A company sold a machine that originally cost $90,000 for $28,000 cash. The accumulated depreciation on this machine was $47,000 at the time of the sale. What was the company's gain or loss on this sale?
What will be an ideal response?
| Original cost | $90,000 |
| Accumulated depreciation | (47,000) |
| Book value | $43,000 |
| Selling price | (28,000) |
| Loss | $15,000 |
Business
You might also like to view...
When a bank collects a note for the holder, it notifies the holder on a form called a
a. debit advice. b. proceed report. c. collection report. d. credit advice.
Business
Discuss an agent's duty to communicate information to the principal. When is this duty considered to be violated?
What will be an ideal response?
Business
If a person dies without having made a will, or if he makes a will that is declared invalid, he is said to have died testate.
Answer the following statement true (T) or false (F)
Business
What is defined as “a psychological tendency that is expressed by evaluating a particular entity with some degree of favor or disfavor”?
A. emotion B. demeanor C. mood D. attitude
Business