These Are Extracts from the Balance Sheets of Mitchell Ltd

question 12

Multiple Choice

These are extracts from the balance sheets of Mitchell Ltd: $\begin{array}{lrr} &30 \text { June }\\& 2013 & 2014 \\\text { Plant } & \$ 10000 & \$ 15000 \\\text { Accurmulated depreciation - plant } & 4000 & 5000\end{array}$
$\begin{array}{l}\text { The income statement for the year ended } 30 \text { June } 2014 \text { shows: }\\\begin{array}{ll}\text { Depreciation expense - plant } & 1500 \\\text { Proceeds from the sale of plant } & 1600 \\\text { Carrying value of plant sold } & 2500\end{array}\end{array}$ During the year Mitchell Ltd sold plant that had cost $3,000.The accumulated depreciation on the plant sold by Mitchell Ltd during year is:

• A)$4000
• B)$1500
• C)$2500
• D)$500

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Definitions:

Multigenerational Transmission

The process by which family patterns, behaviors, and attitudes are passed down from one generation to another.

Systems Theory

Systems theory is a conceptual framework that examines complex systems by understanding components and interactions within the whole structure, widely applied in disciplines like psychology, sociology, and ecology to explain dynamic behaviors.

Subsystems

Smaller systems or components within a larger system, each with its own roles and functions, important in understanding complex entities.

Feedback Loop

A system where the output of a process is fed back into the system as input, leading to either a self-regulating process or amplification of the process.