User Account

All Pages

How to compute the gain or loss on lasalle disposal

Assignment Help Accounting Basics
Reference no: EM131727840

Question - Assume that on Jan 2, 20x6, LaSalle of Lyon purchased fixtures for $8,300 cash, expecting the fictures to remain in service for 5 years. LaSalle has depreciated the fixtures on a double declining balance basis with 1700 estimated residual value. On September 30, 20x7, LaSalle sold the fixtures for 2300 cash. Record both the Depreciation expense on the fixtures for 20x7 and then the sale of the fixtures. Apart from your Journal entry, also show how to compute the gain or loss on LaSalle's disposal of these fixtures.

Reference no: EM131727840

Questions Cloud

Compute the companys break-even point in units : Cosmo, Inc. produces memory enhancement kits for DVR machines. Compute the company's break-even point in both units and dollars
What is the net income for this firm : State Farm Insurance, has sales of $817,000, costs of $343,000, depreciation expense of $51,000, What is the net income for this firm
Analyze the use of personal protective equipment : Analyze the use of personal protective equipment (PPE) for controlling occupational hazards in relation to the operation you chose.
Where are the major problematic areas : For the topic, first look at the global water shortage issue. Where are the major problematic areas? Last part of it should say what the paper is going to have.
How to compute the gain or loss on lasalle disposal : Assume that on Jan 2, 20x6, LaSalle of Lyon purchased fixtures for $8,300 cash, show how to compute the gain or loss on LaSalle's disposal of these fixtures
How your use of the resource impacts the environmental issue : How your use of the resource impacts the environmental issue you have chosen. List the possible alternatives to lessen your resource use.
Calculate depreciation expense for the machine : Phigam Steel purchases a machine on January 1 for $30,000. Calculate depreciation expense for the machine using the straight-line method of depreciation
Analyze the ethics issues needed to support customer needs : Research two articles in the library or on the web that pertains to analyze the ethics issues needed to support customer needs.
Determine the relevant range of activity for this product : Shingle Enterprises is considering manufacturing a new product. Calculate the variable costs per unit within the relevant range

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