Equipment costing $100,000 with accumulated depreciation of $40,000 is sold at a loss of $10,000. This implies that $40,000 cash was received from the sale.

Question

Quizplus · Accepted Answer

We cannot determine the amount of cash received from the sale based on the given information. It is possible that the cash received was less than $40,000 due to additional expenses or fees associated with the sale.

Equipment Costing $100,000 with Accumulated Depreciation of $40,000 Is Sold