Wrote down to market value during the year

Assignment Help Accounting Basics

Reference no: EM131133876

Hairbrain Products, Inc. had $595,000 and $550, 000, respectively, in its equipment account on January 1 and December 31. During the year, no assets were purchased. Which of the following is a likely explanation? Select one: a) Depreciation expense during the year is $45,000. b) Equipment with an original cost of $45,000 was sold during the year. c) Equipment was wrote down to market value during the year to $45,000. d) Equipment with a book value of $45,000 was sold during the year.

Reference no: EM131133876

Questions Cloud

Mei company uses the direct method to prepare : Mei Company uses the direct method to prepare its statement of cash flows. Refer to the following information reported for 2017: Cost of Goods Sold, $153,000 Merchandise Inventory, beginning balance, $28,000 Merchandise Inventory, ending balance, ..

What do think done to improve strategic planning processes : What have you experienced or what do you anticipate as the most challenging aspect of strategic planning in your field of interest? What do you think can be done to improve strategic planning processes in your own organization or field?

National and subnational legislatures : Why is women's representation in national and subnational legislatures a global priority?- What are women's interests, and what is the best way to achieve them?

Identify the chiral molecule : Which of the following is a natural polymer? Buna-S, Proteins, PVC

Wrote down to market value during the year : Hairbrain Products, Inc. had $595,000 and $550, 000, respectively, in its equipment account on January 1 and December 31. During the year, no assets were purchased. Which of the following is a likely explanation?

What are the major elements of strategic planning : What are the major elements of strategic planning? Refer to HBS case reprint, Southwest Airlines: In a Different World. What elements of strategic planning are present in the case study? Based on the case study, what are the major challenges of st..

Effect of using lifo during periods of rising prices : Which one of the following is an effect of using LIFO during periods of rising prices? Select one: a) Results in cost of goods sold closely approximating its market value.

How googles information system strategy support its strategy : How does Google's information systems strategy support its business strategy? Which of Porter's three generic strategies does Google appear to be using based on this case? Provide a rationale for your response.

Given the following information for smashville : You are given the following information for Smashville, Inc. Cost of goods sold: $ 174,000 Investment income: $ 1,400 Net sales: $ 379,000 Operating expense: $ 86,000 Interest expense:

User Account

All Pages