Answer Happy

14. A truck costing $119000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $55000. An insurance check for $134000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a A. Gain on Disposal of $15,000 B. Credit to the truck account of $64,000 C. Gain on Disposal of $70,000 D. Credit to the Accumulated Depreciation account for $55,000 15. On July 1, 2021, Hale Kennels sells equipment for $224000. The equipment originally cost $607000, had an estimated 5-year life and an expected salvage value of $110000. The accumulated depreciation account had a balance of $344000 on January 1, 2021, using the straight-line method. The gain or loss on disposal is A. $10,700 loss B. $10,700 gain C. $39,000 gain D. $39,000 loss

22. During 2021, Sunland Corporation reported net sales of $3060000 and net income of $2020000. Sunland also reported beginning total assets of $1120000 and ending total assets of $1280000. Sunland's asset turnover is A. 2.39 times B. 2.73 times C. 2.55 times D. 1.68 times

24. During 2021, Bramble Corporation reported net sales of $3000000, net income of $1202000, and depreciation expense of $100500. Bramble also reported beginning total assets of $978000, ending total assets of $1522000, plant assets of $805000, and accumulated depreciation of $518000. Bramble's asset turnover is A. 0.96 times B. 3.07 times C. 1.97 times D. 2.40 times