On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $310,000 with an accumulated depreciation of $260,000 Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $55,000. What is the amount of the gain or loss on this transaction? a. Gain of $55,000 b Gain of $5,000 c. No gain or loss d. Cannot be determined
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $310,000 with an ...” 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
Tuity Fruity Beverage Company's operating activities for the year are listed below. Purchases $140,000Operating expenses$80,900Beginning inventory$12,300Ending inventory$18,300Sales revenue$300,000What is the cost of goods sold for the year?
Answers (1)
5. While interest rate actions by the Federal Reserve captures most headlines, what is the most common method for the Federal Reserve Board to try to influence the economy and what does that action entail?
Answers (1)
Companies that have higher risk than a competitor in the same industry will generally have
Answers (2)
The law of demand states that: a. A decrease in supply of a good will lead to a decrease in demand for that good. b.
Answers (1)
What does customer centric marketing involve?
Answers (1)
New Questions in Business
A home improvement firm has quoted a price of? $9,800 to fix up? eric's backyard. five years? ago, eric put? $7,500 into a home improvement account that has earned an average of? 5.25% per year.
Answers (1)
A budget surplus a. exists when government spending is greater than tax revenues. b. causes government debt to increase. c. occurs when the government has debt equal to zero. d. reduces the government's debt.
Answers (1)
Monique was looking for a venue for her wedding reception. When she visited one potential location, she noticed that the landscaping was not complete, and there was stained carpet in the lobby.
Answers (1)
A monthly fixed rate mortgage payment--- A. could change. B. never changes. C. increases annually. D. decreases annually.
Answers (1)
On December 31, Carmack Company received a $215 utility bill for December that it will not pay until January 15. The adjusting entry needed on December 31 to accrue this expense is: 1. Debit Utilities Expense $215; credit Accounts Payable $215. 2.
Answers (1)