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An asset's book value is $18.300 on June 30. Year 6. The set is being deprecated...
An asset's book value is $19,200 on December 31, Year 5. The asset has been depreciated...
An asset's book value is $19,200 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,200 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,200, the company should record: Multiple Choice 0 A loss on sale of $3,300. O Aloss on sale of $3,000. Neither a gain nor a loss is recognized on this type of transaction. Again on sale of $3,300. O A gain on sale...
An asset's book value is $18,100 on December 31, Year 5. The asset has been depreciated...
An asset's book value is $18,100 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,100 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,100, the company should record: A loss on sale of $3,000. A gain on sale of $3,000. A gain on sale of $1,650. Neither a gain nor a loss is recognized on this type of transaction. A loss on sale of $1,650.
can you help with what is in red in the 2nd picture please Entries for Sale...
can you help with what is in red in the 2nd picture
please
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $212.000 has an estimated useful life of 15 vears, has an estimated residual value of $14,000 and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fifth year? 146,000 Febaok Book value is the initial cost of the fixed...
only final answers plz no explaining 1. Real Angus Steakhouse purchased land for $75,000 cash. They...
only final answers plz no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello...
only final answers no explaining 1. Real Angus Steakhouse purchased land for $75,000 cash. They also...
only final answers no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello Company...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Palepu Company owns and...
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Palepu Company owns and operates a delivery van that originally cost $27,200. Straight-line depreciation on the van has been recorded for three years, with a $2,000 expected salvage value at the end of its estimated six-year useful life. Depreciation was last recorded at the end of the third year, at which time Palepu disposes of this van. a. Compute the net book value of the van on the...
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Sloan Company uses its...
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Sloan Company uses its own executive charter plane that originally cost $800,000. It has recorded straight line depreciation on the plane for six full years, with a $80,000 expected salvage value at the end of its estimated 10 year useful life. Sloan disposes of the plane at the end of the sixth year a. At the disposal date, what is the (1) accumulated depreciation and (2) net book...
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then...
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then sells the inventory to a customer for $960 on account. How should Davis record the sale of inventory? 620 620 960 960 960 960 620 A. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable B. Accounts Receivable Sales Revenue Cost of Goods Sold Inventory C. Inventory Gain Sales Revenue D. Accounts Receivable Sales Revenues Gain 620 620 340 960 960 620 340 21....
8. A company purchased a machine for $190.000. The machine has a useful life of 8...
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
An asset's book value is $19,200 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,200 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,200, the company should record: Multiple Choice 0 A loss on sale of $3,300. O Aloss on sale of $3,000. Neither a gain nor a loss is recognized on this type of transaction. Again on sale of $3,300. O A gain on sale...
can you help with what is in red in the 2nd picture
please
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $212.000 has an estimated useful life of 15 vears, has an estimated residual value of $14,000 and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fifth year? 146,000 Febaok Book value is the initial cost of the fixed...
only final answers plz no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello...
only final answers no explaining
1. Real Angus Steakhouse purchased land for $75,000 cash. They also incurred commissions of $4,500 property taxes of $5.000, and title insurance of $800. The 55.000 in property taxes includes $4.000 in back taxes paid by Real Angus on behalf of the seller and $1.000 due for the current year after the purchase date For what amount should Real Angus Steakhouse record the land? A. 583.500 B. 584,300. C. 585,300. D. 575.000 25. Costello Company...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Palepu Company owns and operates a delivery van that originally cost $27,200. Straight-line depreciation on the van has been recorded for three years, with a $2,000 expected salvage value at the end of its estimated six-year useful life. Depreciation was last recorded at the end of the third year, at which time Palepu disposes of this van. a. Compute the net book value of the van on the...
Computing Depreciation, Asset Book Value, and Gain or Loss on Asset Sale Sloan Company uses its own executive charter plane that originally cost $800,000. It has recorded straight line depreciation on the plane for six full years, with a $80,000 expected salvage value at the end of its estimated 10 year useful life. Sloan disposes of the plane at the end of the sixth year a. At the disposal date, what is the (1) accumulated depreciation and (2) net book...
20. Davis Hardware Company uses a perpetual inventory system. Davis purchases inventory costing S620 and then sells the inventory to a customer for $960 on account. How should Davis record the sale of inventory? 620 620 960 960 960 960 620 A. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable B. Accounts Receivable Sales Revenue Cost of Goods Sold Inventory C. Inventory Gain Sales Revenue D. Accounts Receivable Sales Revenues Gain 620 620 340 960 960 620 340 21....
8. A company purchased a machine for $190.000. The machine has a useful life of 8 produce 750,000 units over its useful life. Determine depreciation expense when output is 109,000 units A. $25,200. 8. $26,160 С. $ 26,660. D. $27,613. E. $53,160 years, a residual value of $10,000, and can deprecilation method in which a plant asset's depreciation depreciation rate to the asset's beginning-of-period book value is called A. Book value depreciation B. Declining-balance depreciation. C. Straight-ine depreciation. D. Units-of-production...
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