User Account

All Pages

What is the annual depreciation expense for the lift truck

Assignment Help Accounting Basics
Reference no: EM133031694

Question - On Jan. 1, 2012, ABC Corproation placed into service a lift truck that had a capitalized acquisiton cost of 45,000, estimated useful life of 16 years, and estimated salvage value of 5000. ABC depreciated the truck on a straight - line basis through December 31, 2018 then sold the used ft truck for 23200.

Required -

a. What is the annual depreciation expense for the lift truck?

b. What was the lift trucks book value after recognizing depreciation on December 31, 2018?

c. What is the gain or loss (if any) on selling the lift truck?

Reference no: EM133031694

Questions Cloud

Record the general journal entry to reimburse the fund : On May 22, the petty cash fund contains $6 in cash and the following paid petty cash receipts: Record the general journal entry to reimburse the fund
What level of total sales is necessary to achieve break even : The solution sells for $6 per bottle, but only generates variable costs of $1. What level of total sales is necessary to achieve break even
Which legislation and policies are related to grant project : Provide a written summary detailing ways in which legislation and policies are related to your grant project. (HOW and WHY)
Questions about budgeting : Write 7 questions about budgeting, then answer these 3 questions about budgeting
What is the annual depreciation expense for the lift truck : On Jan. 1, 2012, ABC Corproation placed into service a lift truck that had a capitalized acquisiton cost of 45,000, What is the annual depreciation expense
Distinctions between management and leadership : 1. Distinctions between Management and Leadership - Reflective and Critical Thinking
What is the amount of depreciation : Based on reliable source, the original life is changed to 7 years on January 1, 2022. What is the amount of depreciation to be reported in the income statement
Ethical issues or dilemmas when researching with people : Identify at least 5 ethical issues or dilemmas when researching with people and considering the ACWA Code of Ethics
Product cost distortion : ABC is a relatively newer product costing method that assigns overhead costs to a cost object on a cause and effect basis. By contrast, traditional costing meth

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate Nicastro Net Income For Tax Purposes

Calculate Nicastro's Net Income For Tax Purposes and Taxable Income for the period ending May 31, 2020

  Prepare journal entries for these four transactions

Prepare journal entries for these four transactions. For a compound transaction, if those boxes in which no entry is required, leave the box blank

  How is the accuracy of a perpetual inventory checked

Identify four reasons why a merchandise inventory that is larger than needed may decrease the net income of a business.

  The beginning balance iif retained earnings is 30000 and

the beginning balance iif retained earnings is 30000 and the ending balance if retained earnings is 38000 . if

  How many widgets should jj produce in jan

JJ Company expects to sell the widgets for forty-five dollars each. How many widgets should JJ produce in Jan

  Compute what is the effective annual percentage cost

Howes Inc. purchases $4,562,500 in goods per year from its sole supplier on terms, what is the effective annual percentage cost of its non-free trade credit?

  What was his gross margin for March

Assuming the selling price was $400 per TV and Manav uses the moving-weighted-average method, what was his gross margin for March

  What is the bond yield to maturity

How much did you borrow for your house if your monthly mortgage payment for a 30 year mortgage at 6.65% APR is $1,500?What is the bond's yield to maturity

  Christmas express makes wreaths in batch sizes of 12 the

christmas express makes wreaths in batch sizes of 12. the cutting amp assembly process takes 7 minutes per wreath and

  Zach company owns 40 of the voting stock of tomas

zach company owns 40 of the voting stock of tomas corporation and uses the equity method in recording this investment.

  Determine the inn break-even point in dollars

The Palmer Acres Inn is trying to determine its break-even point during its off-peak season. Determine the inn's break-even point in dollars

  Currency exchange rates

For the model of the EUR/GBP exchange rate discussed in Exercise 25, what would the cutoff rates be that would separate the a) highest 16% of EUR/GBP rates?

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