Job Sales sold a truck for $2,000 cash. It was originally purchased for $36,000, and had accumulated depreciation of $30,000 at the time of sale. Please provide the journal entry for the sale of the truck.
Definitions:
Du Pont Identity Method
A technique for analyzing a company's financial performance by examining its efficiency, leverage, and profit margins.
Profit Margin
Profit Margin represents the percentage of revenue that remains after all operating expenses, interest, taxes, and preferred stock dividends have been deducted from a company's total revenue.
Total Asset Turnover
A financial ratio that measures the efficiency of a company's use of its assets to generate sales revenue.
Return On Equity
A measure of financial performance calculated by dividing net income by shareholders' equity, indicating how efficiently a company uses its equity investments to generate profit.
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