Indicate Whether Each of the Following Transactions Would Result in a Gain,a

question 188

Short Answer

Indicate whether each of the following transactions would result in a gain,a loss,or neither a gain nor a loss.
A= Gain
B= Loss
C= Neither a gain nor a loss
______ 1.Sold an asset for $4,000.The asset had an original cost of $10,000 and accumulated depreciation of $8,000 had been recorded up to the date of the sale.
______ 2.Sold stock for $12,000.The stock was purchased four years ago for $16,000.
______ 3.Bought a machine 9 years ago for $100,000 and over the years recorded accumulated depreciation of $75,000.Sold the machine for $25,000.
______ 4.Seven years ago the company purchased a patent with a 10-year useful life for $30,000.Sold rights to the patent for $11,000.
______ 5.Recorded $80,000 of depreciation on an asset that originally cost $100,000 and then sold it for a $10,000 note receivable.
______ 6.Bought a machine 5 years ago for $50,000 and over the years recorded accumulated depreciation of $45,000.Sold the machine for $7,000.

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Definitions:

Sensory Receptors

Specialized cells or neuronal pathways that respond to changes in the environment and send signals to the brain.

Vision

The ability to interpret the surrounding environment by processing information contained in visible light reaching the eyes.

Fovea

A small area at the center of the retina that provides the clearest and sharpest vision because it has the largest concentration of cones.

Visual Accommodation

The ability of the eye to change its focus from distant to near objects (and vice versa) by changing the lens shape.