A copy machine was purchased for $35,000 and had accumulated depreciation of $24,000. The machine was traded in for a new one that had a sticker price of $50,000. The vendor agreed to give a trade-in allowance for the old equipment in the amount of $9,000. How much will the company need to pay in cash, and what is the amount of the gain or loss?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A copy machine was purchased for $35,000 and had accumulated depreciation of $24,000. The machine was traded in for a new one that had a ...” 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
The factors that affect a company's p/q rating for uav drones do not include
Answers (1)
Throughout the Soviet era, the USSR tended to brag (perhaps justifiably) about the country's high levels of literacy, referring to Soviet population as the "most readerly" nation in the world.
Answers (1)
What does an exchange rate tell you? A. How many products have been exchanged between two different countries B. The number of people in one country in comparison to another country C.
Answers (1)
Don Juan, a single taxpayer, is the sole owner of DJ's Inc., an S Corporation. This year, DJ's Inc. incurred a massive $600,000 business loss, all of which is allocable to Don Juan as the sole shareholder.
Answers (1)
A seven-year-old boy breaks his tibia and requires immobilization by a hard cast for six weeks until the break heals. A potential consequence of this therapy is atrophy of the
Answers (2)
New Questions in Business
Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,900 uncollectible account of its customer, A. Hopkins.
Answers (1)
How is a gas different from a solid or a liquid? A. A gas is made of tiny particles. B. A gas has volume. C. A gas expands to fill the container. D. A gas has density. TY
Answers (1)
A business firm's interaction with the environment is a characteristic of an open system true or false
No Answers
Reynaldo has purchased a home with an assessed value of $195,000. The property tax rate in his area is 1.9%. What is his monthly tax payment?
Answers (1)
Prior to the write off of a $500 customer account, Athena Company had the following account balances: Accounts receivable $19,600 Allowance for doubtful accounts 1,000 The net realizable value of the Accounts Receivable before and after the
Answers (1)