# Loss / gain on disposal of fixed assets, cash flow statement

lease see the attached file.
23. A fixed asset with a cost of \$30,000 and accumulated depreciation of \$27,500 is sold for \$3,500. What is the amount of the gain or loss on disposal of the fixed asset?
\$2,500 loss
\$1,000 loss
\$2,500 gain
\$1,000 gain

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21. Equipment with a cost of \$80,000, an estimated residual value of \$5,000, and an estimated life of 15 years was depreciated by the straight-line method for 5 years. Due to obsolescence, it was determined that the useful life should be shortened by 5 years and the residual value changed to zero. The depreciation expense for the current and future years is _______. (Points: 4)

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Initial depreciation = (80000-5000)/15=5000
Accumulated depreciation=5000*5=25000
Net book value of equipment at the end of 5 years = 80000-25000=55000
Life remaining = 15-5-5=5 years
Depreciation for current and future years = 55000/5=11000

23. A fixed asset with a cost of \$30,000 and accumulated depreciation of \$27,500 is sold for \$3,500. What is the amount of the gain or loss on disposal of the fixed asset? (Points: 4)
Gain =3500-30000+27500=\$1000
The book value of the asset is \$2500, it is sold for \$3500. Hence there is a gain of \$1000.

24. On December 31, Reach It Batting Cages Company has decided to discard one of its batting cages. …

Solution Summary
Answers five conceptual questions on accounting. The concepts discussed are depreciation accounting, loss / gain on sale of fixed assets and calculating the cash flow from operations.

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