Homework Answers
| Selling price | 4,420 | ||
| Less: Book value as on date | (2,600) | See Note 1 | |
| Gain on disposal of Fixed asset | 1,820 | ||
| Note 1: | |||
| Caluclation of Book value | |||
| Cost of asset | 26,000 | ||
| Less: accumuluted Depreciation | 23,400 | ||
| Book Value | 2,600 | ||
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Calculator A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold...
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A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of t...
A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset? Group of answer choices $2000 loss $1,500 loss $3,500 gain $2,000 loss
1.A fixed asset with a cost of $30,000 and accumulated depreciation of $25,000 is sold for...
1.A fixed asset with a cost of $30,000 and accumulated
depreciation of $25,000 is sold for $3,500. What is the amount of
gain or loss on disposal of the fixed asset?
2. A company purchased an oil well
for $25 million. It is estimated that 10 million barrels can be
extracted from the well. Determine depletion expense assuming 3
million barrels are extracted and sold during the year.
3. The following data was adapted
from recent financial statements of Hammond Corporation:
2....
Un Company sold office equipment with a cost of $41,280 and accumulated depreciation of $37,530 for...
Un Company sold office equipment with a cost of $41,280 and accumulated depreciation of $37,530 for $5,390. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)...
Un Company sold office equipment with a cost of $39270 and accumulated depreciation of $35,912 for...
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Un Company sold office equipment with a cost of $39,580 and accumulated depreciation of $35,255 for...
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Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of...
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Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
1.A fixed asset with a cost of $30,000 and accumulated
depreciation of $25,000 is sold for $3,500. What is the amount of
gain or loss on disposal of the fixed asset?
2. A company purchased an oil well
for $25 million. It is estimated that 10 million barrels can be
extracted from the well. Determine depletion expense assuming 3
million barrels are extracted and sold during the year.
3. The following data was adapted
from recent financial statements of Hammond Corporation:
2....
Un Company sold office equipment with a cost of $41,280 and accumulated depreciation of $37,530 for $5,390. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)...
Un Company sold office equipment with a cost of $39270 and accumulated depreciation of $35,912 for $5,320. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (ncrease, decrease, no effect)...
Un Company sold office equipment with a cost of $36.280 and accumulated depreciation of $32,438 for $5.460. Required a. What is the book value of the asset at the time of sale? Book value b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? Amount Effect Net income d. How would the sale affect the amount of total assets shown on the...
Un Company sold office equipment with a cost of $39,580 and accumulated depreciation of $35,255 for $6,440. Required a. What is the book value of the asset at the time of sale? b. What is the amount of gain or loss on the disposal? c. How would the sale affect net income (increase, decrease, no effect) and by how much? d. How would the sale affect the amount of total assets shown on the balance sheet (increase, decrease, no effect)...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
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