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Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable Accounts receivable $65,000 $42,000 Capital stock Cash $100,000 $50,000 Dividends $10,000 Goodwill $47,000 Interest expense $4,000 Interest payable $2,000 Inventory $26,000 Notes payable $80,000 Prepaid expenses $5,000 Property, plant & equipment $123,000 Retained earnings $46,000 Rent expense $18,000 Revenues $101,000 Salary expense $60,000 How much are total assets? Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.

Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable Accounts receivable $65,000 $42,000 Capital stock Cash $100,000 $50,000 Dividends $10,000 Goodwill $47,000 Interest expense $4,000 Interest payable $2,000 Inventory $26,000 Notes payable $80,000 Prepaid expenses $5,000 Property, plant & equipment $123,000 Retained earnings $46,000 Rent expense $18,000 Revenues $101,000 Salary expense $60,000 How much are total assets? Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable Accounts receivable $65,000 $42,000 Capital stock Cash $100,000 $50,000 Dividends $10,000 Goodwill $47,000 Interest expense $4,000 Interest payable $2,000 Inventory $26,000 Notes payable $80,000 Prepaid expenses $5,000 Property, plant & equipment $123,000 Retained earnings $46,000 Rent expense $18,000 Revenues $101,000 Salary expense $60,000 How much are total assets? Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.
Transcribed Image Text:Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable Accounts receivable $65,000 $42,000 Capital stock Cash $100,000 $50,000 Dividends $10,000 Goodwill $47,000 Interest expense $4,000 Interest payable $2,000 Inventory $26,000 Notes payable $80,000 Prepaid expenses $5,000 Property, plant & equipment $123,000 Retained earnings $46,000 Rent expense $18,000 Revenues $101,000 Salary expense $60,000 How much are total assets? Tivoli Instrumentation sold a depreciable asset for cash of $100,000. The original cost of the asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A) $315,000. B) $85,000. C) $385,000. D) $300,000.
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