Show the amount of gain or loss from the sale

Assignment Help Financial Accounting
Reference no: EM132486018

Exact Photo Service purchased a new color printer at the beginning of Year 1 for $38,000. The printer is expected to have a four-year useful life and a $3,500 salvage value. The expected print production is estimated at 1,500,000. Actual print production for the four years was as follows:

Year 1 390,000

Year 2 410,000

Year 3 420,000

Year 4 300,000

Total 1,520,000

  • The printer was sold at the end of Year 4 for $1,650.

Question 1: Show the amount of gain or loss from the sale of the asset under each of the depreciation methods.

a Double declining units of production

b. units of production depreciation

Reference no: EM132486018

Questions Cloud

Assessment of psychological disorders : Mental disorders arise from the interaction of a number of factors. List any two such factors.
Identify some accounting issues : Identify some accounting issues, (i.e. various GAAP procedures used in recording) associated with various long-term liability accounts.
Describe the objectives of capital structure : Describe the Objectives of capital structure and Optimal capital structure management. Where there are related ethical or legal issues
Focus on neurofeedback training for adhd : Topic is Neurofeedback treatment of ADHD. the instructor asked the below question (the source is in the link form, how can i show that)
Show the amount of gain or loss from the sale : Show the amount of gain or loss from the sale of the asset under each of the depreciation methods. Double declining units of production
Locus of explaining abnormal behaviour : Just want to confirm that the structure of the mind is the locus of explaining abnormal behaviour by the Freudians - Id Ego and Superego?
What is the expected value of return : Plan A will produce $116,000 less than Plan B. What is the expected value of return? (Amounts in parentheses indicate negative values.)
Develop an empathetic relationship : Why is it important to develop an empathetic relationship with a client with a substance use disorder? How would you challenge behaviors and thoughts
What is the required total margin : The firm projects Reported Income Index values to be 0.85 each year. What is the required Total Margin that will make this plan financially feasible?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How bizcon could have positive net income

Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.

  Variable overhead spending and efficiency variances

Calculate the variable overhead spending and efficiency variances and calculate the variable overhead spending variance.

  Group of puritan separatists who established plymouth

Group of Puritan separatists who established Plymouth Colony in Massachusetts to seek religious freedom after having lived briefly in the Netherlands.

  What method of inventory accounting does farmer brothers use

How much did the company pay to stockholders in dividends in fiscal year 2015? What might impact the company's ability to pay dividends in future years? What methods of inventory accounting does Farmer Brothers use

  Compute the variable manufacturing overhead spending

Compute the variable manufacturing overhead spending and efficiency variances and compute the fixed manufacturing overhead budget and volume variances.

  Manufacturing overehad has an over allocated balance

Manufacturing overehad has an over allocated balance of 7500, raw materials inventory of 62000 works in process of 34000 finished goods of 25000 and a Cost of goods sold is 135000. After adjusting for the over allocated manufacturing overhead what is..

  What amount should tack report

What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, year 2

  Find the product cost using the given dataarmstrong helmet

find the product cost using the given data.armstrong helmet company manufactures a unique model of bicycle helmet.nbsp

  Assume that accounts payable related to operating expenses

Presented below are two independent situations. Situation A: Annie Lennox Co. reports revenues of $196,470 and operating expenses of $112,310 in its first year of operations, 2014. Accounts receivable and accounts payable at year-end were $80,860 and..

  Toleman biochemicals decided to offer shares to the public

toleman biochemicals decided to offer shares to the public for the first time on january 1stnbsp2007. toleman were

  Correcting entries and end-of-the period adjusting entries

Explain what type of accounts need: correcting entries, end-of-the period adjusting entries, adjusted trial balance, classified balance sheet, and the closing entries. ie. cash, accumulated depreciation, retained earnings, salaries, etc.

  Determining net cash flows from operating activities

Prepare the companys statement of cash flows for the year ended December 31, 20X1. Use the indirect method of determining net cash flows from operating activities.

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