Equipment costing $100,000 with accumulated depreciation of $40,000 is sold at a loss of $10,000. This implies that $40,000 cash was received from the sale.
Answer the following statement true (T) or false (F)
False
Cost of asset$100,000 Accumulated depreciation 40,000 Book value 60,000 Cash received (50,000) Loss on sale$10,000
You might also like to view...
Under the perpetual inventory system, the balance in the merchandise inventory account is merely a record of the most recent physical inventory account
a. True b. False Indicate whether the statement is true or false
The objectives of an information system include each of the following except
a. support for the stewardship responsibilities of management b. furthering the financial interests of shareholders c. support for management decision making d. support for the firm's day-to-day operations
Marketing research can be used to test a hypothesis.
Answer the following statement true (T) or false (F)
The term dumping refers to the sale of damaged goods in a foreign market to cut the losses that would otherwise be caused by the damage
Indicate whether the statement is true or false