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.
Homework Answers
Answer:
Option 1st is correct. i.e loss $3,000
Book Value on Date of Sale = $ 18,100
Selling Price = $ 15,100
Since the Selling Price is less than the Book Value on Date of Sale , there is a loss incurred.
Loss on Sale = Selling Price -Book Value on Date of Sale
= $ 15,100 - $ 18,100
= $ 3,000
A loss on sale of $3,000
Add Answer to:
An asset's book value is $18,100 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...
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 $18.300 on June 30. Year 6. The set is being deprecated...
An asset's book value is $18.300 on June 30. Year 6. The set is being deprecated at an annual rate of $3.300 on the straight-line method. Assuming the asset is sold on December 31 Year 7 for $15.300 the company should record O A gain on sale of $1.950. O Neither again nor a loss is recognized on this type of transaction A loss on sale of $1.950. O Aloss on sale of $3,600. O A gain on sale of...
an assets book value is 18000 on december 31 year 5. the asset has been depreciated at an annual rate of 3000 on the str...
an assets book value is 18000 on december 31 year 5. the asset has been depreciated at an annual rate of 3000 on the straight line method. assuming the asset is sold on december 31, year 5 for 15000 the company should record
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000....
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 3 will be: $18.360 O $21,600 $32,400 $90,000 $27.540 Lomax Enterprises purchased a depreciable asset for $22.500 on March 1, Year 1 The asset will be depreciated...
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...
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...
Book Show Me How Calculator Print item Entries for Sale of Foxed Asset Equipment acquired on...
Book Show Me How Calculator Print item Entries for Sale of Foxed Asset Equipment acquired on January at a cost of $101,560, has an estimated useful life of 12 years, has an estimated resichal vakie of $9.400, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Book value is the initial cost of the feed asset minus the accumulated depreciation. Leaming Objective 3. b....
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $129,270,...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $129,270, has an estimated useful life of 14 years, has an estimated residual value of $9,850, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 83,000 448,000 250,000 190,000 $(85, 120) (47, 600) (76, 000) Book Value $ 83,000 362, 880 202, 400 114,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10- year...
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 $18.300 on June 30. Year 6. The set is being deprecated at an annual rate of $3.300 on the straight-line method. Assuming the asset is sold on December 31 Year 7 for $15.300 the company should record O A gain on sale of $1.950. O Neither again nor a loss is recognized on this type of transaction A loss on sale of $1.950. O Aloss on sale of $3,600. O A gain on sale of...
Thomas Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end of its five-year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 3 will be: $18.360 O $21,600 $32,400 $90,000 $27.540 Lomax Enterprises purchased a depreciable asset for $22.500 on March 1, Year 1 The asset will be depreciated...
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...
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...
Book Show Me How Calculator Print item Entries for Sale of Foxed Asset Equipment acquired on January at a cost of $101,560, has an estimated useful life of 12 years, has an estimated resichal vakie of $9.400, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Book value is the initial cost of the feed asset minus the accumulated depreciation. Leaming Objective 3. b....
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $129,270, has an estimated useful life of 14 years, has an estimated residual value of $9,850, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Feedback Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation. b. Assuming that the equipment was...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 83,000 448,000 250,000 190,000 $(85, 120) (47, 600) (76, 000) Book Value $ 83,000 362, 880 202, 400 114,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 10- year...
Most questions answered within 3 hours.
-
A metal strip 8.80 cm long, 0.758 cm wide, and 0.594 mm thick
moves with constant...
asked 3 minutes ago -
The following 32-bit binary word written in hexadecimal format
represents a single RISC-V assembly instruction. What...
asked 6 minutes ago -
A
survey found that out of a random sample of 200 workers 168 said
that they...
asked 18 minutes ago -
Duck Dodgers hops in his spaceship and leaves the Earth at a
constant velocity of 0.6c...
asked 20 minutes ago -
Describe three
key HR functions that must be integrated into the performance
management system to support...
asked 28 minutes ago -
What is the incident wavelength in meters in IR instrument?
asked 44 minutes ago -
Jersey Computer Company has estimated the costs of debt and
equity capital (with bankruptcy and agency...
asked 51 minutes ago -
Water drips from the nozzle of a shower onto the floor 190 cm
below. The drops...
asked 56 minutes ago -
Banks creation of Money: Myths or Reality?
asked 1 hour ago -
An average is an attempt to summarize a collection of data into
just one number. Discuss...
asked 1 hour ago -
explain in details 250words please
The Effects of the Age Discrimination in Employment Act
(1967)
asked 1 hour ago -
x1 = 1, y1 = 2
x2 = 2, y2 = 3
x3 = 3, y3...
asked 1 hour ago