Multiple Choice
On January 1,2012,a company sold a machine for $5,000 that it had used for several years.The machine cost $11,000,and had accumulated depreciation of $4,500 at the time of sale.What gain or loss will be reported on the income statement for the sale of the machine?
A) Gain of $5,000
B) Loss of $6,500
C) Loss of $1,500
D) Gain of $1,500
Correct Answer:
Verified
Correct Answer:
Verified
Q30: Distinguish between current assets and operating assets.
Q34: Double-declining-balance depreciation is most commonly used by
Q89: Flossil Fossils Company purchased a tract of
Q91: If a company's asset turnover ratio decreased
Q93: Which of the following is an intangible
Q95: The accounting life of intangible assets is
Q97: Falling Leaves Lawn Care This company purchased
Q143: Describe the relationship between the depreciation method
Q175: Assets classified as property, plant, and equipment
Q180: What impact does materiality have on the