On 31 May 2018 a Photocopying Machine with a Cost

question 7

Multiple Choice

On 31 May 2018 a photocopying machine with a cost of $12 000 has accumulated depreciation written off of $10 000. If the machine is sold for $1 500 on 1 June 2018 what will be the net effect of the sale on the income statement?

• A) $500 loss
• B) $500 profit
• C) $1 500 loss
• D) $1 500 profit

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Definitions:

Department of Labor

A cabinet-level department of the U.S. federal government responsible for occupational safety, wage standards, unemployment insurance benefits, re-employment services, and some economic statistics.

Internal Union Politics

The dynamics and processes related to decision-making, governance, and leadership within labor unions.

Common Law

A legal system based on custom, court rulings, and precedents rather than codified laws.

Permanently Replaced Strikers

Workers who go on strike and are then permanently replaced by the employer, a situation possible under certain labor laws, notably in the United States.