User Account

All Pages

What was the impact on net income of the sale

Assignment Help Accounting Basics
Reference no: EM132583477

Question 1: Machinery is bought on January 1, Year One for $500,000 with a ten-year expected life and a salvage value of $50,000. It is to be depreciated using the double-declining balance method. The half-year convention is not being applied. The asset is sold on July 1, Year Three for $300,000 in cash. What was the impact on net income of the sale ?

Reference no: EM132583477

Questions Cloud

What should be reported as the cost of companys land : The new building was constructed for $4 million. A parking lot was also built at that time for $160,000. What should be reported as the cost of companys land
Find how is the expenditure recorded : Find How is this expenditure recorded ? The company spends another $27,000 on this truck for the sole purpose of extending its life by three additional years.
What is the magnitude of the frictional torque : If the moment of inertia of the wheel about its axle is 0.26 kg·m2, what is the magnitude of the frictional torque?
How fast was the moving car going : How fast was the moving car going? Was it moving toward or away from the police car?
What was the impact on net income of the sale : The half-year convention is not being applied. The asset is sold on July 1, Year Three for $300,000 in cash. What was the impact on net income of the sale ?
Find the amount of revenue and gross profit to be recognized : Find the amount of revenue and gross profit to be recognized each year Prepare the all necessary journal entries for each year.
Description of what the study was about : In your paper, make sure to discuss the following: A very brief description of what the study was about & what your participation entailed
How the motion of object 2 differs : Describe, using a clear, complete sentence, how the motion of object 2 differs from the motion of object 1. Explain how you know.
Prepare entry to record the sale on nandini on april : Prepare adjusting entry to record the investments at fair value at 12/31/15 Prepare entry to record the sale on Nandini on April 1, 2016

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