Calculate gain or loss on disposal

Reference no: EM131796379

Question: Genetic Insights Co. purchases an asset for $18,864. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%, respectively. Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for $4,075.

Calculate gain or loss on disposal. Gain should be entered as a positive number.

Loss should be entered as a negative number. Round the answer to two decimals.

Reference no: EM131796379

Questions Cloud

Which course of action will produce the highest net income : Compute the net income that would result from each of the independent actions. Which course of action will produce the highest net income

Explain why this is an incorrect interpretation : Rodents A scientist is interested in studying the effects that applying pesticide to crops has on the local rodent population.

Project lessons learned and project retrospectives : What are the distinguishing characteristics between project lessons learned and project retrospectives?

Discuss net position for the fiscal year ending june : In its statement of revenues, expenses, and changes in net position for the fiscal year ending June 30

Calculate gain or loss on disposal : Genetic Insights Co. purchases an asset for $18,864. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation.

What is the amount of cash that shin company receives today : The present value factor for 4 periods, 6% is 0.7921. What is the amount of cash that Shin Company receives today

Discuss what should be the adjusted balance of allowance : What should be the adjusted balance of Allowance for Doubtful Accounts at December 31, 2012

What is the expected rate at which the firm could grow : Suppose another lender allows a maximum debt-to-equity ratio of 2.5, with an interest rate of 9% and a standard deviation of 4%.

Manufacturing execution system : A manufacturing execution system (MES). The purpose of the shop floor control subsystem is to.

User Account

All Pages