User Account

All Pages

Compute how much is gain or loss for the equipment sale

Assignment Help Accounting Basics
Reference no: EM132485319

Question - Adelphi Company purchased a machine on January 1, 2017, for $60,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. Adelphi sold the machine on January 1, 2021 for $20,000. Adelphi uses the double declining method for depreciation. Using this information, compute how much is the gain or (loss) for the equipment sale entry made on January 1, 2021. Enter a loss as a negative number.

Reference no: EM132485319

Questions Cloud

What is the yield on the five-year corporate bond : What is the yield on the five-year corporate bond. A 10-year Treasury bond yields 6.5%, and a 10-year corporate bond yields 10.0%.
Differences between resource loading and resource leveling : What are the differences between resource loading and resource leveling? Can one please provide an example of when each technique would be used.
What is the maturity risk premium for the year security : A. 2-year Treasury security yields 6.45%. What is the maturity risk premium for the 2-year security? Round your answer to one decimal place.
Diverse backgrounds in an appropriate : Why do you think it is necessary to communicate with people from diverse backgrounds in an appropriate or different way?
Compute how much is gain or loss for the equipment sale : Adelphi Company purchased a machine on January 1, 2017, for $60,000. Compute how much is gain or loss for the equipment sale entry
Calculate the expected rate of return and standard deviation : Calculate the expected rate of return and standard deviation for each investment. (Do not round intermediate calculations. Enter your answers as a percent)
Compute the total payroll tax expense for Baltimore Company : Barbara earns $14 per hour and worked 49 hours for the week ended January 13, 2019. Compute the total payroll tax expense for Baltimore Company
Draw the line on contingency plans : In project management, where do you draw the line on contingency plans? How do you know which risks are worth of contingency plans and which aren't?
Analysis and recommendations in support of business : Create a Microsoft Excel workbook with four worksheets that provides extensive use of Excel capabilities including charting, and written analysis

Reviews

Write a Review

Accounting Basics Questions & Answers

  The textbook discussion of the budgetary cushion rule

Based on your computation and the textbook discussion of the budgetary cushion rule of thumb, assess the city ability to withstand a potential near term economic contraction.

  What is the total assets amount at year end

Lex Inc. reported the following items for the current year. What is the total assets amount at year end?

  If this order arrives 1 hour after this process started

dum-dum sales has to process the orders for tickets after then come in. the orders are batched until the end of the day

  Determine the tax consequences to anne

Determine the tax consequences to Anne and to the partnership on the contribution of the property to the partnership

  Determine how the loan will be reported

Reporting Current and Noncurrent Portions of Long-Term Debt Assume that on December 1, 2008, your company borrowed $14,000, a portion of which is to be repaid.

  Prepare the appropriate journal entry to record the award

Determine the total compensation cost pertaining to the restricted shares. Prepare the appropriate journal entry to record the award on January 1, 2009

  Manufactures two types of vases

Rose Incorporated manufactures two types of vases, small and large. The following per-unit data are available.

  Prepare a merchandise purchases budget for the given months

The Candy Shoppe reports the following sales forecast: August, $110,000; September, $120,000. Cash sales are normally 25% of total sales and all credit sales.

  Adjustment to recognize the cost of supplies

When a firm purchases supplies for use in its business, and the cost of the supplies purchased is recorded as an asset, the following adjustment to recognize the cost of supplies used will probably be required:

  Prepare a schedule to determine the gross profit

Mojave sold her condominium for $500,000 on September 14, 2010; she had paid $330,000 for it in 2002. Mojave collected the selling price as follows: 2010, $80,000; 2011, $320,000; and 2012, $100,000. Mojave appropriately uses the installment-sales..

  All financial instruments are recorded at fair value

Under IFRS: the entry to record estimated uncollected accounts is the same as GAAP.

  Prepare all entries required to properly record the sale

The bonds are sold on August 1, 2011 for $425,000 plus accrued interest. Prepare all entries required to properly record the sale

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