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What is the amount of the gain or loss on this transaction

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Reference no: EM132750244

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Q1. Which of the following statements is true about the Days' Cash on Hand ratio?

a. The only operating expense used in the denominator of the ratio is depreciation expense.

b. It uses all current assets in the numerator of the ratio.

c. It is not useful in comparing different businesses to one another.

d. It may be useful in determining whether a business is able to meet its cash commitments.

Q2. On December 31, Strike Company sold one of its batting cages for $24,157. The equipment had an initial cost of $268,408 and had accumulated depreciation of $241,567. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?

a. Gain of $2,684

b. Loss of $217,410

c. Loss of $2,684

d. Gain of $244,251

Reference no: EM132750244

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