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Kyle Barrett
on Dec 05, 2024

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Slipper Company sold a productive asset,a machine,for cash.It originally cost Slipper $20,000.The accumulated depreciation at the date of disposal was $15,000.A gain on the disposal of $2,000 was reported.What was the asset's selling price?

A) $7,000.
B) $3,000.
C) $4,000.
D) $5,000.

Productive Asset

An asset used in the operations of a business that contributes to its ability to generate revenue, such as machinery, buildings, and equipment.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was put into use.

Selling Price

The amount of money for which a product or service is offered for sale to customers.

  • Assess the effects of buying and selling assets on cash flow dynamics.
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mamad anvariazarDec 10, 2024
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