User Account

All Pages

How much is the gain or loss on sale of furniture on july

Assignment Help Financial Accounting
Reference no: EM132996005

The furniture and fixtures of NCT Company on January 1, 2021 had a cost of P4,000,000 and were all acquired at the beginning of 2017. The furniture and fixtures were depreciated using SYD and its estimated useful life is 10 years. On July 1, 2021 some furniture and fixtures were sold for P300,000. This furniture was originally acquired at P800,000.

Problem 1: How much is the gain or loss on sale of furniture on July 1?

Reference no: EM132996005

Questions Cloud

Calculate the cross-over rate of the two projects : Calculate the NPV of Project, Y. Compare to the NPV of Project, X. Which project is better using the NPV criterion? Calculate cross-over rate of two projects.
How much is the amount of revaluation surplus : How much is the amount of revaluation surplus when the asset is revalued? NCT Company applies revaluation accounting to plant assets with a carrying value.
Prepare the journal entries to record each bond transaction : Prepare the journal entries to record each bond transaction at the date of issuance. On January 1, 2020, 1,100, 6%, 5-year, $1,000 bonds dated January.
Prepare a schedule of cash receipts for april, may and june : The firm expects to have a cash balance of $5,000 on hand as at April 1. Prepare a schedule of cash receipts for April, May and June
How much is the gain or loss on sale of furniture on july : The furniture and fixtures of NCT Company on January 1, 2021 had a cost of P4,000,000. How much is the gain or loss on sale of furniture on July 1?
What the total amount of depletion that nct should record : What the total amount of depletion that NCT should record for 2021 is? In March, 2021, NCT Co. purchased a coal mine for P6,000,000.
Promote good base products : Good Base is a brand of Korean Ginseng Company (??KGC). KGC has different products and services in beauty and health, and Good Base is a health care product. E.
Maintain the stability and integrity of the country : The role of the government in financial regulation is to maintain the stability and integrity of the country's capital markets. These are the bond market, the e
Determine the net income using only the costs indicated : Determine the net income (using only the costs indicated above), under each of the Nomial dollar capital maintenace assumptions

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