User Account

All Pages

Calculate the gain or loss to be recognized by vaughn co

Assignment Help Accounting Basics
Reference no: EM132635199

Question - Vaughn Co. had a sheet metal cutter that cost $108,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $16,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Vaughn also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2020, and that straight-line depreciation is used.

Required - Calculate the gain or loss to be recognized by Vaughn Co.

Reference no: EM132635199

Questions Cloud

Describe the project assumptions : Describe the "project assumptions" you have identified in your logic model. Why have you made these assumptions?
What is the balance in the investment account : The fair market value of Cake in 1/1/2019 was $120,000 and in 12/31/2019, it was $132,000. What is the balance in the investment account as of 12/31/2019
Prepare the journal entries to record all the events : Purchased a copyright on January 1, 2020 for $66,000. Prepare the journal entries to record all the events related to the copyright during 2020
What diagnosis should samual give charlie and amanda : What diagnosis should Samual give Charlie and Amanda? Why? Do you think it is unethical or illegal for Samuel to give Charlie or Amanda one diagnosis or another
Calculate the gain or loss to be recognized by vaughn co : Vaughn Co. had a sheet metal cutter that cost $108,000 on January 5, 2016. Calculate the gain or loss to be recognized by Vaughn Co
Determining depreciation expense and year-end book values : Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021
Transatlantic trade partnership agreement : There has been much criticism about the Trans-Pacific Partnership (TPP) free trade agreement, or alternatively...the Transatlantic Trade Partnership Agreement
Calculate the weighted-average accumulated expenditures : The only other debt outstanding during the year was a $2,000,000, 10% note issued two years ago. Calculate the weighted-average accumulated expenditures
At what amount per unit should product be reported : The estimated cost to dispose of a unit is $6, and the normal profit is 40% of selling price. At what amount per unit should product 2005WSC be reported

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd