Find the asset should be fully depreciated

Assignment Help Accounting Basics
Reference no: EM132712072

Problem 1: For an asset to be held for sale,: 1. It must be available for immediate sale in its present condition 2. Its sale must be highly probable 3. The management must be committed to a plan to sell the asset 4. The management must have an active program to locate a buyer 5. The asset must be actively marketed for sale 6. The sale should be expected to be completed within one year from the date of classification 7. The asset should be fully depreciated

A. 1 to 6 only

B. 1 to 4 only

C. 1 to 5 only

D. 1 to 7 all

Reference no: EM132712072

Questions Cloud

Which is not an objective of pas : Which is not an objective of PAS 10? To prescribe when an entity should adjust its financial statements for events after the reporting period
Evaluating human performance : Discuss the strategies used for evaluating human performance. The answer should be in points
Discuss pros and cons of leasing vs purchasing equipment : Provide an overview of the auditing strategy you will utilise to ensure the following:
What is the amount of depletion that should be recorded : In 2018, Frederick extracted and sold 135,000 tons of ore. What is the amount of depletion that should be recorded
Find the asset should be fully depreciated : The sale should be expected to be completed within one year from the date of classification 7. The asset should be fully depreciated
Outline at least two management strategies : How will you minimise environmental impact when operating your business?
How should the liability for payment of damages be accounted : How should the liability for payment of damages be accounted for in the financial statements for the year ended 30 June 2019?
Maintain successful business operations : Outline additional OH and S/WHS concerns that need to be managed and regulated to maintain successful business operations.
Explain the importance of proper interviewing protocol : In the discussion for this unit, you explored the documentary Child of Rage, with an emphasis on finding best practices and the importance of forensic protocols

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare summary journal entries to record transactions

Prepare summary journal entries to record the following transactions for a company in its first month of operations. Raw materials purchased on account, $88,000

  Post the transactions to t-accounts

Journalize the transactions. Do not provide explanations. Post the transactions to T-accounts. Prepare a trial balance at October 31, 2017.

  What are the acceptable inventory valuation methods under

what are the acceptable inventory valuation methods under the u.s. generally accepted accounting principles gaap? how

  How technology impacts materials handling

Create a 1,050- to 1,400-word field research report assessing how technology impacts materials handling and packaging discussions.

  Prepare consolidation worksheet for the business combination

Prepare consolidation worksheet for the business combination. financial records for these two companies for the year ended December 31, 2018.

  Deal of information about the entity

Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?

  On january 1 2012 equipment costing 1344000 is purchased it

the following information has been obtained for the gocker corporation.1. prior to 2012 taxable income and pretax

  Corporations income tax liability

In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2010.

  Bhemian links inc produces sausages in three production

bohemian links inc. produces sausages in three production departments-mixing casing and curing and packaging. in the

  Contracted an audit firm to audit a segment of the company

That the predecessor auditor qualified last year's audit report

  Compute basic and diluted eps for the year ended december

The bonds payable were issued at par in 2007. The tax rate for 2009 was 40% Required - Compute basic and diluted EPS for the year ended December 31, 2009

  Write up the accounts in the books of marten

On 1st October, 1961, Marten consigned goods to the value of £10,000 to Stevens, incurring expenses for freight and insurance of £600.

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