Question

On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an initial cost of $204,000 and has accumulated depreciation of $183,600. Depreciation has been recorded up to the end of the year. Which of the following will be included in the entry to record the disposal?

a.Gain on Disposal of Asset, credit, $20,400
b.Equipment, credit, $204,000
c.Loss on Disposal of Asset, debit, $183,600
d.Accumulated Depreciation, debit, $204,000

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Accounting Vs Bookkeeping

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Auditors sometimes use comparisons of ratios as audit evidence. An unexplained decreasein the ratio ...

A: Click to see the answer

Q: On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and...

A: 1. Prepare the journal entry to record the purchase of the building on January 1, 2021.

Q: Tullahoma Company purchased equipment for $27,500. It depreciated the equipment over a fiveyear life...

A: The depreciation schedule is as follows: Note: Straight-line depreciation rate is 1/5 that is 20%. ...

Q: Why would a company use graphs to highlight its performance on an annual report? ( minimal 1 paragra...

A: The annual report of a company gives all the important information about the company which are criti...

Q: Kindly solve part B only

A: Cheques drawn but not yet presented means cheques which has been issued by the company but they are ...

Q: Which of the following transactions would be considered noncash investing and financingactivities?1....

A: Cash flow from investing activities calculates the inflow and outflow of cash from purchase and sale...

Q: June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her sav...

A: A deposit account that allows a user to withdraw and deposits money multiple times is known as the c...

Q: Define cash and cash equivalents and indicate the types ofitems that should be reported as cash and ...

A: Cash and cash equivalents refer to the line item on the balance sheet that reports the value of a co...

Q: 1 What sources of information can auditors use in connection with deciding whether to accept a newcl...

A: Auditing: Auditing is the process by which assertions made by management about financial transactio...

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec....

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, t...

Q: At the beginning of the year, a company has issued a total of 500,000 shares of common stock, includ...

A: Introduction: Retained earnings: Retained earnings refer to the income residing in the business afte...

Q: A retailer’s physical count of inventory was higher than that shown by the perpetual records.Which o...

A: Physical inventory observation: Physical inventory observation is a process intended to assist the a...

Q: Define the term Retail Terminology.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic transaction...

Q: Josselle Corporation retires its bonds at 106 on January 1, after the payment of interest.The face v...

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from ...

Q: Why would a company choose to borrow money rather than issue additional stock?

A: Common stock: Common stock is the stock that represents the owner of the shares who have the voting ...

Q: The auditing standards regarding subsequently discovered facts refers to knowledgeobtained aftera. T...

A: Click to see the answer

Q: If the United States imports more goods from abroad than it exports, thenforeigners will tend to hav...

A: Click to see the answer

Q: what do you mean by management accounting? differentiate between financial accounting, cost accounti...

A: Management Accounting Management Accounting is basically a tool which assist the management in bette...

Q: GL2-14 Complete the full accounting cycle The general ledger of Pipers Plumbing at January 1, 2021,...

A: A journal is a detailed account that records all the financial transactions of a business, to be use...

Q: Define gross margin percentage

A: Gross margin percentage is the ratio of gross margin to total sales revenue.  Gross margin percentag...

Q: Prepare the issuer’s journal entry for each of the following separate transactions. a. On March 1, A...

A: c. Paid in capital in excess of par - common stock = Inventory + Machinery - Note payable - Common s...

Q: Why do departmental overhead rates sometimes result in inaccurate product costs?

A: Click to see the answer

Q: Consider zagol manufacturing which is engaged in the manufacturing of product ABC. To produce one un...

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want...

Q: On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson report...

A: Ending Retained earnings balance = Beginning Retained earnings balance + Net Income - Dividend paid

Q: Which of the following is not an advantage of budgeting? a) Forces managers to planb) Provides infor...

A: Budget: A budget is an estimation of revenue and expenses over a specified period of time and is usu...

Q: When using vertical analysis, we express balance sheet accounts as a percentage of a. Total assets. ...

A: Answer:   Option a.

Q: What factors affect the sample size used in an attributes sampling application? How do these factors...

A: Click to see the answer

Q: Describe the basic financial statements , their purpose and their importance to various internal and...

A: Financial statements are considered as basic and one of the most important elements of financial rep...

Q: Why are adjusting entries and note disclosures labeled “proposed”?

A: Click to see the answer

Q: Identify and briefly describe the three categories of cash flows reported in the statement of cash f...

A: Cash flow statement: The cash flow statement is a part of the financial statements used to evaluate ...

Q: On September 30, 2012, Pharoah Company issued 10% bonds with a par value of $480,000 due in 20 years...

A: Prepare journal entries to record the redemption of the old issue and the sale of the new issue on S...

Q: Walberg Associates, antique dealers, purchased goods for $75,000. Terms of the purchase were FOB shi...

A: Cost of inventory = Purchases + Transportation In + Shipment insurance + Cleaned and refurbished cos...

Q: Consider zagol manufacturing which is engaged in the manufacturing of product ABC. To produce one un...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: HARDA Fashion sells ready-to-wear fashion clothes to teenagers. The company has a 20-store chain con...

A: 1 and 2 Strength 1) - The sales department consists of young employees who are paid hourly basis plu...

Q: Simon Company’s year-end balance sheets follow. (1) Express the balance sheets in common-size percen...

A: Common size financial statements: These are the financial statements in which all the items are expr...

Q: What is the answer to number three I have already tried sales discount and and sales returns and all...

A: Net method: Under the net method, the sales are initially recorded with the net amount i.e., after d...

Q: Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 Sold $...

A: Click to see the answer

Q: In reviewing the process procedures and internal controls of one of your audit clients, Steeplechase...

A: Internal controls means the control related to internal functions of the system and its procedures.

Q: Discuss the risk of material misstatement inthe production cycle.

A: Production cycle is comprised of all activities related to the conversion of raw materials into fini...

Q: “All future costs are relevant in decision making.” Do you agree? Why?

A: Click to see the answer

Q: Apply your knowledge to perform audit procedures in the revenue and collection cycleand evaluate the...

A: sales and collection cycle:- in business it refers to the set of processes that begin when a custome...

Q: On January 1, Renewable Energy issues bonds that have a $20,000 par value, mature in eight years, an...

A: Bonds issued at premium: When bonds are issued at the price which is more than the par value then it...

Q: Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to ...

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its emplo...

Q: A company has the following account balances at the end of the year:• Credit Sales = $400,000• Accou...

A: Bad Debt Expense = Estimates future uncollectible accounts - Beginning balance in Allowance for Unco...

Q: If you deposited $10,000 in a savings account that earns10 percent, how much would you have at the e...

A: Click to see the answer

Q: On September 30, 2012, Pharoah Company issued 10% bonds with a par value of $480,000 due in 20 years...

A: Prepare journal entries to record the redemption of the old issue and the sale of the new issue on S...

Q: Various Reporting Situations. For each of the following situations, indicate the typeof opinion(s) t...

A: Click to see the answer

Q: QUESTION 2 Taryn would like to open a new business as an interior designer, to funds her ambition sh...

A: Hello, since the student has posted multiple requirements, only the first one is answerable. Thank y...

Q: Biz Partnership allows partner Mandy to sell her $100,000 equity in the partnership to Brittney. Bri...

A: Click to see the answer

Q: Which of the following engagement planning procedures would most likely assist the auditor in identi...

A: Answer:   Option d.