User Account

All Pages

What is the book value of the old tractor

Assignment Help Accounting Basics
Reference no: EM133137543

Question - Gilly Construction trades in an old tractor for a new tractor, receiving a $22,500 trade-in allowance and paying the remaining $67,500 in cash. The old tractor had cost $75,000 and had accumulated depreciation of $40,625. Answer the following questions assuming the exchange has commercial substance.

1. What is the book value of the old tractor at the time of exchange?

2. What is the loss on this asset exchange?

3. What amount should be recorded (debited) in the asset account for the new tractor?

Reference no: EM133137543

Questions Cloud

Explain the profit chain model : Use the profit chain model and the inverted service triangle model to explain Amazon's strategy to use apprenticeship programs to differentiate its services.
Compute the total and annual returns : Compute the total and annual returns on the following investment. Sixteen years after purchasing shares in a mutual fund for 6300, shares are sold for 11,100
Preparing human resource management strategies : You have decided that to support the workshop, you will produce a reference guide for staff in the department to use as the organisation's human resource strate
NEWM-N 328 Visualizing Information Assignment : NEWM-N 328 Visualizing Information Assignment Help and Solution, Indiana University - Assessment Writing Service
What is the book value of the old tractor : The old tractor had cost $75,000 and had accumulated depreciation of $40,625. What is the book value of the old tractor
Do you think that complete and concise writing : Do you think that complete and concise writing and whether you do or do not see them as competing goals?
Develop the performance appraisal : As you develop the performance appraisal, reflect on your EQ and personality style, Personal Competency and Social Competency.
Wellness-enhancement programming : What forms of mental illness are you most likely to encounter in the workplace?
Why is health economic evaluation important : Name a health care intervention and discuss the direct cost that could be associated with that intervention?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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