Barnhart's Sold a Piece of Restaurant Equipment to Another Restaurant

question 138

Multiple Choice

Barnhart's sold a piece of restaurant equipment to another restaurant on July 1,2013 for $1,100 cash.The equipment originally cost $12,000,had an estimated life of 20 years,and estimated salvage value of $2,000.Barnhart's had recorded total depreciation of $9,000 through the end of 2012,using the straight-line method.Barnhart's had to update the depreciation of the asset before recording the sale.
-After the depreciation was updated,Barnhart's then recorded the sale transaction.The effect of the sale on the income of the company was a:

• A) gain of $250.
• B) loss of $1,650.
• C) loss of $1,000.
• D) loss of $2,900.

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Definitions:

Tech Support Department

A division within a company that provides assistance and problem-solving services for customers experiencing issues with technical products or services.

Time-Driven Activity-Based Costing

A costing method that assigns costs to products or services based on the amount of resources they use, measured in time, enhancing cost accuracy and managerial decision-making.

Customer Cost Analysis

An evaluation process to determine the total cost associated with acquiring and maintaining a customer over time.

Customer Support Department

A specialized unit within a company that handles inquiries, complaints, and other interactions with customers to facilitate satisfaction and resolve issues.