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

  Discuss items in calculating the cost of the special order

Discuss the relevance of each of the Equipment to be used in producing the order has a carrying amount items in calculating the cost of the special order

  How would the issuance of a mortgage note in exchange

How would the issuance of a mortgage note in exchange for a building be reported on the statement of cash flows? Noncash financing and investing activity

  Evaluate what is the current price of the bond

The bond matures in 3 years and pays interest annually. The coupon rate is 7 percent. Evaluate What is the current price of this bond

  What is wacc for bartlett company

The firm will not be issuing any new stock. You were hired as a consultant to help determine their cost of capital. What is its WACC?

  What are three mechanisms that help perpetuate stereotypes

How have you seen these three mechanisms at work in the church and in the media, specifically in reference to stereotypes about Christians

  What explicit statement is required in a set of ifrs

ABC, Inc. is adopting IFRS for the first time, effective December 31, 2016. Their opening statement of financial position will be as of January 1, 2014. The IASB has issued a new standard that is effective as of January 1, 2016.

  Prepare the requested memo to the controller

Prepare the requested memo to the controller. Inventory Errors: in reviewing the documentation obtained during the December 31, 2018 inventory

  Added back to net income in statement of cash flows

Depreciation is added back to net income in statement of cash flows prepared using the indirect method because it:

  How much shall be the cumulative unrealized gain

ABC changes its business model intending to collect contractual cash flows and sell them. How much shall be the cumulative unrealized gain

  Estimate entries for sale of fixed asset

Equipment acquired on January 5, 2009, at a cost of $380,000, has an estimated useful life of 16 years, has an estimated residual value of $40,000, and is depreciated by the straight-line method.

  Calculate break-even and prepare a cash budget for january

Calculate break-even in units - calculate break-even in pounds if the sales price increases by 10% and fixed costs increase by £12,000.

  What were the funds to be used for specifically

What was the IPO supposed to accomplish - what were the funds to be used for specifically? Discuss the capital structure of the company noting all issues

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