Ford Company reports depreciation expense of $41,000 for Year 2. Also, equipment costing $143,000 was sold for its book value in Year 2. There were no other equipment purchases or sales during the year. The following selected information is available for Ford Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. At December 31Year 2Year 1Equipment$615,000? $758,000? Accumulated Depreciation-Equipment 432,000? 505,000?
A. $70,000.
B. $36,500.
C. $73,000.
D. $29,000.
E. $41,000.
Answer: D
You might also like to view...
Reviews of management's discussion and analysis for an annual or an interim period are not allowed by the AICPA.
Answer the following statement true (T) or false (F)
ERP systems support a smooth and seamless flow of information across organizations
Indicate whether the statement is true or false
When a business hires a new employee, a recordable transaction has occurred
Indicate whether the statement is true or false
Assume you have a choice between two deposit accounts. Account X has an annual percentage rate of 12.25 percent but with interest compounded monthly. Account Y has an annual percentage rate of 12.20 percent with interest compounded continuously
Which account provides the highest effective annual return?