{"id":17300,"date":"2023-06-20T06:06:46","date_gmt":"2023-06-20T06:06:46","guid":{"rendered":"https:\/\/www.greatassignmenthelp.com\/questions\/?p=17300"},"modified":"2023-12-21T05:50:28","modified_gmt":"2023-12-21T05:50:28","slug":"a-company-bought-a-computer-for1500-three-years-later-the-computer-was-sold-for-300","status":"publish","type":"post","link":"https:\/\/www.greatassignmenthelp.com\/questions\/a-company-bought-a-computer-for1500-three-years-later-the-computer-was-sold-for-300\/","title":{"rendered":"A company bought a computer for$1,500. Three years later, the computer was sold for $300. Assuming a 5-year estimated service life and straight-line depreciation, which account(s) would be used to record the disposal of the assets? Select all that applys."},"content":{"rendered":"<p>A. Gain\/loss on sale of asset<\/p>\n<p>B. Fixed Assets<\/p>\n<p>C. Depreciation Expense<\/p>\n<p>D. Sales Income<\/p>\n<p>E. Accumulated depreciation<\/p>\n<p><strong>Answe:- A and D<\/strong><\/p>\n<p>The accounts that will be implemented to record the\u00a0discarding of the assets\u00a0are\u00a0<strong>Gain\/loss on sale of asset\u00a0<\/strong>and\u00a0<strong>Sales Income<\/strong><\/p>\n<p><strong>What is a\u00a0disposal account?<\/strong><\/p>\n<p>A\u00a0disposal account\u00a0computes the\u00a0gain or loss explanation\u00a0that seems in the income statement. The\u00a0disposal account\u00a0records the variance between the\u00a0disposal profits\u00a0and the net carrying quantity of the\u00a0secure asset\u00a0being disposed of. Henceforth, the account that will be implemented to record the\u00a0disposal of the assets\u00a0is\u00a0Gain\/loss on sale of asset\u00a0and\u00a0Sales Income The accounts that will be implemented to record the\u00a0discarding of the assets\u00a0are\u00a0Gain\/loss on sale of asset\u00a0and\u00a0Sales Income<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A. Gain\/loss on sale of asset B. Fixed Assets C. Depreciation Expense D. Sales Income E. Accumulated depreciation Answe:- A and D The accounts that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A company bought a computer for$1,500. Three years later, the computer was sold for $300.<\/title>\n<meta name=\"description\" content=\"A company bought a computer for$1,500. Three years later, the computer was sold for $300. Assuming a 5-year estimated service life and straight-line depreciation, which account(s) would be used to record the disposal of the assets? 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