Great Farms Company Sold Some Fully Depreciated Equipment for $4,100

question 111

Multiple Choice

Great Farms Company sold some fully depreciated equipment for $4,100 cash. The equipment had been purchased for $49,600, and the company had estimated the useful life at 8 years and a residual value at $5,600. How will this sale affect Retained Earnings?

• A)It will decrease Retained Earnings by $44,000.
• B)it will decrease Retained Earnings by $1,500.
• C)It will increase Retained Earnings by $4,100.
• D)It will have no effect on Retained Earnings.

Explore avenues for getting involved in campus life to enhance academic and social experiences.

Employ critical thinking to manage personal and academic crises effectively.

Apply strategies for financial and academic success, including budgeting and resource utilization.

Illustrate the importance of engaging in campus activities and its impact on graduation rates.

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Definitions:

Sales

The activity or business of selling products or services to customers, aiming to meet both the needs of the customer and the selling company’s targets.

Sales Presentation

An organized pitch or demonstration given by a salesperson to prospective buyers to showcase the features and benefits of a product or service.

Approach Techniques

Strategies or methods employed to initially engage potential customers or clients in a sales process.

Creative Imagery

The use of imaginative and visual content to communicate ideas or promote products in marketing and advertising.