Solution-Identify and analyze the effect of the sale of the

Identify and analyze the effect of the sale of the asset

Assignment Help Cost Accounting

Reference no: EM13548894

Asset Disposal Assume that Gonzalez Company purchased an asset on January 1, 2008, for $60,000. The asset had an estimated life of six years and an estimated residual value of $6,000. The company used the straight-line method to depreciate the asset. On July 1, 2010, the asset was sold for $40,000.

Required

1. Identify and analyze the effect of the transaction for depreciation for 2010. Identify and analyze the effect of the sale of the asset.

2. How should the gain or loss on the sale of the asset be presented on the income statement?

Reference no: EM13548894

Questions Cloud

Find the maximum gravitational force between the two moons : Ekapluto is an unknown planet that has two moons in circular orbits. Moon A: Mass = 4x10^20 kg Orbital radius = 2x10*8 m orbital period = 4x10^6 s, find the maximum gravitational force between the two moons

Current ratio and working capital have changed : Calculate the current ratio and working capital for 3M for 2008 and 2009 - How would its current ratio and working capital havechanged?

Prepare separate entries for each transaction : Prepare separate entries for each transaction on the books of Rebecca Company and prepare separate entries for each transaction for Clinton Company

Evaluate how far from the lens is the image : A negative lens has a focal length of -24 cm. An object is located 8 cm from the lens. How far from the lens is the image

Identify and analyze the effect of the sale of the asset : Identify and analyze the effect of the sale of the asset - how should the gain or loss on the sale of the asset be presented on the income statement?

Find the maximum in-plane shear stress : A weight of 50lb is hung from the end of a pressurized pipe. The weight is applied at the centroid, so there is no torque pointing to the right. Find the maximum in-plane shear stress at the location of the element

State reversible adiabatic expansion from an initial volume : Calculate q,w,delta u,delta h if 1.65mol of an ideal gas with cv,m= 3r/2 undergoes a reversible adiabatic expansion from an initial volume Vi= 7.75 m3 to a final volume Vf= 20.5 m3. The initial temperature is 300 K.

What is the actual distance of the rock below the surface : A rock appears to lie just 38 cm below the surface of a smooth stream when viewed from above the surface of the stream. what is the actual distance of the rock below the surface

Explain what is the length of the tape in feet : If an audiotape playing at a speed of 1.875 in. s -1 takes 45.0 min to play through one side, what is the length of the tape in feet. in meters.

User Account

All Pages

Identify and analyze the effect of the sale of the asset

Reference no: EM13548894

Reference no: EM13548894

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT