Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for
Question:
(1) $47,000 cash,
(2) $36,000 cash,
(3) $31,000 cash.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
Book value of old equipment 76800 40800 36000 1 Cash 47000 Accumulated depreciation 40800 Equip...View the full answer
Answered By
John Kago
Am a processional practicing accountant with 5 years experience in practice, I also happens to have hands on experience in economic analysis and statistical research for 3 years. am well conversant with Accounting packages, sage, pastel, quick books, hansa world, etc, I have real work experience with Strata, and SPSS
4.70+
31+ Reviews
77+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Accounting questions
-
Tresler Co. owns equipment that cost $92,500, with accumulated depreciation of $54,000. Tresler sells the equipment for cash. Record the sale of the equipment assuming Tresler sells the equipment...
-
With accumulated depreciation of 75,000 pesos for 140,000 pesos on March 1, 2009. The equipment was purchased on January 1, 2008, when the exchange rate for the peso was $.11. Relevant exchange rates...
-
Hortez Co. owns equipment that cost $ 76,800, with accumulated depreciation of $ 40,800. Hortez sells the equipment for cash. Record the sale of the equipment assuming Hortez sells the equipment for...
-
A health care facility in a metropolitan area is interested in the efficiency of its laboratory turnaround time. Based on data collected over last year, the mean turn around time was found to be 55...
-
What are the four major sources of market failure? Explain briefly why each prevents the competitive market from operating efficiently.
-
How would professional baseball change for both teams and fans if it practiced promotion and relegation?
-
Are the large oligopolistic bakers and the small bakers catering for the same market?
-
Below are balance sheet and income statement data for Supersonic Corporation. Additional information for Supersonic Corporation is as follows: (a) Bad debt expense of $185 is included in selling and...
-
What sources and targets does AWS Database Migration Service support?
-
The ARC Company specializes in developing and selling a wide range of high-quality scooters. Sales representatives report that there is a growing demand for racing scooters. ARC's president, Robin...
-
On January 2, 2015, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years. It estimates that after...
-
Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the...
-
Using the same information as in E14-22B and E14-24B above, answer the following questions related to Zettlein Bank (creditor). In E14-22B, On December 31, 2014, Zettlein Bank enters into a debt...
-
Suppose that a consumers utility function is U=xy with MU x =y and MU y =x . Suppose the consumers income is $480. For this question you may need to use the following approximations: sqrt(2) is...
-
Under the Real Tax Code (for tax year 2020), if you earn $358,918 a year in total income, what percentage of your total income do you pay in taxes? Report your answer as a decimal rounded to four...
-
As the result of a $4 per unit tax being imposed in the market for alarm clocks, the equilibrium price rises by $1. What is the economic burden of this $4 tax (in $s) to producers?
-
What is tax ratio in Canadian tax liabilities how they implement to their citizen and in what ways .? This is Canadian tax, option c and d is incorrect. But my computations does not match option a...
-
Given the fact limx0 sin kx lim x0 X and Et d sin = 1, find x tan 3x lim x-0 sin 8x
-
Returning to the Fine Shirt Company, use the three tables contained in file P4_22.MDB to perform the following: a. Find all of the records from the Orders table that correspond to orders placed in...
-
Find the inverse, if it exists, for the matrix. -1
-
For the following accounts indicate whether the normal balance is a debit or a credit. A. Unearned Revenue B. Interest Expense C. Rent Expense D. Rent Revenue E. Accounts Payable F. Cash G. Supplies...
-
Visit the website of the SEC (https://www.sec.gov/edgar/searchedgar/companysearch.html). Search for the latest Form 10-K for a company you would like to analyze. Submit a short memo that A. Includes...
-
Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity. A. B. C. D. E. Paid this month's utility bill Purchased supplies for cash...
-
Equipment acquired on January 6 at a cost of $358,800, has an estimated useful life of 10 years and an estimated residual value of $46,800. a. What was the annual amount of depreciation for the Years...
-
Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,500, terms 2/10, n/30. May 3 Pays cash for freight costs of $120 on books...
-
How does Critical Theory engage with issues of globalization, postcolonialism, and environmental justice, and what insights does it offer into the interconnectedness of global systems of power and...
Study smarter with the SolutionInn App