A Company Sells a Long-Lived Asset That Originally Cost $200,000

question 92

Multiple Choice

A company sells a long-lived asset that originally cost $200,000 for $50,000 on December 31,2009.The accumulated amortization account had a balance of $110,000 after the current year's depreciation of $45,000 had been recorded.The company should recognize a:

• A)$100,000 loss on disposal.
• B)$40,000 gain on disposal.
• C)$40,000 loss on disposal.
• D)$25,000 loss on disposal.

Understand the process and impact of decolonization within the context of globalization.

Distinguish between globalization and globality, understanding their respective definitions and implications.

Correlate technological advancements with the acceleration of modern globalization and its impacts.

Analyze the effects of globalization on power dynamics, particularly the transfer of power among local, national, and international entities.

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Definitions:

Gross Profit

Gross profit is the difference between sales revenue and the cost of goods sold, indicating how efficiently a company is producing or sourcing its products.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, showing revenue, expenses, and net income.

Perpetual Inventory System

A procedural method in inventory accounting that directly records every inventory sale or purchase with the aid of computerized point-of-sale systems and enterprise asset management software.

Sales Tax

A tax on sales or on the receipts from sales.