A copy machine cost ($ 40,000) when new and has accumulated depreciation of ($ 35,000). Suppose Kinko's

Question:

A copy machine cost $\$ 40,000$ when new and has accumulated depreciation of $\$ 35,000$. Suppose Kinko's junks this machine, receiving nothing. What is the result of the disposal transaction?

a. No gain or loss

b. Gain of $\$ 5,000$

c. Loss of $\$ 35,000$

d. Loss of $\$ 5,000$

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

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

See More Books

Question Posted: May 10, 2024 07:01 AM

See More Questions

John has purchased goods from a hardware supplier and has been offered trade credit terms of 1.5/10, n/40. Calculate (a) the opportunity cost of trade credit in this case. Assuming that John can...
In parallelogram ABCD shown below, AB is 7 inches long. If the parallelograms perimeter is 46 inches, how many inches long is AD? F. 6 1/2 G. 16 H. 28 J. 39 K. 49 B 7 A C D
Jim Redman purchased a car from Bill Branch Chevrolet. However, the car had been reported stolen and Jim was unable to secure a good title. Redman sued Bill Branch Chevrolet on the breach of the...
A boat is using sonar to detect the bottom of a freshwater lake. If the echo from a sonar signal is heard 0.540 s after it is emitted, how deep is the lake? Assume the temperature of the lake is...
Consider the following frequency distribution: a. Construct a relative frequency distribution. b. Construct a cumulative frequency distribution. c. Construct a cumulative relative frequency...
The Bailey Insurance Agency received the following notes during 2010: Requirements 1. Identifying each note by number, compute interest using a 360-day year, and determine the due date and maturity...
Does the airlines current strategy truly differentiate it from its competitors? Is the strategy sustainable? Its the same plane going to the same place at exactly the same time. But these days, not...
Question 1 The Bayes Retail Outlet Park is for sale with an asking price of 28,939,650. It contains 50 units, 35 large units that rent for 5,150 per month and the remainder are smaller units which...
Suppose Kinko's in the preceding question sold the machine for $\$ 5,000$. What is the result of this disposal transaction? a. Gain of $\$ 2,000$ b. Loss of $\$ 2,000$ c. Gain of $\$ 3,000$...
Which depreciation method would you prefer to use for income tax purposes? Why? a. Straight-line because it is simplest b. Units-of-production because it best tracks the asset's use c....
How does an oxyacetylene cutting torch differ from an oxyacetylene welding torch?
Tom Rex was a former baseball player who pursued his dreams of starting a vintage car business and investing in start-ups after his retirement in 2000. He became a successful businessman and attained...
Tendai got married to Dabwiso at the age of 17. Tendai who was a Jehovah's Witness was pressured into marrying Dabwiso when she fell pregnant whilst still undertaking her A level exams at Chengelo...
Lisa just purchased a house in West Vancouver with the down payment of $300,000 and a 25-year mortgage. Currently, her monthly payment is $3,500 and her mortgage rate is 3.27% annually. a. Amount...
Describe an organizational change model that can be used in a dynamic health care environment. Based on this model, how is organizational change is managed? What role do stakeholders play during...
Marsela is a permanent resident of Canada, and she would like to sponsor her husband Edon to come to Canada. From the facts of Marsela's case, and based on her goal, you will analyze her case to...
A power plant generates 150 MW of electrical power. It uses a supply of 1000 MW from a geothermal source and rejects energy to the atmosphere. Find the power to the air and how much air should be...
Aztec Furnishings makes hand-crafted furniture for sale in its retail stores. The furniture maker has recently installed a new assembly process, including a new sander and polisher. With this new...

A copy machine cost ($ 40,000) when new and has accumulated depreciation of ($ 35,000). Suppose Kinko's

Question:

Step by Step Answer:

Accounting

Students also viewed these Business questions