How is the gain or loss on the disposal of a non-current asset determined?
Question:
How is the gain or loss on the disposal of a non-current asset determined?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
The profit or loss on the disposal of a noncurrent asset is determined by subtracting the carrying a...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
How is the gain or loss on the sale of an operating asset calculated? Where would the Gain on Sale of Asset account appear on the financial statements?
-
1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
-
A gain or loss on disposal of a plant asset is determined by comparing the: a). replacement cost of the asset with asset's original cost b). book value of the asset with the asset's original cost c)....
-
In the game of roulette, a gambler who wins the bet receives $36 for every dollar she or he bet. A gambler who does not win receives nothing. If the gambler bets $1, what is the expected value of the...
-
The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2014: Revenues: Property taxes...
-
Blood types: Human blood may contain either or both of two antigens, A and b. Blood that contains only the A antigen is called type A, blood that contains only the B antigen is called type B, blood...
-
You are considering accepting a job at Big Business Corporation. As a condition of employment, you must sign a covenant not to compete with Big Business in which you agree that when your employment...
-
For several years Orbon, Inc., has followed a policy of paying a cash dividend of $1.20 per share and having a 10% stock dividend. In the 2011 annual report, Orbon reported restated earnings per...
-
Explain the issues that an auditor may need to deal with in the cash accounts, especially if the company has foreign bank accounts for international transactions. Also, would a schedule of interbank...
-
Winkipop Ltd acquires an item of machinery on 1 July 2019 for a total acquisition cost of $90 000. The life of the asset is assessed as being six years, after which time Winkipop Ltd expects to be...
-
What could motivate management to use one method of depreciation in preference to another?
-
Two wires run from the top of a pole 2.6 m tall that supports a volleyball net. The two wires are anchored to the ground 2.0m apart, and each is 2.0m from the pole (Fig. 9-63). The tension in each...
-
What determines whether or not a transfer of a patent is considered to be a sale or exchange of a capital asset resulting in long-term capital gain treatment?
-
What is a domestic corporation?
-
List three capital additions or expenditures and three capital returns or recoveries and discuss the treatment of each category for tax purposes.
-
When a sole proprietorship is sold, how is it treated for tax purposes?
-
Why might a taxpayer wish to elect out of the new exclusion on the sale of residence?
-
Budgeted selling and administrative expenses for Scottsdale Styles Inc. in P for the year ended December 31, 2016, were as follows: Advertising expense................................... $429,000...
-
Wimot Trucking Corporation uses the units-of-production depreciation method because units-of-production best measures wear and tear on the trucks. Consider these facts about one Mack truck in the...
-
Match the statement with the term most directly associated with it. Goodwill.......... Amortization Intangible assets ....... Franchise Research and development costs 1. _______ Rights, privileges,...
-
Fraud experts often say that there are three primary factors that contribute to employee fraud. Identify the three factors and explain what is meant by each.
-
What principles of internal control apply to most organizations?
-
What major factors affect Domino's or any other major company in dealing in global markets?
-
Why is it important to take advantage of social listening when it comes to accessibility and inclusion?
-
The primary purpose of an enterprise budget is to estimate projected costs, revenues and profit per unit for the enterprises. You have been called for Farm Manager Interviews at Bunda Farm. As part...
Study smarter with the SolutionInn App