Phill Co Has Equipment That Cost $50,000 and Has Been Depreciated

question 243

Essay

Phill Co. has equipment that cost $50,000 and has been depreciated $30,000.
Instructions
Record entries for the disposal under the following assumptions.
(a) It was scrapped as having no value.
(b) It was sold for $23,000.
(c) It was sold for $18,000.

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Definitions:

Productivity Of Labor

The measure of the output of goods and services produced by labor input, indicating the efficiency of labor use.

Demand For Labor

The need for employees by employers to carry out work, which varies with wage levels and economic conditions.

Inputs That Complement

Resources or goods that are used together in production to increase efficiency or output.

Inputs That Substitute

Resources or factors of production that can be used in place of one another in the manufacturing process.