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AleksAgata [21]
2 years ago
6

A company sold equipment that originally cost $280,000 for $140,000 cash. the accumulated depreciation on the equipment was $140

,000. the company should recognize a:____.
Business
1 answer:
quester [9]2 years ago
3 0

A company sold equipment that originally cost $280,000 for $140,000 cash. the accumulated depreciation on the equipment was $140,000. the company should recognize a $0 gain or loss.

The term depreciation refers to an accounting technique used to spread the cost of a tangible or physical asset over its useful life. Depreciation indicates how much of an asset's value has been used. It allows companies to generate income from the assets they own by making payments over a period of time.

Depreciation is a method of calculating the depreciation of an asset through use, wear and tear, and obsolescence. The value of most assets declines over time after purchase. Organizations should take this loss of value into account when analyzing performance and calculating costs.

Learn more about depreciation here:brainly.com/question/1203926

#SPJ4

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Which statement is a consequence of objectivism? Group of answer choices Moral rules apply in all cases, without exceptions. Whe
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Answer:

B. Whether an action is objectively right depends on its consequences

Explanation:

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Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2
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Answer:

a. First set of entries:

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Credit: Bad debt expenses with $2,000

b. Second set of entries:

Debit: Cash with $2,000

Credit: Account receivables $2,000

Explanation:

These entries will appear as follows in the book Gideon Company on July 10:

Details                                                     DR ($)                  CR ($)

Accounts receivable                              2,000

Bad debt expenses                                                            2,000

<em>Being the transfer of the bad debt recovered back to the accounts receivable.</em>

Cash                                                         2,000

Account receivables                                                         2,000

<em>Being the cash income received in respect of bad debt recovered.</em>

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Answer:

the due process clause

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