equipment that cost $103000 and on which $54000 of accumulated depreciation has been recorded was disposed of

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

Question:

equipment that cost $103000 and on which $54000 of accumulated depreciation has been recorded was disposed of for $57500 cash. The entry to record this event would include a...

a. gain of $8500

b. credit to accumulated depreciation for $13500

c. loss of $8500

d. credit to the equipment account for $13500

Related Book For answer-question

Survey of Accounting

ISBN: 978-0073379555

2nd edition

Authors: Edmonds, old, Mcnair, Tsay

See More Books

Posted Date: Apr 29, 2020 04:45 PM

See More Questions

John saved $4000 and he invested part of it in his saving account that paid 4% per year and the rest of his saving in stocks that paid 8% per year. The total interest after 1 year became $400 with...
The entry to record the issuance of common stock at a price above par includes a debit to a). Organizational Expenses b). Common Stock c). Cash d). Paid-In Capital in Excess of ParCommon Stock
What type of entry is the entry to record accrued interest expense? How does it affect the accounting equation?
Are workers less likely to quit their jobs when wages are high than when they are low? The paper Investigating the Causal Relationship Between Quits andWages: An Exercise in Comparative Dynamics...
(a) Describe how the Galilean concept of momentum is frame dependent in a manner in which the relativistic concept is not. (b) How is this possible, since the relativistic definition is nearly the...
Sound waves have a speed of 340 m/s in room-temperature air. What is the wavelength of the sound waves for the musical tone concert A, which has a frequency of 440 Hz?
Cat Auto Tech. Corp. purchased 10,000 gift certificates from DeJesus. Cat Auto Tech. Corp., an Amoco gasoline station operator, contracted with DeJesus to make 10,000 gift certificates of various...
Selected transactions completed by Everyday Products Inc. during the fiscal year ending December 31, 2012, were as follows: a. Issued 12, 500 shares of $25 par common stock at $32, receiving cash. b....
When considering the system resource model, Owens College would be viewed as effective; it receives a steady flow of highly academically qualified students and obtains significant endowment growth...
Franco Welles, sales manager for Nanek, Inc., is trying to decide whether to pay a sales rep for a new territory with straight commission or a combination plan. He wants to evaluate possible plansto...
Name: Show your work for full credit!! 1. Ifthe position function for a moving particle is s(t) = (9 sin ().-3 cos (=) + 1,622 + 4). where distances are in meters and ris in seconds, find the specod...
The perimeter of a rectangle is 22.8 cm, and its area is 30.53 cm. Find its length and width. length: cm width: cm
A mortgage of $110,000 is to be repaid by making payments of $1106 at the end of each month. If interest is 4.64% per annum compounded semi-annually, what is the term of the mortgage? State your...
How much will deposits of $40 made at the end of each month amount to after 9 years if interest is 7% compounded semi-annually? The deposits will amount to $ (Round the final answer to the nearest...
Given the following piecewise function, evaluate f (-10). Provide your answer below: f(x) = f -5x + 7 6x-3 x
You hold the positions in the table below. Price Shares Beta Advanced Micro Devices $8.00 303 4.92 FedEx Corp. $165.00 127 1.52 Microsoft $12.00 121 0.95 Sara Lee Corp. $19.00 239 0.99 If you expect...
Cheryl has just completed writing the first payroll checks for her new employees. She withheld federal income tax, Social Security, and Medicare taxes from the employees' wages, and she has written a...
Wholesalers Ltd. deals in the sale of foodstuffs to retailers. Owing to economic depression, the firm intends to relax its credit policy to boost productivity and sales. The firms current credit...
What is the difference between a static budget and a flexible budget? When is each used?
Marlow Manufacturing Company established the following standard price and cost data. Marlow planned to produce and sell 1,100 units. Actual production and sales amounted to 1,300 units. Required a....
Name and comment on the three elements of the fraud triangle.
On January 2, 2018, The Register, a science and technology news site based in Britain, published an article revealing the existence of two major bugs leaving virtually all computers and smartphones...
In the 1970s, Special Electric Company brokered the sale of crocidolite asbestos, which is the most toxic form of asbestos, to Johns- Manville Corporation. Special Electric never held possession of...
Plaintiffs W. O. and J. C. Lucy had wanted to purchase Ferguson Farm from the Zehmers for at least eight years. One night, Lucy stopped by the establishment the Zehmers operated and said that he bet...

equipment that cost $103000 and on which $54000 of accumulated depreciation has been recorded was disposed of

Question:

Expert Answer:

Equipment cost 103000 Accumulated depreciation 54000 Disposal price of asset 57500 Book valueCost ... View the full answer

Survey of Accounting

Students also viewed these finance questions