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Required information [The following information applies to the questions displayed below.] OnTime Packaging is the world's leading express-distribution company. In addition to its 643
Required information [The following information applies to the questions displayed below.] OnTime Packaging is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that OnTime sold a delivery truck for $11,000. OnTime had originally purchased the vehicle and recorded it in the Truck account for $18,000 and had recorded depreciation for three years. 2. Using the following structure, indicate the effects (accounts, amounts, and + for increase and - for decrease) of the disposal of the truck, assuming Accumulated Depreciation-Truck was (a) $7,000, (b) $4,000, and (c) $12,000. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) (a) (a) (a) (b) (b) (b) (c) (c) (c) Assets = = = = = = Liabilities + + + + + + = + + = Stockholders' Equity
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