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Prorok Music Inc. decides to sell an old piece of
equipment and receives $5,000 cash for it. The
original cost of the equipment was $50,000 and it
had accumulated depreciation of $47,000
associated with it.
Which ofthe following items would be
increased by the sale of the old equipment?
(check all that apply)
1.Total Assets
2.Net Income
3.Cash from Investing Activities
4.Accumulated Other Comprehensive Income
5.Cash from Financing Activities
Replies (2)
total asset
net income
After completing it's preliminary financial statements for 2012, A shipping found a mistake in computing it's straight line depreciation expense. After fixing the mistake, A shipping depreciation expense was now rs 10000 higher. A shipping company is with 35% federal statutory tax rate. how did rs10000 increase in depreciation expense affect net income(NI)for 2012? 1. NI dropped by 6500 2. NI dropped by 3500 3. NI increased by 10000 4. NI increased by 3500 5. NI dropped by 10000
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