) All sales are credit sales, (2) All credits to Accounts Receivable...
Write the general quadratic equation y2 - 8y - 4x + 28 = 0 in standard form. Determine the vertex, focus, and directrix of the parabola defined by this equation. Sketch a graph.
How does the concept of materiality relate to the size of a company?
Does the IASB recognize a comparable qualitative characteristic to the concept of conservatism in the United States? If so, what is that concept?
How does the concept of the operating cycle relate to the definition of a current asset?
New Flyer Industries has decided to expand its production of hybrid transit buses. The firm expects incremental cash flows of? $40 million per year for the next 10 years. The upfront cost of the...
Calculate the mean, mode, median, standard deviation, and range for the Graduation Rate, Salary After Completing Program, and Annual Cost. our response to each of these should include only the mean,...
1. Propel Corporation plans to make an investment, initially funded completely with debt. The investment requires an initial upfront cost of $49.8 million. The free cash flows of the investment and...

A machine with a cost of $100,000 and accumulated depreciation of $80,000 was sold at a loss

Question:

Step by Step Answer:

Loss Book Value Sales Price 6000 20000 X Solving ...View the full answer

Using Financial Accounting Information The Alternative to Debits and Credits

Students also viewed these Cost Accounting questions