Compute parson s gain or loss on the sale of truck

Assignment Help Financial Accounting

Reference no: EM13143939

Person Dot Company sold a delivery truck on July 1, 2005, for $5,000. The original cost of the truck was $30,000. Each December 31, Parson s recognized $4,500 of depreciation using the straight-line method. On January 1, 2005, the accumulated depreciation was $22,500. The liquidation value for the truck is $3,000 on July 1. Compute Parson s gain or loss on the sale of the truck.

Reference no: EM13143939

Questions Cloud

Journal and the cash disbursements : Use the purchases journal and the cash disbursements journal to record these transactions. Prepare a schedule of accounts payable. There were no accounts payable on May 1.

Find probability that there are no customers in diner : Service times are exponentially distributed and average 24 per hour. Customers that arrive when all seats are taken do not enter the diner. The probability that there are no customers in the diner is?

What are some of the potential drawbacks : What are some of the possible benefits of recombinant DNA technology and genetic engineering? What are some of the potential drawbacks?

Define face and ultimately improve the complexion : Monochloroacetic acid (HC2H2ClO2) is a skin irritant that is used in "chemical peels" intended to remove the top layer of dead skin from the face and ultimately improve the complexion.

Compute parson s gain or loss on the sale of truck : the accumulated depreciation was $22,500. The liquidation value for the truck is $3,000 on July 1. Compute Parson s gain or loss on the sale of the truck.

What sales volume would two stores have equal profits : Store B has fixed costs of $200,000 per month and a variable cost ratio of 30%. At what sales volume would the two stores have equal profits?

What is the concentration of na+ : A 158-mg sample of Na2CO3 is dissolved in H2O to give 3.00L of solution. What is the concentration of Na+ in parts per million (ppm)?

What is the nucleotide sequence of the mrna transcribed : What is the amino acid sequence of the polypeptide that is produced from the mRNA strand?

Estimate true proportion of incomplete files for all loans : Estimate the true proportion of incomplete files for ALL the bank's commercial loans. Write a statement about the confidence level and the interval you find.

User Account

All Pages