Refer to fireworks city during the year the company sold

Reference no: EM13576727

Information for 2013 and 2012 is presented below for this company which uses the straight-line depreciation method. 2013 2012 Property, plant and equipment $250,000 $190,000 Accumulated depreciation 100,000 85,000 Depreciation expense 62,500 47,500 Net sales 1,000,000 900,000 Total assets 625,000 475,000

Refer to Fireworks City. During the year, the company sold some equipment that had an original cost of $60,000. Which statement is true concerning transactions that must have occurred during the period?

a. The company purchased additional equipment during the year.

b. The equipment sold had not been reported with the company's property, plant and equipment.

c. The selling price of the equipment sold was reported with net sales.

d. The company did not purchase additional equipment during the year.

Reference no: EM13576727

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