A machine cost $235,000 and had accumulated depreciation of $200,000 when it was sold for a loss

Question:

A machine cost $235,000 and had accumulated depreciation of $200,000 when it was sold for a loss of $10,000. It was a cash sale. How much cash did the company collect for the sale and how would it be classified on the statement of cash flows?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting: A Business Process Approach

ISBN: 978-0136115274

3rd edition

Authors: Jane L. Reimers

See More Books

Question Posted: Sep 01, 2014 01:00 PM

See More Questions

You expect your company to have earnings of $50 per share in the next twelve months and pay a dividend of $14 per share out of those earnings. The company has a return on new investments of 19.5%...
A building cost $55,000 and had accumulated depreciation of $15,000 when it was sold for a gain of $5,000. It was a cash sale. How much cash was collected from this transaction and how would it be...
How much money did the IOC retain to cover operational and administrative costs as a result of the broadcast revenues generated by the Vancouver Winter Game?
Lopez Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following. 1....
This chapter employs Siletz River data for the continuous period 1925-1999. As of this writing, peak flow data through water year 2010 are available on the USGS Oregon surface water data webpage...
Assume x and y are functions of t. Evaluate dy/dt for each of the following. + y x-y = 9; dx = 2,x = 4, y = 2 | dt
Coin tossing and randomness. Toss a coin 10 times and record heads (H) or tails (T) on each toss. Which of these outcomes is most probable? Least probable? HTHTTHHTHT TTTTTHHHHH HHHHHHHHHH
Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company's products include such brands as Polo by Ralph...
An oil - drilling company must choose between two mutually exclusive extraction projects, and each requires an initial outlay at t = 0 of $ 1 3 million. Under Plan A , all the oil would be extracted...
Consider the novel device for oxidative treatment of wastewater shown in the figure (right column). In this device, O 3 will serve as the oxidant source, which must be carefully dosed into the...
Col Corporation reported credit sales of $150,000 for 2010. Cols accounts receivable from sales were $25,000 at the beginning of 2010 and $38,000 at the end of 2010. What was the amount of cash...
During 2011, Cameron Company had $300,000 in cash sales and $3,500,000 in credit sales. The accounts receivable balances were $450,000 and $530,000 at December 31, 2010 and 2011, respectively. What...
True or False A function f is decreasing on an interval I if, for any choice of x 1 and x 2 in I, with x 1 < x 2 , then f (x 1 ) > f (x 2 ).
What's your favourite way to promote and build interpersonalwellness? How do you nurture your relationships? How do you build friendships? How do you show your loved ones that you care? Share your...
What is the best way to summary this formation? IMC Communication Objectives Increase from 0% to 75% of Millennials in the Dallas-Fort Worth area, ages 22 - 34, with a four-year college degree,...
Branding is very important to marketing, that is while most businesses focus on brands that attract customer's interest. Store brand is unique to a particular store compared to national brand . A...
Do you think that your score accurately reflects your global mindset? Why or why not? What, if anything, is missing from the assessment? How do you think that having a higher global mindset will help...
Healthcare is an ever-changing industry that requires healthcare organizations to align with those changes or risk being left behind. With the advances being made in technology, every corner seems to...
The FASB lists a number of desirable characteristics of information. In practice, a choice of one way of measuring things may make one of these characteristics better, but might make another worse....
14. In testing the existence assertion, an auditor ordinarily works from the a. Financial statements to the accounting records. b. General journal to the general ledger. c. Supporting evidence to the...
What is the objective of the Farm Financial Accounting Standards Council?
Discuss whether a firm, with fewer employees than there are incompatible tasks should rely more heavily on general authority than specific authority.
An organizations internal audit department is usually considered an effective control mechanism for evaluating the organizations internal control structure. The Birth Companys internal auditing...
According to SAS 78/COSO, the proper segregation of functions is an effective internal control procedure. Comment on the exposure (if any) caused by combining the tasks of paycheck preparation and...
Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2...
Prepare the adjusting journal entries and Post the adjusting journal entries to the T-accounts and adjust the trial balance. Dresser paid the interest due on the Bonds Payable on January 1. Dresser...
Venneman Company produces a product that requires 7 standard pounds per unit. The standard price is $11.50 per pound. If 3,900 units required 28,400 pounds, which were purchased at $10.92 per pound,...

A machine cost $235,000 and had accumulated depreciation of $200,000 when it was sold for a loss

Question:

Step by Step Answer:

The book value at the time of the sale was 35000 23500...View the full answer

Financial Accounting: A Business Process Approach

Students also viewed these Managerial Accounting questions