Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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95 Question: Financial accounting
Equipment with an original cost of $50,000 and accumulated
depreciation of $20,000 was sold at a loss of $7,000. As a result
of this transaction, cash would:
A) increase by $23,000
B) decrease by $7,000
C) increase by $43,000
D) decrease by $30,000
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Transcribed Image Text:95 Question: Financial accounting Equipment with an original cost of $50,000 and accumulated depreciation of $20,000 was sold at a loss of $7,000. As a result of this transaction, cash would: A) increase by $23,000 B) decrease by $7,000 C) increase by $43,000 D) decrease by $30,000
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