User Account

All Pages

What is the book value of the asset at the time of sale

Assignment Help Accounting Basics
Reference no: EM13929036

A plant asset with a cost of $50,000 and accumulated depreciation of $41,000 is sold for $10,000. 

Required: 

a. What is the book value of the asset at the time of sale? 

b. What is the amount of gain or loss on the disposal? 

c. How would the sale affect net income (increase, decrease, no effect) and by how much? 

d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much? 

e. How would the event affect the statement of cash flows (inflow, outflow, no effect) and in what section?

Reference no: EM13929036

Questions Cloud

String formed from the letters of a string : A mirror has the following pattern: LmR where L is a (possibly empty) string formed from the letters of a string, and R is the reverse of the string L. m is an pivot string whose characters are not in L or R. For example, the following strings have t..
How communication involved in carrying out these strategies : Identify and analyze three strategies you feel are critical to for leaders to apply when facilitating collaborative sessions. How is communication involved in carrying out these strategies?
How cloud based office productivity software is different : Remember to state business problem, articulate the current setup, explain how cloud based office productivity software is different, and how it benefit the business
Problem regarding the accounting software memo : Your department's accounting software is extremely outdated and you have included the purchase of new software in this year's fiscal budget. You have decided it is time to start looking into purchasing your company's accounting software and have c..
What is the book value of the asset at the time of sale : How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect) and by how much?
External equity financing : Gardial GreenLights, a manufacturer of energy efficient lighting solutions, has had such success with its new products that it is planning to substantially expand its manufacturing capacity with a $10 million investment in new machinery.
Stock split : JPix management is considering a stock split. JPix currently sells for $65 per share, and a 3-for-2 stock split is contemplated. What will be the company's stock price following the stock split assuming that the split has no effect on the total marke..
Choosing accounting software : Write a 200- to 300-word response to the above article. Identify the different types of accounting software. Provide the names of different software programs for each type of software.
Residual distribution model : Puckett Products is planning for $1.8 million in capital expenditures next year. Puckett's target capital structure consists of 60% debt and 40% equity. If net income next year is $3 million and Puckett follows a residual distribution policy with all..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Rebecca and walter bunges have been married

Rebecca and Walter Bunges have been married for 5 years. They live at 883 Scrub Brush Street, Apt. 52B Las Vegas Nevada 89125. Rebecca is a homemaker and Walt is a high school teacher.

  Lee holmes deposited 15000 in a new savings account at 9

lee holmes deposited 15000 in a new savings account at 9 interest compounded semiannually. at the beginning of year 4

  The following items appeared in accounting records of

the following items appeared in the accounting records of trigueros a retail music store that also sponsors concerts.

  Determine the breakeven units and sales for the company

The fixed costs expenses are INR 1,000. The selling price of the purse is INR 20. Determine the breakeven units and sales for the company.

  Prepare journal entries to account for income taxes

Updike and Patterson Investmens inc (UPI) holds equity investments with a cost basis of $250,000. UPI accounts for these investments as available-for-sale securities.

  Determine the cost of each product line using abc what is

hi-voltagenbspnbspnbspnbspslimlife nbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspproduction

  Prepare journal entries that troy corporation

On May 11, Sydney Co. accepts delivery of $40,000 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point.

  The bond has a face value of 100000 and matures in 10 years

abc company buys a bond as an available for sale security. the bond has a face value of 100000 and matures in 10 years.

  Goods inventory under each costing approach

In Henderson Company, 50,000 units are produced and 40,000 units are sold. Variable manufacturing costs per unit are $6 and fixed manufacturing costs are $120,000. the cost of the ending finished goods inventory under each costing approach is:

  Current state of the process for a car dealership

Create an MS PowerPoint Presentationin which you evaluate the current state of the process for a car dealership

  Finished goods inventory is 190000 if overhead applied to

finished goods inventory is 190000. if overhead applied to these goods is 72000 and the overhead rate is 120 of direct

  Your client controls the existence and occurrence of sales

your client controls the existence and occurrence of sales by having the computer program match the information

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd