### Prepare the disposal account recording the profit

Assignment Help Accounting Basics
##### Reference no: EM13259672

Kim owns a chinese restaurant. The business's fixed assets include some kitchen equipment which cost \$38000 when it waspurchased on 1 jan 08.

It was decided that the kitchen equipment should bedepreciated using the straight line method. It was estimated that the equipment has a useful life of 5 years and a scrap valueof \$2000. Depreciation is recored on 31 December each year.

On 28 March 2010, some of the kitchen equipment was sold forcash \$520. The equipment had cost \$4400 on 1 Jan 08; at date ofsale the equipment had a net book value of \$2000.

Required: Prepare the disposal account recording the profit orloss on the sale of the kitchen equipment.

### Previous Q& A

#### The function of the organization

Choose a professional nursing organization that relates to the nursing profession or your clinical practice area. Assuming that you are the chairperson of membership for the organization, create a full page flyer designed to recruit new members to..

#### Case study of cherokee company

Cherokee Company acquired a machine on January 1, 2009, that cost \$2,700 and had an estimated residual value of \$200. Complete the following schedule using the three methods of depreciation: A. straight-line, B. units-of-production, C. 150% declin..

#### What should be the size of counter to keep track of numbers

A parking lot has 1000 spots. The automated entry / exit system allows maximum 5 percent more cars to enter the lot to minimize congestion. What should be the size of the counter to keep track of the number of cars in the lot

#### At what speed is the bullet fired

A bullet of mass 5.2 g is fired horizontally into a 7.1 kg wooden block at rest on a horizontal surface. At what speed is the bullet fired

#### Compute the concentration of the hydrogen peroxide

If the first order half life is 300. seconds at 35 degrees Celsius and the initial concentration of hydrogen peroxide in a commercial Winn-Dixie product is 0.050M, then after 30 minutes, calculate the concentration of the hydrogen peroxide expecte..

#### Calculate the direct material charge

I need help to understand how to calculate the direct material charge can anyone provide a suggestion this is all the informationI have been provided and it is not with in a book and no example toreflect a formula or method of calculating. Please ..

#### Determining the frequency necessary

In Civil, Architectural and Environmental Engineering which one of the following statements regarding frequency of measurements is true? Answer You only need to take one measurement before building the project and one afterwards.

#### Find the torque applied to the antenna in in-oz

A proportional controller for a rotating antenna has a gain of Kp of 5 in-oz/deg. The antenna was initially pointing south, but was then commanded to point southeast. Find the torque applied to the antenna in in-oz, when the antenna is within 5° o..

#### How much work must the thrusters do

A 4900 kg lunar lander is in orbit 60 km above the surface of the moon. How much work must the thrusters do

#### Knowledge of accounting concepts and terminology

Why is a knowledge of accounting concepts and terminology useful to anyone in a business activity? Is there a difference between bookkeeping and accounting? Discuss.

### Similar Q& A

#### Activity in your financial statements

At the end of your accounting cycle, you have \$500,000 in customer deposits. How do you state and properly account for this activity in your financial statements?

#### Total cost of the units sold

Stephanie Stores uses the moving average flow assumption. On July 1, there were 180 units on hand and the total inventory cost was \$900. On July 10, 40 more units were purchased at a cost of \$6 apiece. Twenty units were sold on July 3 and 60 units..

#### Relationship between the financial statements

In what ways do the elements of the four financial statements interact with one another? How might changing one of the financial statements affect the other financial statements? Why is it essential to understand the relationship between the finan..

#### Prepare a stockholders equity section

Prepare a retained earnings statement for the year. (List multiple entries in descending order of amount.) Prepare a stockholders' equity section at December 31, 2008.

Determine the value-added, nonvalue-added, total lead times and the value added ratio under the present and proposed production approaches. Round whole percentages to two decimal places.

#### Determine the direct labor rate and time variance

Determine the direct labor rate and time variance for the (1) Cutting Department and (2) Sewing Department.

#### Current expenses in total

Top management, however, declined the tests. Ms. Henley then instructed you, the accountant, not to prorate payroll taxes or rent expense for the rest of the year, but to show them as current expenses in total. In this way, the new product would a..

#### Partnership bottom line net income

What are the partnership's bottom line net income and its separately stated items?

#### Dispose of a component of a business

Byron inc. decided 0n august 1, 2010, to dispose of a component of its business. The component was sold on November 30, 2010. Byron's income for 2010 included income of \$250,000 from operating the discontinued segment from January 1 to the sale da..

#### Calculate the maximum depreciation expense

During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was \$1,600,000. Calculate the maximum depreciation expense during the current year?

#### Net realizable value of the accounts

Compute the net realizable value of the accounts receivable of Lucille Company at December 31, 2007.

#### Cost of the setup mechanics

If the company allocates the cost of the setup mechanics based on the number of setups, the setup costs to be allocated to an order of 300,000 Nurturing Face Cream jar covers for Aristedes Cosmetics Company would be:

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!