On April 1 of the Current Year,a Company Disposed of a Truck

question 94

Essay

On April 1 of the current year,a company disposed of a truck that had cost $20,000.The truck had a salvage value of $2,000,and a useful life of 5 years.The accounting records showed accumulated depreciation for this truck of $8,100 as of April 1 of the current year.The asset was discarded after an accident,and $10,500 cash was received from an insurance claim.Prepare the journal entry to record the disposal of the truck.

Comprehend the different constructs assessed in career counseling and their relative frequencies of assessment.

Understand the concept of variable costs and how they are influenced by production levels.

Learn the principles of fixed costs and how they remain constant regardless of changes in production or sales volume.

Identify and distinguish between various types of costs such as sunk costs, period costs, product costs, and opportunity costs.

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Definitions:

Nonverbal Messages

Refers to the communication of feelings, intentions, or information without the use of spoken words, including gestures, facial expressions, and body language.

Communication Process

The series of steps and mechanisms by which information and messages are transmitted and received between senders and receivers.

Channels of Communication

The various paths or mediums through which information, messages, or data are delivered or received, such as email, phone, or face-to-face meetings.

Lines of Communication

Describes the routes through which information flows within an organization, ensuring clarity, efficiency, and effectiveness in messaging.