16. Affordable Rugs is selling a used weaving machine for $8,000. The weaving machine was...
90.2K
Verified Solution
Link Copied!
Question
Accounting
16. Affordable Rugs is selling a used weaving machine for $8,000. The weaving machine was originally purchased for $12,000 and the accumulated depreciation on the machine is $6,000. How would Affordable Rugs report the sale on the income statement?
Group of answer choices
A. As a Loss on Asset Sale (Other Expense) of $4,000
B. As a Gain on Asset Sale (Other Revenue) of $2,000
C. As a Gain on Asset Sale (Other Revenue) of $4,000
D. As a Loss on Asset Sale (Other Expense) of $2,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
