{"id":5882,"date":"2023-12-27T08:03:32","date_gmt":"2023-12-27T08:03:32","guid":{"rendered":"https:\/\/assignmenttask.com\/answers\/?p=5882"},"modified":"2023-12-27T10:26:57","modified_gmt":"2023-12-27T10:26:57","slug":"a-company-bought-a-computer-for-1500","status":"publish","type":"post","link":"https:\/\/assignmenttask.com\/answers\/a-company-bought-a-computer-for-1500\/","title":{"rendered":"A company bought a computer for $1,500"},"content":{"rendered":"<p>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 applies.<\/p>\n<p>A. Accumulated depreciation<\/p>\n<p>B. Gain\/loss on sale of asset<\/p>\n<p>C. Depreciation Expense<\/p>\n<p>D. Fixed Assets<\/p>\n<p>E. Sales Income<\/p>\n<p><span style=\"color: #808000;\"><strong>Answer:-<\/strong><\/span> B and E<\/p>\n<p>Both B and E are the correct option. Gain\/loss on sale of asset and Sales Income<\/p>\n<h3><strong>What is a disposal account?<\/strong><\/h3>\n<p>A disposal account is a temporary account used to record the removal or sale of an asset, typically at the end of its useful life or when it&#8217;s no longer needed. This account helps in tracking gains or losses resulting from the disposal. When an asset is sold, the disposal account captures the difference between the asset&#8217;s book value (cost minus accumulated depreciation) and the amount received from the sale. If the selling price exceeds the book value, a gain is recorded; if it&#8217;s less, a loss is recorded. The disposal account ensures accurate representation of an entity&#8217;s financial position and performance.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: center;\"><span style=\"color: #ff0000;\"><strong><em>Get Free Assignment Solutions by Experts<\/em><\/strong><\/span><\/h3>\n<p style=\"text-align: center;\"><strong><em>Seek the best <a href=\"https:\/\/assignmenttask.com\/answers\/\" target=\"_blank\" rel=\"noopener noreferrer\">assignment answers online<\/a> with 100% original content<\/em><\/strong><\/p>\n<p><a href=\"https:\/\/assignmenttask.com\/order-now.php\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-5811 size-full lazyload\" title=\"Get Assignment Answers\" data-src=\"https:\/\/assignmenttask.com\/answers\/wp-content\/uploads\/2023\/11\/get-assignment-answers.png\" alt=\"Get Assignment Answers\" width=\"300\" height=\"50\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 300px; --smush-placeholder-aspect-ratio: 300\/50;\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 applies. A. Accumulated depreciation B. Gain\/loss on sale of asset C. Depreciation Expense D. Fixed Assets E. Sales Income Answer:- B and E Both B and E are the correct option. Gain\/loss on sale of asset and Sales Income What is a disposal account? A disposal account is a temporary account used to record the removal or sale of an <a href=\"https:\/\/assignmenttask.com\/answers\/a-company-bought-a-computer-for-1500\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[729],"tags":[],"class_list":["post-5882","post","type-post","status-publish","format-standard","hentry","category-assignment-answers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A company bought a computer for $1,500<\/title>\n<meta name=\"description\" content=\"Do you seek help with assignment questions? 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