Cost basis of the new asset

Assignment Help Accounting Basics
Reference no: EM13158640

A fixed asset with a cost of $41000 and accumulated depreciation of $36000 is traded for a similar asset priced at $50000. Assuming a trade-in allowance of $4000, the cost basis of the new asset is?

Reference no: EM13158640

Questions Cloud

Evaluate in making pension decisions : What factors create needs for changing pension expense every year? If you worked in management at a company, what criteria would you evaluate in making pension decisions every year?
Explain what is the molarity of the resulting : What is the molarity of the resulting solution when 24.485 g of Mn(ClO4)2 · 6 H2O are added to 350.0 mL of water? I took 24.485g and divided it by 361.932 to get moles
Calculate the molar solubility for silver chromate : the Ksp value for silver chromate is 9x10^-12. calculate the molar solubility for silver chromate, and the concentrations of the constituent ions. Show the balanced ions.
What is the lowest the ex-ante interest rate can go : What is the lowest the ex-ante interest rate can go if the nominal interest rate is 2.42%, given the change in Joe's inflationary expectations
Cost basis of the new asset : A fixed asset with a cost of $41000 and accumulated depreciation of $36000 is traded for a similar asset priced at $50000. Assuming a trade-in allowance of $4000, the cost basis of the new asset is?
Explain what mass of oxygen will be required to react : Propane, C3H8, when used as a fuel, reacts with oxygen gas to produce carbon dioxide and water. What mass of oxygen will be required to react with exactly 14.05 grams of propane?
What is the effective rate of tariff protection : What is the effective rate of tariff protection (ERTP) for the U.S. shoe industry now and what is the U.S. shoe industry's value added for each pair of shoes?
Modernization and dependency theories : Explain how Modernization and Dependency theories vary in their sociological ways of looking at development in the Third World. India by explaining how they are doing in terms of social, political and economic development and how each theory would..
Calculate quantity-total revenue and profit : Calculate quantity, total revenue and profit when the company maximizes its profit and changes the same price in both markets.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How would i do these accounting entries correctly

The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years...

  What measure has the largest weighting

In a balanced scorecard for a large financial bank ,do the different measures carry different weights? And if so, what measure has the largest weighting (counts the most)and why?

  Example of expense in respect of decedent

An example of an expense in respect of a decedent is the state income taxes attributable to the taxpayer's last paycheck, uncollected at death.

  Compute the depreciation for the second year

Kinney Company purchased a truck for $57,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $6,000 at the end of that time. During the second year the truck was driven 27,000 miles. Compute..

  What is the recognized gain or loss

Cynthia gives her son stock with a basis in her hands of $65,000 and a fair market value of $60,000. No gift tax is paid. Son subsequently sells the stock for $63,000. What is his recognized gain or loss?

  Equity method of accounting to fair value method

Compare the equity technique of accounting to the fair value technique for equity securities. In what cases would you employ each?

  Loss on the sale of equipment

A company had net income of $242,000. Depreciation expense is $26,000. During the year, accounts receivable and inventory increased $15,000 and $40,000, respectively. Prepaid expenses and accounts payable decreased $2000 and $4000, respectively. T..

  Statements regarding accounts payable

Which of the following is true about accounts payable?

  Describe the components of the common body of tax law

Describe the components of the common body of tax law (CBOTL). Include in your response answers to the following questions: What role does the U.S. Congress play in creating the tax law? Briefly explain how a tax bill becomes a tax law.

  Purpose of equivalent-unit computation

The purpose of the equivalent-unit computation is to: convert partially completed units into the amount of completed output units that could be made with that quantity of input

  Capitalized by starlight

Other than the construction funds borrowed, the only other debt outstanding during the year was a $150,000, 10-year, 7% note payable dated January 1, YEar 1. How much interest should be capitalized by Starlight during Year 3?

  How would you treat the following items in computing ratio

financial analysts typically measure financial leverage as the ratio of debt to equity. However, there is less agreement on how to measure debt, or even equity. How would you treat the following items in computing this ratio?

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!

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