User Account

All Pages

How much gain or loss will they encountered

Assignment Help Financial Accounting
Reference no: EM132963801

Question - On January 1, 2019 Kent Comp. purchased a machine for P5,000,000. The entity paid shipping expenses of P50,000 as well as installation cost of P120,000.

The machine was estimated to have a useful life of ten years, an estimated residual value of 300,000 and the double declining balance method is used.

In January 2021,, additions costing P360,000 were made to the machine in order to comply with pollution control ordinances. These additions neither prolonged the life of the machine nor did they have any residual value. In the same year the management decided to shift to straight line method of depreciation

Required -

a. What is the depreciation expense for Dec. 31, 2021?

b. If the company. Sold the machine on Dec. 2022 for P3,500,000 how much gain or loss will they encountered.

Reference no: EM132963801

Questions Cloud

Advantages and disadvantages of employee referrals : What are the advantages and disadvantages of employee referrals?
What is the accumulated depreciation for Dec : The building was renovated on January 1, 2016 at a cost of p760,000. What is the accumulated depreciation for Dec. 31, 2020
Determine the types of conflicts : Address the following: Determine the types of conflicts can that arise and identify their contributing factors.
Describe the technology-based training methods : Managers and trainers should consider using technology-based training methods even though traditional training methods can be effective. Examine four (4) condit
How much gain or loss will they encountered : If the company. Sold the machine on Dec. 2022 for P3,500,000 how much gain or loss will they encountered
Why was cara upset by what paula said : Ms. Jacobson has severe dementia and tends to tell stories repeatedly. Cara is a nursing assistant coming on shift to replace Paula. Paula says, "Ms. Jacobson i
Explain what is static budget means and how it works : Question - Explain what is budgeting means and how its works? Explain what is static budget means and how it works
Find the overall break-even point for the entire company : If the sales mix were to shift toward Product C66G with total dollar sales remaining constant, find the overall break-even point for the entire company
What is flux rate of labour turnover : What is Flux Rate of Labour Turnover? How is it determined? What do you mean by "Economic Batch Quantity" in Batch Costing

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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