What is the amount of gain or loss on transaction

Assignment Help Accounting Basics
Reference no: EM13145465

On December 31, Reach It Batting Cages Company has decided to sell one of its batting cages. The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $30,000. What is the amount of the gain or loss on this transaction?

Reference no: EM13145465

Questions Cloud

Discussing factors-choosing accounting soft : Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Analyze why each factor is important and the risks of not considering each factor.
How many grams of water are needed : Calcium carbide, CaC2 reacts with water to form acetylene.   CaC2(s)+2H2O(l) ==> C2H2(g)+ Ca(OH)2(s)
Compute the final celsius temperature of sulfur dioxide : Calculate the final Celsius temperature of sulfur dioxide if 0.500 L of the gas at 35°C and 650 mmHg is heated until the pressure reaches
What are the sexes of pat and robin : Are Pat and Robin's parents both normal or does one of them have Angelman or Prader-Willi syndrome? If one of them has a disorder, explain why it is the mother or the father.
What is the amount of gain or loss on transaction : Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $30,000. What is the amount of the gain or loss on this transaction?
Find the standard deviation of number of requests : What is the standard deviation of the number of requests in a 10 hour work day? Give your answer to four decimal places.
Preferred stockholders and common stockholders : If 300,000 is to be distributed as a dividend for the current yearr, what total amount will be distributed to preferred stockholders and common stockholders?
Prepare journal entries for the given transactions : Prepare journal entries for the above transactions and any refund owing with respect to the forfeited shares was refunded to the former shareholders on 20 January 2014.
Expansion from which all americans benefited : claimed that the accumulation of wealth by capitalists was a small price to pay for the economic expansion from which all Americans benefited.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Amount of accrued interest payable

The amount of accrued interest payable that should be shown on the December 31, 1998 balance sheet is ?

  How can the conflict best be resolved

Corporate executives are pressured between conflicting interests of internal and external stakeholders. Provide a specific example of such a conflict. How can the conflict best be resolved?

  Understanding of the statement

Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement.

  Earning normal profit in the long run

A firm will only earn normal profit in the long run: a) if firms can freely enter or leave the market b) if firms do not try to maximize profit c) only if the industry is perfectly competitive d) whenever products are not differentiated

  Division relevant to operating range

The Red Car Division has excess capacity and the 1,000 units can be produced without interfering with the current outside sales of 5,000. The 6,000 volume is within the division's relevant operating range.

  What is the interest expense for the first and second year

on january 1 f the current year, feller corporation issued $3000000 of 10% debenture bonds on a basis to yield 9%,receiving $3134580. interest is payable annually on december 31 and the bonds mature in 6 years.the effective interest method is used..

  Examples of intangible assets

What are intangible assets? Can you provide a few examples? Why are these important, and how are they recorded?

  Explain the doctrine of substance over form

An acquaintance of yours is considering acquiring bonds as an investment. Your friend states "I will only invest in bonds that sell at a discount. I can't imagine why a person would pay more than maturity value for the bond. That appears to be pla..

  How is the allowance account related to bad debt expense

let's talk about the accounting issues related to valuation of accounts receivable and why they are important. Please include the methods for estimating the allowance for bad debt expense in your discussion. How is the allowance account related to..

  What should milley do

Jonathan Milley, the accountant for Bling Sound, Inc. has just completed a review of the General Ledger and is about to begin the adjusting process. His boss, Cantsing has asked to speak to him concerning an outstanding accounts receivable from GG..

  Which type of business organization will meet desean

Which type of business organization will meet Desean's needs best and why? Discuss possible issues and/or limitations Desean may encounter as a result of choosing this business organization compared with others.

  What action do you recommend jamestown take

What are Jamestown's options regarding the treatment of these three customers? Based on this initial customer profitability analysis, what action do you recommend Jamestown take with each of these three customers?

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