User Account

All Pages

Determine the gain or loss on the sale of the equipment

Assignment Help Accounting Basics
Reference no: EM132815128

Question - Equipment was acquired at the beginning of the year at a cost of $600,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 16 years and an estimated residual value of $60,000.

a. What was the depreciation for the first year?

b. Assuming that the equipment was sold at the end of the second year for $480,000, determine the gain or loss on the sale of the equipment.

Reference no: EM132815128

Questions Cloud

What is the catheterization labs profit : The annual fixed cost for the catheterization lab is $1 million and the variable cost is $129 per procedure. What is the catheterization labs profit?
Journalize the adjusting entry on December : A patent with an estimated useful economic life of 15 years was acquired for $900,000on August 1. Journalize the adjusting entry on December
How data are utilized in the intervention process : As a teacher, describe the various sources of performance data available for high-risk students which are outlined in Step III of the textbook.
Solve after-tax cash flow at disposal for genetic insights : Calculate After-Tax Cash Flow at disposal. Genetic Insights Co. purchases an asset for $18,227. This asset qualifies as a seven-year recovery asset.
Determine the gain or loss on the sale of the equipment : Assuming that the equipment was sold at the end of the second year for $480,000, determine the gain or loss on the sale of the equipment
How to effectively apply skills in early childhood contexts : Developing leadership skills-and learning how to effectively apply these skills in early childhood contexts, is such an important part of ongoing professional.
Jung and adler theories of personality : Explain the differences in how Jung and Adler's theories of personality differ from that of Freud's theory
Describe the effects of professional decisions : Classroom Management Evaluation: Write a 250-500 word evaluation of the effects of professional decisions and actions on students, families.
What profit will it earn in terms of dollars : Investors would like to earn a 10% return on the company's $40 million of assets. What profit will it earn in terms of dollars

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