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AlekseyPX
3 years ago
7

2. If a plant asset costs $6,000.00, has accumulated depreciation of $5,000.00, and is sold for $1,200.00, the gain or loss on d

isposal is a (A) $1,200.00 gain. (B) $5,000.00 loss. (C) $200.00 gain. (D) $200.00 loss.
Business
1 answer:
Sliva [168]3 years ago
6 0

Answer:

(C) $200.00 gain

Explanation:

The gain or loss on sale of fixed asset is calculated as follows:

Gain\Loss = Sale Price - (Cost of asset - Accumulated Depreciation)

If the value is positive it is gain and if the value is negative it is loss.

Here, we are provided that cost of asset = $6,000

Accumulated Depreciation = $5,000

And selling Price = $1,200

Thus, Gain/Loss = $1,200 - ($6,000 - $5,000)

= $1,200 - $1,000 = $200

As the value is positive that is selling price is more than carrying value of the asset there is a gain of $200

Thus, the correct option is

(C) $200.00 gain

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lutik1710 [3]
Im gonna guess tax deduction
6 0
3 years ago
Read 2 more answers
Performance Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a
maw [93]

Answer:

$36,648

Explanation:

age                                      balance     % uncollectible           total

Not past due                   $890,000               3/4%                 $ 6,675

1-30 days past due           $97,900                   2%                   $ 1,958

31-60 days past due         $44,500                   6%                  $2,670

61-90 days past due         $32,000                 16%                  $ 5,120

91-180 days past due         $23,100                40%                 $ 9,240

<u>Over 180 days past due    $16,900                65%                $10,985  </u>

Total                                  $1,104,400                                    $36,648

journal entry should be:

December 31, 202x, bad debt expense

Dr Bad debt expense 36,648

    Cr Allowance for doubtful accounts 36,648

8 0
3 years ago
Crane Company incurred the following costs for 88000 units: Variable costs $528000 Fixed costs 392000 Crane has received a speci
Anton [14]

Answer:

The minimum price is $6.8

Explanation:

Giving the following information:

Crane Company incurred the following costs for 88000 units: Variable costs $528000 Fixed costs 392000 Crane has received a special order from a foreign company for 3000 units. There is sufficient capacity to fill the order without jeopardizing regular sales. Filling the order will require spending an additional $2400 for shipping.

Because it is a special order and there is unused capacity, we will not have into account the fixed costs.

Unitary cost= (528,000/88,000) + (2,400/3,000)= $6.8 per unit

The minimum price is $6.8

7 0
3 years ago
An entrepreneur would most likely be a
Alexus [3.1K]

Answer:

C) person who works well alone

Explanation:

5 0
3 years ago
Johnny Appleseed and Company ships all of the apples from its orchards in the Pacific Northwest to a single buyer in Japan. The
Shtirlitz [24]

Answer:

Is not a multinational corporation

Explanation:

A multinational corporation possess facilities and other assets in at least one country apart from its home country. A multinational company generally has offices and lots of factories in different countries. They have a central head office in which they coordinate global management. A multinational corporation has its business in more than one country.

Johnny Appleseed and company supplies their product only to one country(Japan), this makes them a -multinational corporation.

6 0
2 years ago
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