Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 141. on may 1, 2011, pinkley company sells office

141. On May 1, 2011, Pinkley Company sells office furniture for 90,000 cash. The office...

80.2K

Verified Solution

Question

Accounting

image
141. On May 1, 2011, Pinkley Company sells office furniture for 90,000 cash. The office furniture originally cost 225,000 when purchased on January 1, 2004. Depreciation is recorded by the straight-line method over 10 years with a residual value of 22,500. What I gain should be recognized on the sale? a. 6,750. b. 13,500. c. 14,250. d. 27,000 Ans: B. SO: 6, Bloom: AP. Difficulty. Hard, Min: 7. AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC. Problem Solving, IMA Business Economics

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Derive the continuity equation and the torque balance equation for the water wheel. Show that the...

Mechanical Engineering
1.2K views

Matlab Create/write a function that takes an input of x and y data, and a string (either...

Accounting
1.2K views

Exercise 21A-1 a Splish Brothers enters into an agreement with Traveler Inc. to lease a car...

Physics
1.2K views

As shown in the figure a cylindrical conductor has a length 2L It has inner...

Basic Math
1.2K views

Convert the accompanying database to an Excel table to find a The total cost of...

Basic Math
1.2K views

Suppose that $2060 is deposited into an account where the interest is compounded annually.This situation...

Statistics
1.2K views

tion proforsion

Algebra
1.2K views

17 Number Sense creek near Adam

Accounting
1.2K views

The inventory of Royal Decking consisted of five products. Information about ending inventory...

Accounting
1.2K views

On December 1,2020, Ruby Ltd. borrowed $180,000 from their bank, by signing a four-month, 5%...

Accounting
1.2K views

Bogart Company is considering two alternatives. Alternative A will have revenues of $150,000 and costs...

Accounting
1.2K views

can you please answer both? Pasta Disasta, Inc. is preparing...