Gaston Owns Equipment That Cost $90,500 with Accumulated Depreciation of $61,000.Gaston

question 36

Multiple Choice

Gaston owns equipment that cost $90,500 with accumulated depreciation of $61,000.Gaston asks $30,000 for the equipment but sells the equipment for $26,000.Which of the following would not be part of the journal entry to record the disposal of the equipment?

• A)Debit Accumulated Depreciation $61,000.
• B)Credit Equipment $90,500.
• C)Debit Loss on Disposal of Equipment $3,500.
• D)Credit Gain on Disposal of Equipment $3,500.
• E)Debit Cash $26,000.

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Definitions:

Strategic Planning Process

A methodical approach to imagining a preferred future and converting this vision into general goals or objectives along with a series of actions to reach them.

Strategic Intent

A declaration of the course an organization plans on taking to achieve its longer-term goals. It focuses on aligning organizational resources and energies towards a unified goal.

Core Values

Fundamental beliefs or guiding principles that dictate behavior and action within an organization.

Competitive Environment

A market situation where businesses vie for the same customers or market share, influencing strategies and operations.