User Account

All Pages

Determine the book value of the asset at the time of sale

Assignment Help Accounting Basics
Reference no: EM132852529

Question - Equipment acquired on January 2, 2010, is sold on January 8, 2013, for $16,000. The equipment cost $30,000, had an estimated residual value of $6,000, and an estimated useful life of 6 years. The company depreciates their fixed assets on December 31 every year, and the equipment has been depreciated using the straight-line method.

Required -

A. Determine the book value of the asset at the time of sale.

B. Determine of the business made a gain or a loss on the sale. How much?

C. Journalize the sale.

Reference no: EM132852529

Questions Cloud

Effective collaboration in geographically dispersed teams : This journal articles focus on empowering leadership and effective collaboration in geographically dispersed teams,
What is standard deviation for population of z-scores : A population with µ = 85 and s = 12 is transformed into z-scores. After the transformation, what is the standard deviation for the population of z-scores?
What amount should be reported as income tax : Assuming the company uses the carryback provisions for the net operating? loss, what amount should be reported as Income Tax Refund Receivable in? 2019
Identify the hypothesis : What did the authors investigate, and in general how did they do so? Identify the hypothesis or question being tested
Determine the book value of the asset at the time of sale : Equipment acquired on January 2, 2010, is sold on January 8, 2013, for $16,000. Determine the book value of the asset at the time of sale
What is the probability of the trainee class : The qualified applicant pool for four management trainee positions consists of eight women and six men.
What is the amortization of the patent rights : Bill Gates acquired patent rights on November 12, 2017 on his Microsoft software that costs $3,600,000. What is the amortization of the patent rights
Identified risks and threats : Describe briefly each of the identified risks/threats. Evaluate the security controls that mitigate each of the risks/threats identified.
What is the p-value for the test statistic : What is the p-value for the test statistic used in the hypothesis test in question b?

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