A Fixed Asset with a Cost of $30,000 and Accumulated

question 41

Multiple Choice

A fixed asset with a cost of $30,000 and accumulated depreciation of $25,000 is sold for $3,500.What is the amount of the gain or loss on disposal of the fixed asset?

• A)$2,500 loss
• B)$1,500 loss
• C)$2,500 gain
• D)$1,500 gain

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Definitions:

Moral

Pertaining to principles or rules of right conduct or the distinction between right and wrong; ethical.

Emotional Maturity

The ability to understand, manage, and express one's emotions effectively and appropriately.

Self-Control

The ability to regulate one's emotions, thoughts, and behavior in the face of temptations and impulses.

Mood Swings

Rapid and extreme fluctuations in a person's emotional state.