What is the accumulated depreciation for the machine

Assignment Help Accounting Basics
Reference no: EM132715648

Question - Company A sold a machine and recorded a gain of $5 million on income statement. The proceeds from the sale are $10 million. The original cost of the machine is $20 million. What is the accumulated depreciation for the machine when it was sold (in millions)?

1. In its 2013 annual report, Starbucks reported the following (in millions):

Total expenses $14,883.4

Cost of goods sold $11,914.8

Net income $8.8

2. What amount of revenues did Starbucks report for the year?

3. Which of the following accounts will not be affected by the sale of a long-term asset?

Reference no: EM132715648

Questions Cloud

Determine the nonvalue-added cost of each activity : Retesting reworked products, cost: $484,000. The retesting cost of the most efficient competitor is $225,000. Determine the nonvalue-added cost of each activity
Determine the standard unit of materials cost per pound : Kandi Co. uses standards to control its materials cost. Determine the Standard unit of materials cost per pound for a standard batch.
Calculate the sales volume in dollars needed : He is worried that per-tonne selling prices will decline by 10% and variable costs will increase by $40 per tonne. Calculate the sales volume in dollars needed
Calculate the firm gross profit margin of the company : Aurora Lighting Ltdhas the following income statement items: sales of $12000 000; operating expenses of $1500 000; cost of goods sold of $4000 000
What is the accumulated depreciation for the machine : The original cost of the machine is $20 million. What is the accumulated depreciation for the machine when it was sold (in millions)
Calculate the monthly standard deviation : Download to a spreadsheet the last three years of monthly adjusted stock prices for Coca-Cola (KO), Citigroup (C), and Pfizer (PFE).
Find the real value of this amount and add it to the rental : What is the maximum amount of dollars that he could borrow in period 1? Find the real value of this amount and add it to the rental value of period 1
Calculate the net present value of planned investment : The director of XYZ Fried Chicken is evaluating a proposal to open a fast food restaurant in a university campus. The restaurant will cost $14.5 million to open
Find the original cost of the asset : A salvage value of $6,000. If the machine is sold for $16,000 and a gain of $4,000 is recognized, find the original cost of the asset

Reviews

Write a Review

Accounting Basics Questions & Answers

  Effect of the sale of the land

Chelsea, who is single, purchases land for investment purposes in 2005 at a cost of $22,000. In 2010, she sells the land for $38,000. Chelsea's taxable income without considering the land sale is $85,000. What is the effect of the sale of the land..

  On january 1 2013 princess corporation leased equipment to

on january 1 2013 princess corporation leased equipment to king company. the lease term is 10 years. the first payment

  What is the company contribution margin percentage

Bikes Manufacturing produces and sells children's bikes at an average price of $120. Its costs are as follows: direct materials. $12; direct labour.

  Victoria hair salon styles hair in three operations washing

victoria hair salon styles hair in three operations washing cuttingsetting and drying and charges 25 per styling. each

  Record the payroll entry and payroll tax entry for the pay

Record the payroll entry and payroll tax entry for the pay of the week ended June 5 ( his year to date pay is $31,500). Use a General Journal

  Make the journal entry to record the transfer on the books

Mountain High Ice Cream Company, Make the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met.

  Prepare journal entries as of january 12 to record the

prepare journal entries as of january 12 to record the payroll and the payroll taxes for the week ending january 8.

  What the measure most helpful in preventing fraud is

What the measure most helpful in preventing fraud is? Which refers to the basis for undertaking a fraud investigation. Predication

  At the beginning of the current fiscal year the balance

at the beginning of the current fiscal year the balance sheet of cummings co. showed liabilities of 219000. during the

  Problem regarding the static and dynamic routing

A network engineer is troubleshooting a small LAN network with one border router, GW01 that connects to the Internet Service Provider's (ISP) network. GW01 uses its Serial 0/2/1 interface to connect to the ISP's router. Everyone on the LAN network..

  Determine the amount of goodwill

Determine the amount of goodwill (or bargain purchase) arising out of the acquisition if the purchase consideration paid was $1,000,000 cash

  Prior to the last weekly payroll period of the calendar

prior to the last weekly payroll period of the calendar year the cumulative earnings of employees a and b are 106150

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd