Compute how much is the gain or loss on the sale

Assignment Help Financial Accounting
Reference no: EM132693442

B&B Company acquired a truck that cost $110,000. The company estimated it could sell the truck for $15,000 at the end of its estimated useful life of 5 years.

Problem 1: How much is the gain or loss on the sale if straight-line depreciation is used and the asset is sold for $56,200 on December 31, Year 3?

A. $15,200 loss
B. $16,800 loss
C. $17,000 gain
D. $10,200 gain

Reference no: EM132693442

Questions Cloud

Different types of inventory management : Identify and discuss the different types of inventory management.
Part of obtaining position is interviewing : An essential part of obtaining a position is interviewing. Tell me about yourself. What are your strengths and weaknesses?
Find revenues for product : Incurred to produce 180 units of X and 140 units of Y, respectively. In order to justify processing further at the splitoff point, revenues for product
What new cryptographic systems : Describe in detail what new cryptographic systems you are going to propose, how they work, and how they will enhance security.
Compute how much is the gain or loss on the sale : Compute How much is the gain or loss on the sale if straight-line depreciation is used and the asset is sold for $56,200 on December 31, Year 3?
Discuss the nurses role in the policy development model : Discuss the nurse's role in the policy development model. Talk about the policy meeting you have attended or will be attending.
Which type of accounting do think is used by berry plastics : Berry Plastics, Bristol, RI has two job opportunities for a Coating Machine Take-up Operator. Which type of accounting do think is used by Berry Plastics?
Compute what equivalent units of production for materials : Find what are the equivalent units of production for materials? The Cutting Department's output during the period consists of 22500 units
Create a powerpoint presentation with a realistic case study : You will create a PowerPoint presentation with a realistic case study and include appropriate and pertinent clinical information that will be covering the.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Describe the parliament committee concerns

Describe the parliament committee's concerns from a capture theory perspective. You should first explain capture theory and link the theory

  Calculate the total present value of all payments received

Sandy Beach purchased an investment contract on January 1, 2006. The investment will pay Sandy $5,000 at the end of every year for the years 2006 - 2012. The investment will pay Sandy $10,000 at the end of 2013 and will pay Sandy $20,000 at the end o..

  What was the firm operating cash flow

The 2013 balance sheet of Maria's Tennis Shop, Inc., showed long-term debt of $6.2 million, and the 2014 balance sheet showed long-term debt of $6.4 million. The 2014 income statement showed an interest expense of $215,000. Suppose you also know that..

  Market interest rate on the issue date

Northend Company issued 6%, 10-year bonds with a par value of $100,000. Interest is paid semiannually. The market interest rate on the issue date was 10%, and the issuer received $95,016 cash for the bonds. On the first semiannual interest date, what..

  What is advertising elasticity at a price

assuming the given advertising budget. What is advertising elasticity at a price of $2? Give an interpretation of the advertising coefficient.

  Dividends per share on each class of stock

Triple Z Inc. a developer of radiology equipment, has stock outstanding as follows: 12,000 shares of cumulative preferred 2% stock, $150 par and 50,000 shares of $10 par common. During its first four years of operations, the following amounts were di..

  What might be the new optimal production plan

The Harmon Music Company produces a variety of instruments. Because the company is small it would like to minimize the amount of money tied up in inventory by matching production iwth demand. ONe of the instruments produced is the model 85C trumpet w..

  Provide repair and maintenance coverage

Identify several of the variable, mixed, and fixed costs that the Polaris services department is likely to incur in carrying out its services and how do you expect the costs identified in part 1 to change, if at all?

  Are other reasons to prefer the immediate recognition method

Do you agree that the correct decision been made from the point of view of the conceptual framework? Defend your view with a comprehension argument

  How much should bonita record as the cost of the machine

Assuming that a prevailing interest rate of 8% applies to this contract, how much should Bonita record as the cost of the machine? (Round factor values)

  Calculate the selling price of an order for printing

Quickprint a jobbing printer, recovers production overheads at £2.50 per direct labour hour - Calculate the selling price of an order for printing wedding invitations.

  Are all indirect costs fixed costs

Are all indirect costs fixed costs? Are there circumstances in which prices should be set to cover variable cost rather than full costs? Explain

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd