User Account

All Pages

Calculate the amount of the gain amount

Assignment Help Financial Accounting
Reference no: EM132929070

Question - On June 1, 2028 June 1, 2028, Ba9-Uz7 Company paid $176,000 to purchase equipment. The equipment was assigned a useful life of 15 years and a residual value of $1,400. The equipment will be depreciated using the straight straight line method line method.

On November 1, 2034 November 1, 2034, XYZ Company sold the equipment for $124,000 cash.

Calculate the amount of the gain amount of the gain recorded on the sale of the equipment.

Reference no: EM132929070

Questions Cloud

Explain the steps to apply lateral thinking approach : Explain the steps to apply "Lateral Thinking" approach at work for the innovation purpose.
Plan and design a wireless network : Case Study and Presentation - plan and design a wireless network for the hospital using any industry tool of your choice. Citation of sources is mandatory
What else should be recognised in the books : Apart from an increase in accounts payable, what else should be recognised in the books of AccSol Ltd on 8 June
Implementing proper security controls and technologies : According to authors, privacy and security go hand in hand and hence, privacy cannot be protected without implementing proper security controls and technologies
Calculate the amount of the gain amount : On November 1, 2034 November 1, 2034, XYZ Company sold the equipment for $124,000 cash. Calculate the amount of the gain amount
Importance of international human relations in society : What is the importance of international human relations in society today and give some feedbacks about the international human relations
Explain best fit and best practices perspectives : What is the differences between the best fit (strategic business-based) and the best practices perspectives. In your opinion, which is superior and why?
What is Nancy total profit achieved : If Nancy then sells the coupons to Jade, who wishes to yield j = 4%, What is Nancy's total profit achieved from her investment
Significant impact on digital forensics : Describe the plain view doctrine, and why it has such a significant impact on digital forensics?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much does the forecasted cash amount deviate

How much does the forecasted (plug) cash amount deviate from normal? Does this difference warrant an adjustment to forecasted cash?

  Legal authority to determine financial reporting

Which of the following has the legal authority to determine financial reporting in the United States? (I chose FASB, but was wrong. is it the SEC?)

  Amount of income tax expense will appear on income statement

Timber Corp. began the year with a balance in its Income Taxes Payable account of $10,000. The year-end balance in the account was $14,000. Therefore, it presents the amount of income taxes paid at the bottom of the statement as a supplemental disclo..

  Find and list four types of earnings

List four types of earnings that would be included in Block 15A and/or Block 15B and state which pay period each earning would be allocated to

  Discuss briefly firm with good firm value

Discuss on the presentation and disclosure for provisions, contingent liabilities and contingent assets in accordance with MFRS 137.

  Liquidity position-calculate the operating cash cycle

Hercules Wholesalers Ltd has been particularly concerned with its liquidity position in recent months. Explain why Hercules Wholesalers Ltd is concerned about its liquidity position. Calculate the operating cash cycle for Hercules Wholesalers Ltd.

  Determine amount of any goodwill impairment

Alomar Co, a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, sellers, emarged as a candidate for possible goodwill impairment. Determine the amount..

  What is spritzer gross profit percentage

What is Spritzer?'s gross profit percentage and rate of inventory turnover for 2014? Spritzer Company made sales of $33,600 million

  What xyz should recognize compensation expense

As a result of the option granted to Williamson, using the fair value method, XYZ should recognize compensation expense for 2018 on its books in the amount of

  What was the cost of the machine to cloud

The present value of an annuity due for five periods at 8% is 4.31213. What was the cost of the machine to Cloud

  Calculate the cost of goods sold and gross profit

Calculate the Cost of goods sold and Gross profit.Beavercreek Company sold 14,000 jars of its organic honey in the most current year

  How much should have invested fifteen years ago

How much should you have invested 15 years ago? What is the effective annual interest rate (EAR) you would get for your investment in the first 10 years?

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