Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)
7th Edition
ISBN: 9780136714194
Author: Tracie Miller-Nobles, Brenda Mattison
Publisher: PEARSON+
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 9, Problem 5QC
A copy machine costs $45,000 when new and has
a. No gain or loss
b. Gain of $1,000
c. Loss of $1,000
d. Loss of $45,000
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
A copy machine cost $45,000 when new and has accumulated depreciation of $44,000. Suppose Print and Photo Center
discards this machine and receives nothing. What is the result of the disposal transaction?
Loss of $45,000
Gain of $1,000
Loss of $1,000
No gain or loss
OO
A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose Print and Photo Center junk this machine and receives nothing. What is the result of the disposal transaction?
No gain or loss
Gain of $1,000
Loss of $1,000
Loss of $45,000
A copy machine costs $41,000 when new and has accumulated depreciation of $35,000. Suppose Hilton Copy Center discards this machine and receives nothing. What is the result of the disposal transaction?
A. No gain or loss
B. Gain of $6,000
C. Loss of $40,000
D. Loss of $6,000
Chapter 9 Solutions
Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)
Ch. 9 - Prob. 1QCCh. 9 - Prob. 2QCCh. 9 - Which method almost always produces the most...Ch. 9 - A Celty Airline jet costs 28,000,000 and is...Ch. 9 - A copy machine costs 45,000 when new and has...Ch. 9 - Suppose Print and Photo Center in the preceding...Ch. 9 - Prob. 7QCCh. 9 - Prob. 8QCCh. 9 - Liberty Corporation reported beginning and ending...Ch. 9 - A truck costs 50,000 when new and has accumulated...
Ch. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - What is the difference between a capital...Ch. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - How does a business decide which depreciation...Ch. 9 - Prob. 11RQCh. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - How is gain o r loss determined when disposing of...Ch. 9 - Prob. 15RQCh. 9 - Prob. 16RQCh. 9 - Prob. 17RQCh. 9 - Prob. 18RQCh. 9 - Prob. 19RQCh. 9 - What does it mean if an exchange of plant assets...Ch. 9 - Prob. 9.19E
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- A commercial printing press costs $35,000 when new and has accumulated depreciation of $26,000. Suppose Quick Copy disposes of this machine and receives nothing. What is the gain or loss on the transaction? Loss of $9,000 Gain of $61,000 Loss of $61,000 Loss of $35,000arrow_forwardA copy machine cost $33,000 when new and has accumulated depreciation of $30,000. Suppose ABC Printing discards this machine and receives nothing. What is the result of the disposal transaction? OA. No gain or loss OB. Loss of $3,000 OC. Loss of $33,000 O D. Gain of $3,000arrow_forwardA personal computer that originally cost $5,000 has no estimated salvage value and was depreciated at the rate of 20% a year. At the end of the third year, the computer was sold for $1,500 cash. The transaction would result in a a. loss of $1,500. Ob. gain of $250. Oc. loss of $250. Od. gain of $1,500.arrow_forward
- A Computer has a cost of P14,200 and no salvage value has a depreciation charge of P4,200 during its second year of service when depreciated by sum of the year’s digit method. What is its expected useful life?arrow_forwardA company discarded a computer system originally purchased for $8,750. The accumulated depreciation was $6,450. The company should recognize a (an): Multiple Choice $0 gain or loss. $2,300 lo $2,300 gain. $8,750 gain. $6,450 loss.arrow_forwardA new barcode reading device has an installed cost basis of $21,490 and an estimated service life of eight years. It wilI have a zero salvage value at that time. The 200% declining balance method is used to depreciate this asset. a. What will the depreciation charge be in year eight? b. What is the book value at the end of year seven? c What is the gain (or loss) on the disposal of the device if it is sold for $2,400 after seven years? a. The depreciation charge in year eight will be $ (Round to the nearest dollar.) b The book value at the end of year seven is S. (Round to the nearest dollar.) c The on the disposal of the device ifit is sold for $2,400 after seven years is S. (Round to the nearest dollar.) loss gainarrow_forward
- A new barcode reading device has an installed cost basis of $24,750 and an estimated service life of seven years. It will have a zero salvage value at that time. The 200% declining balance method is used to depreciate this asset. Solve, a. What will the depreciation charge be in year seven? b. What is the book value at the end of year six? c. What is the gain (or loss) on the disposal of the device if it is sold for $800 after six years?arrow_forwardA company purchased computers for $200,000. The installation charge of the computer was $10,000. Initially, the declared salvage value was $40,000. However, the company decided to sell the computer in the middle of 3rd year because of changing production plan. Fortunately, another company agreed to buy that computer for $50,000. Determine the gain or loss, if MACRS depreciation is used.   Dont use excelarrow_forwardSlipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?arrow_forward
- A new barcode reading device has an installed cost basis of $20,670and an estimated service life of seven years. It will have a zero salvage value at that time. The 200​% declining balance method is used to depreciate this asset. a. What will the depreciation charge be in year seven​? b. What is the book value at the end of year six​? c. What is the gain​ (or loss) on the disposal of the device if it is sold for ​$1,000 after six ​years?  a. The depreciation charge in year seven will be ... nothing. b. The book value at the end of year six is ​... nothing. c. The ... loss gain on the disposal of the device if it is sold for ​$1,000 after six years is .. nothing.arrow_forwardA new barcode reading device has an installed cost basis of $21,700 and an estimated service life of seven years. It will have a zero salvage value at that time. The 200% declining balance method is used to depreciate this asset a. What will the depreciation charge be in year seven? b What is the book value at the end of year six? c What is the gain (or loss) on the disposal of the device if it is sold for $3,000 after six years? a. The depreciation charge in year seven will be (Round to the nearest dollar.) b The book value at the end of year six is $ (Round to the nearest dollar.) c The on the disposal of the device if it is sold for $3,000 after six years is $1. (Round to the nearest dollar.) gain lossarrow_forwardA truck costs $50,000 when new and has accumulated depreciation of $35,000. Suppose Wilson Towing exchanges the truck for a new truck. The new truck has a market value of $60,000, and Wilson pays cash of $40,000. Assume the exchange has commercial substance. What is the result of this exchange? a. No gain or loss b. Gain of $5,000 c. Loss of $5,000 d. Gain of $45,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
Fixed Asset Replacement Decision 1235; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=LJRzn9K8Nwk;License: Standard Youtube License