User Account

All Pages

Calculate tax paid on gain on disposal

Assignment Help Financial Accounting
Reference no: EM132952258

Question - Genetic Insights Co. purchases an asset for $16,440. 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 $4,273. Calculate tax paid on gain on disposal.

Reference no: EM132952258

Questions Cloud

Developing the scheduling system : 1. Housekeeping is one of the departments in the hotel that must work every holiday because the hotel is open and often very busy. Assume you have a housekeepin
Experience in five-star restaurants in hungary : Mr. Aslam (Moroccan) works as a full-time chef in the busy well-known fine dining Harbourside Restaurant at Watson's Bay. The restaurant seats 160 persons, when
How do computer-assisted procedures impact this audit : How do computer-assisted procedures impact this audit? How might this enable the auditor to better understand the business and its environment
Draw up a finished goods inventories budget : Draw up a finished goods inventories budget, a raw materials inventories budget and a cash budget for the six months from January to 30 June
Calculate tax paid on gain on disposal : Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for $4,273. Calculate tax paid on gain on disposal
What the carrying value of lease liability as of December : Koko Company leased a warehouse from Crunch Company on December 31, 2020. What the carrying value of lease liability as of December
Analysis of financial statement and cash flow : Calculate the following ratios: 1. Current ratio 2. Debt Ratio 3. Time interest earned 4. Average collection period 5. Inventory turnover
What the amount of research and development costs charged : What the amount of research and development costs charged to Nicole Corporation's 2019 Income statement
What profit will be earned : Sales (200,000 units @ 2.5 Each) Rs. 5,00,000. Suppose the plant operated at full capacity after the expansion what profit will be earned

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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