On January 1, 2009, Tavis Corp

question 13

Essay

On January 1, 2009, Tavis Corp. sold a piece of equipment for $10,000 that it had used for several years. The equipment had cost $50,000, and the accumulated depreciation account had a balance of $34,000 at the time of the sale. Describe the effects on the accounting equation of selling the equipment.

---

Definitions:

Open Its Books

The act of a company revealing its financial information, including revenues, expenses, and profits, to the public or specific entities.

Outsourcing

The practice of hiring third-party vendors to perform tasks, handle operations or provide services that are either difficult to manage or outside of the business's core competencies.

Institute For Supply Management

A non-profit organization that conducts research and publishes reports on supply management practices.

Ethical Supply Management

The practice of considering moral and ethical principles in the management and procurement processes of the supply chain, focusing on sustainability, fair labor practices, and responsible sourcing.