On December 31, Strike Company sold one of its batting cages for $20,000. The equipment had an initial cost of $310,000 and had accumulated depreciation of $260,000. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?
a. gain of $30,000
b. gain of $20,000
c. loss of $20,000
d. loss of $30,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On December 31, Strike Company sold one of its batting cages for $20,000. The equipment had an initial cost of $310,000 and had accumulated ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Though the trade and sale of slaves continued to be legal inside the United States until the Civil War, the "slave trade"-that is, the importation of slaves from Africa or any other foreign locale-was made illegal in
Answers (1)
Opportunity cost is: a. total operating cost. b. the highest-valued alternative forgone when a decision is made. c. the total market value of foregone goods and services. d. the dollar cost of producing goods and services. e. total implicit cost.
Answers (1)
Which is a normative statement? a. International trade leads to expanded consumption opportunities. b. Higher expenditures on health care will reduce infant mortality rates. c.
Answers (1)
Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 20 percent for the next three years, with the growth rate falling off to a constant 8 percent thereafter.
Answers (1)
You are considering the purchase of a business that produces net cash flows of $350,000 per year in perpetuity. In a perfectly competitive market, what should be the asking price for the business if the firm's cost of capital is 15%? (Show your work.
Answers (1)
New Questions in Business
Consumer products such as furniture and appliances are typically distributed using what kind of distribution
Answers (1)
The competitive firm's short-run supply curve is its A. marginal cost curve. B. marginal cost curve, but only the portion above the minimum of average total cost. C.
Answers (1)
When consumers buy a product what are they creating
Answers (1)
List the four types of microorganisms that are pertinent to cosmetology
Answers (1)
A piece-rate worker is paid A. a fixed hourly wage B. a fixed salary C. a fixed rate for each item produced or serviced D. a fixed rate per week worked
Answers (1)