On December 31, Strike Company traded-in one of its batting cages for another one that has a cost of $500,000. Strike receives a trade-in allowance of $11,000. The old equipment had an initial cost of $215,000 and has accumulated depreciation of $185,000. Depreciation has been recorded up to the end of the year. The difference will be paid in cash. What is the amount of the gain or loss on this transaction? A. gain of 11,000B. no loss or gain will be recordedC. loss of 19,000D. loss of 11,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On December 31, Strike Company traded-in one of its batting cages for another one that has a cost of $500,000. Strike receives a trade-in ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Cooper Industries, Inc. began 2012 with retained earnings of $25.32 million. During the year it paid four quarterly dividends of $0.35 per share to 2.75 million common stockholders.
Answers (1)
True or false, codes of ethics alone are not sufficient to produce ethical organizations?
Answers (1)
Q 8.3: When would a credit card holder be entitled to lower interest charges? A : When the card company calculates finance charges from the date of purchase to the date the amount is paid.
Answers (1)
What is a bond? a. a small portion of ownership in a company. b. a payout distributed by corporations. c. a form of promissory note with the bondholder as creditor. d. the interest paid on a small loan.
Answers (1)
Rist Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs.
Answers (1)
New Questions in Business
Lenham, inc. sells merchandise on credit. if a customer pays its balance due within the discount period, what is the effect of the payment on blenham's accounting equation?
Answers (1)
Suppose total deposits in the first bank of commerce are $200,000 and required reserves are $10,000. based on this information, the required reserve ratio is:
Answers (1)
MCO Leather manufactures leather purses. Each purse requires 3 pounds of direct materials at a cost of $4 per pound and 0.7 direct labor hours at a rate of $17 per hour.
Answers (1)
A single woman attorney hires a local firm to mow the grass, rake the leaves, and trim the rose bushes. after several years she and the owner of the lawn service fall madly in love and get married.
Answers (1)
What is a valid recommendation that the Performance Planner can provide? a. Apply specific bid adjustments to device and location targetingb. Set a specific target CPA (cost-per-acquisition) c. Add a themed group of negative keywordsd.
Answers (1)