User Account

All Pages

How much is the gain or loss for the equipment sale

Assignment Help Accounting Basics
Reference no: EM132795708

Problem - Adelphi Company purchased a machine on January 1, 2017, for $50,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. Adelphi sold the machine on January 1, 2021 for $29,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale entry made on January 1, 2021.

Reference no: EM132795708

Questions Cloud

Calculate the own-price elasticity of demand : Is going to the movies a substitute or complement for DVD players? Explain your answer.
What is july expected flour purchase in kgs : What is July's expected flour purchase in kgs? Each pizza requires 0.25 kilos of flour. The business flour inventory policy is 30% of next month's production
What is total recorded cost of the scorekeeping equipment : What is the total recorded cost of the scorekeeping equipment? Kegler Bowling buys scorekeeping equipment with an invoice cost of $190,000.
What is your biggest takeaway from the section : Summarize the assigned section of the textbook. What is this section about? What is your biggest takeaway from this section? Finally, respond meaningfully.
How much is the gain or loss for the equipment sale : Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale entry made on January
Has free cash flow improved or declined : Has their free cash flow improved or declined from 2016 to 2017? Eighty percent of the net cash flow used for investing activities was used to replace
Determine a patients lung function : Describe how the FEV1/FVC is used to determine a patient's lung function and briefly explain what further information about the patient is required
What are the tax consequences of the sale to the walden : Their basis in the home was $650,000. subsequent to the sale they moved into a rented Condo. What are the tax consequences of the sale to the Walden's ?
What amount of impairment loss should HP company : What amount of impairment loss should HP company recognize at the date the asset was classified as held for sale

Reviews

Write a Review

Accounting Basics Questions & Answers

  Describe the computer security weaknesses present

Describe the computer security weaknesses present at Hill Crest Corporation that made it possible for a disastrous data loss.

  Implied condition-statement-warranty

Angela buys an 'Onion' personal computer from Future Computers Ltd. She signs a sales note in the shop which states: 'Any express or implied condition, statement or warranty, statutory or otherwise is hereby excluded'. After a week's satisfactory ..

  What was the inventory turnover ratio

Cost of goods sold, $4,000,000; average inventory, $2,000,000; net sales, $8,000,000; What was the inventory turnover ratio for 2019

  Prepare a Bank reconciliation statement on November

Collected cash of $6,244 on November 30 will be transferred to the Bank on December 1. Prepare a Bank reconciliation statement on November 30

  What is the manager roles and responsibilities

What is the Manager Roles and Responsibilities in the Work Environment?

  Identify the audit procedures to test the account

Identify six control strengths in the purchase and cash disbursement cycle. Identify the audit procedures to test the account(s).

  Prepare in general journal form the necessary entries

Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction

  What amount should m recognize as compensation expense

An option-pricing model estimates the fair value of the options to be $5 on the date of grant. What amount should M recognize as compensation expense for 2013

  Events result in a recordable transaction for the toro co

Do the following events result in a recordable transaction for The Toro Company? Answer yes or no for each. 1. Toro purchased robotic manufacturing equipment that it paid for by signing a note payable. 2. Toro's president purchased stock in another c..

  Standard deduction option for the year

Mel is not quite sure whether an expenditure he made is a deduction for AGI or a deduction from AGI. Since he plans to choose the standard deduction option for the year, does the distinction matter? Explain.

  Calculate the companys total cost variance for variable

jackson companys static budget for variable overhead and fixed overhead revealed the following information for 25000

  Write the journal entry to record carbae ltd share buyback

As of 30 June 2019,Carbae Ltd buys back the shares for a price of $0.75 per share. Write the journal entry to record Carbae Ltd's share buyback

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