User Account

All Pages

Calculate the book value at time of sale

Assignment Help Accounting Basics
Reference no: EM133164764

Question - Venkat Engineering decided to dispose of his old industrial evaporator and upgrade to a new model. He had purchased the old evaporator on January 1, 2012 for $17,400. There was no salvage/residual value and the useful life Venkat had used was 5 years. Venkat depreciated his machinery using a Straight Line basis.

On December 31, 2016, Venkat talked Chris into paying him $425 for the above referenced equipment.

a) Calculate the Book Value at time of sale.

b) Calculate Venkat's gain or loss on this sale?  Enter a loss as a negative value.

c) Journalize this sale on Venkat's books on December 31, 2016.

Reference no: EM133164764

Questions Cloud

Determine the direct labor budget for this year : Sleep tight Inc manufacturing bedding set the budgeted production is for 52700 comforters this year. Determine the direct labor budget for this year
Gabriel v albany college of pharmacy and health services : Read the synopsis of the case Gabriel v. Albany College in the "You Be the Judge" section of Chapter 12. , and how you think the court should rule. Think about
Determine the ending balances of the plan assets : Determine the ending balances of the plan assets and the projected benefit obligation and indicate the funded status of the plan for the year
Implementation of telecommuting for facilities : The productivity of the coding staff has been decreasing, and backlogs have resulted. Through a performance monitor conducted with the coding staff, you've disc
Calculate the book value at time of sale : There was no salvage/residual value and the useful life Venkat had used was 5 years. Calculate the Book Value at time of sale
Determine the total amount of liabilities : SloMo owed the following creditors: Simpson Supply Company, $17,000; Allen Office Equipment, $14,500. Determine the total amount of Liabilities
How do you develop a project budget : What are resources? What resources should you consider when determining project cost and How do you develop a project budget
How will brielle allocate the cost of this property : Land at $414,642 and Building at $572,026. How will Brielle allocate the cost of this property on the books of her law firm
Compute the basic and diluted eps : The company stock has averaged $20 in the market during the year. Compute the basic and diluted EPS

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: +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