Multiple Choice
On 31 May 2018 a photocopying machine with a cost of $12 000 has accumulated depreciation written off of $10 000. If the machine is sold for $1 500 on 1 June 2018 what will be the net effect of the sale on the income statement?
A) $500 loss
B) $500 profit
C) $1 500 loss
D) $1 500 profit
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Which of the following terms have the
Q3: Which statement concerning revaluations that reverse prior
Q4: Proceeds from the sale of equipment is
Q5: Under IAS 38/AASB 138, which statement concerning
Q6: Accounting standard IAS 16/AASB 116, Property, Plant
Q8: Bronwyn's Computer Shop purchased some new equipment
Q9: On 31 December 2019 an item of
Q10: Any revaluations that occur must be upward
Q11: Which of the following is the basic
Q12: On 31 December 2018 Fraser Ltd's balance