User Account

All Pages

Explain the effects of the disposal of an asset.

Assignment Help Accounting Basics
Reference no: EM13972671

Problem E8-14: Recording the Disposal of an Asset at Three Different Sales Prices Marriott International is a worldwide operator and franchisor of hotels and related lodging facilities totaling over $1.4 billion in property and equipment. It also develops, operates, and markets time-share properties totaling nearly $2 billion. Assume that Marriott replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) $6,000,000 Accumulated Depreciation $5,500,000 Required 1. Give the journal entry for the disposal of the furniture, assuming that it was sold for a. $500,000 cash b. $1,600,000 cash c. $400,000 cash 2. Based on the three preceding situations, explain the effects of the disposal of an asset.

Reference no: EM13972671

Questions Cloud

Pension contributions to go untaxed : What if Hank had contributed $42,000 to the plan and none of the $42,000 were taxed (i.e., the tax law allows certain pension contributions to go untaxed during the contribution period)?
Creat a presentation on theory of cognitive development : Creat a presentation on Theory of Cognitive Development. Summarize the underlying principles or ideas for this theory/approach.
Explain how to improve the workplace : The Field of Organizational Development - An Introduction to Organization Development - give a one- page summary, and opinion of Organization Development. by using the lack of leadership example in the workplace, and explain how to improve the wor..
Contract in the year of death : Assume the same facts as in part b and that Annika dies on August 4, 2027. How does the executor of Annika's estate account for the contract in the year of her death?
Explain the effects of the disposal of an asset. : Problem E8-14: Recording the Disposal of an Asset at Three Different Sales Prices Marriott International is a worldwide operator and franchisor of hotels and related lodging facilities totaling over $1.4 billion in property and equipment.
Executor of minnie estate account : Assume that the accident does not occur until November 1, 2034. How does the executor of Minnie's estate account for the annuity on her 2034 return?
Does the direction of interest rates : Discuss the impact of the current level of interest rates on capital budgeting decisions namely Net Present Value. Consider the current bond yield curve. Does the direction of interest rates affect your prior assessment?
Determining the report income : Determine whether any income must be recognized in each of the following situations, as well as who must report income, how much that taxpayer should report, and when that taxpayer will report the income:
Enhancing the product portfolio of procter and gamble : This essay is based on enhancing the product portfolio of Procter and Gamble (P&G) with a consideration and review of Ansoff's matrix

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the amount of the annual rental payment required

glaus leasing company agrees to lease machinery to jensen corporation on january 1 2014. the following information

  Adani inc sells goods to geo company for 11000 on january 2

adani inc. sells goods to geo company for 11000 on january 2 2012 with payment due in 12 months. the fair value of the

  The sis company issued 600000 of 12 bonds on january 1 2008

the sis company issued 600000 of 12 bonds on january 1 2008. the bonds were sold for 664190 and they were expected to

  The building was completed and ready for occupancy on

on april 1 paine co. began construction of a small building. payments of 180000 were made monthly for four months

  You have invested 40 percent of your portfolio in an

you have invested 40 percent of your portfolio in an investment with an expected return of 12 percent and 60 percent of

  Dubois inc wishes to accumulate 1322500 by december 31 2022

a dubois inc. has completed the purchase of new dell computers. the fair value of the equipment is 825400. the purchase

  David oliver and umar ansari with capital balances of 28000

david oliver and umar ansari with capital balances of 28000 and 35000 respectively decide to liquidate their

  The production department has been investigating possible

the production department has been investigating possible ways to trim total production costs. one possibility

  Peg co leased equipment from howe corp on july 1 2013 for

peg co. leased equipment from howe corp. on july 1 2013 for an eight- year period expiring june 30 2021. equal payments

  Allocate indirect costs to the three divisions using each

cost allocation to divisions rembrandt hotel and casino is situated on beautiful lake tahoe in nevada. the complex

  Correct piece of the journal entry

At the time of issuance, the market interest rate for similar financial instruments is 10%. Which of the following is a correct piece of the journal entry on September 1, 2010?

  Carr company produces a single product during the past year

carr company produces a single product. during the past year carr manufactured 25000 units and sold 20000 units.

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