Use the Information Below for Soho Inc During 2017,Soho Inc

question 174

Multiple Choice

Use the information below for Soho Inc.for 2017 and 2018 to answer the following question: $\begin{array}{lr}\text { Equipment, December } 31,2017 & \$ 65,000 \\\text { Equipment, December 31,2018 } & 72,000 \\\text { Accumulated depreciation, December 31,2017 } & 39,000 \\\text { Accumulated depreciation, December 31,2018 } & 30,000\end{array}$ During 2017,Soho Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000 for cash.A gain of $3,000 was recognized on the sale of the equipment.This was the only equipment sale during the year.
What amount would be reported as the cash proceeds from the sale of equipment?

• A)$2,000
• B)$3,000
• C)$5,000
• D)$8,000

Understand the role of visual aids and how to integrate them effectively into presentations.

Recognize the importance of the delivery style, including the use of pauses, volume, and inflection for emphasis and clarity.

Appreciate the value of an attention-gaining opening and a strong conclusion in presentations.

Understand the importance of collaborative planning in presentations involving multiple speakers.

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Definitions:

Social Security

A government program that provides financial assistance to retirees, disabled workers, and their families.

Labor Economists

Labor economists study the dynamics of workers, jobs, and the markets in which they operate, to understand the factors affecting labor supply and demand.

Payroll Tax

Contributions imposed on either the workforce or the employers, determined by a percentage of the payrolls distributed by companies to their staff.

Luxury Tax

A tax applied on expensive goods and services considered by the government to be non-essential or luxury items.