Lemon Ltd sold an office machine for $1,000, on credit to Tom Peters on 30th June...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Lemon Ltd sold an office machine for $1,000, on credit to Tom Peters on 30th June 2022 The office machine had an historical cost price of $6,000. The accumulated depreciation of the office furniture up to 31st December 2021 was $4,000 Lemon Ltd has calculated depreciation expense for the last 6 months of the 2022 financial year to be $750. You are required to calculate the written down/book value of the office machine at the date of sale. SHOW YOUR CALCULATIONS Lemon Ltd sold an office machine for $1,000, on credit to Tom Peters on 30th June 2022 The office machine had an historical cost price of $6,000. The accumulated depreciation of the office furniture up to 31st December 2021 was $4,000 Lemon Ltd has calculated depreciation expense for the last 6 months of the 2022 financial year to be $750. You are required to calculate the written down/book value of the office machine at the date of sale. SHOW YOUR CALCULATIONS
Expert Answer:
Answer rating: 100% (QA)
To calculate the written downbook value of the office machine at the date of sale we need ... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
Using the following table, calculate the taxes for an individual with taxable income of $25,800. 10% Up to $9,875 12% $9,876$40,125 22% $40,126$85,525 24% $85,526$163,300 32% $163,301$207,350 35%...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
We will be working with a company called Global Bike Inc., (GBI). Information regarding GBI follows. Company History Global Bike Inc. has a pragmatic design philosophy that comes from its deep roots...
-
A copper-zinc alloy has the following properties: Grain diameter (mm) Strength (MPa) 0.015 .................................. 170 MPa 0.025 .................................. 158 MPa 0.035...
-
Why, in Example 23-13, must the converging lens have a shorter focal length than the diverging lens if the latters focal length is to be determined by combining them?
-
Gravity in Three Dimensions a point mass ml is held in place at the origin, and another point mass m2 is free to move a distance r away at a point P having coordinates x, y, and z. The gravitational...
-
Describe blueprinting.
-
Adjusting Entries A review of the ledger of Baylor Company at December 31, 2010, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries Payable $0. There...
-
if we have three bonds with negative net cost the first , which one is the cheapest to deliver in bonds where the first bond net cost is - 2 0 0 , the second bond is - 3 0 0 and the third - 4 0 0 so...
-
EYE SPY sells sophisticated video surveillance equipment. EYE SPY sells the equipment and computer integration services together. It does not sell these separately. The equipment cannot operate...
-
During your first job performance appraisal, you were criticized for the way you manage phone systems. You have been asking the caller to state the purpose of the call before you say whether or not...
-
Are each of the following statements true or false? a. ______ ABC is likely to benefit multi-product firms more than single product firms. b. ______ A move from a single unit-based cost driver to ABC...
-
A tennis racquet manufacturer makes several kinds of tennis racquets. At the start of the year, the manufacturer estimates overhead to be equal to 4 million. The overhead is applied to tennis...
-
Parmalat Finanziaria S.p.A. and its subsidiaries manufacture food and drinks worldwide. Parmalat is one of the leading firms in the long-life milk, yogurt, and juices market. The company became the...
-
A car repair shop applies overhead to different service jobs using direct labor hours. The manager estimates that total indirect costs will be \($30,000\) and total direct labor hours will be 2,000....
-
I need your advice on an anonymous basis. I am a professional accountant employed by a company that imports bikes from China. Before I get into the issue, I wish to advise you that I really need this...
-
Class Activity 10: Persuasive Sales Letter You are a marketing manager of a large size software house. Through some reliable sources, you have got information that Saputo Dairy Foods Canada is not...
-
Selected condensed data taken from a recent statement of financial position of Morino Ltd. are as follows. MORINO LTD. Statement of Financial Position (partial) Other current assets...
-
On January 5, 2017, ShoeKing Corporation sells for cash 500 pairs of volleyball shoes to FootAction, a shoe retailer, for $ 70 each. FootAction has the right to return the shoes for any reason up to...
-
Shareholders Equity Raun Company had the following equity' items as of December 31, 2016: Preferred stock, 9% cumulative, $100 par, convertible Paid-in capital in excess of par value on preferred...
-
Distinguish between a legal and an equitable or constructive liability. Give an example of each.
-
Presented below are summary financial data from the Johnson & Johnson 2015 annual report. Using the ratio definitions from Exhibit 4.6, calculate the following ratios: return on equity, return on...
-
Presented below are summary financial data from the Bristol-Myers Squibb 2015 annual report. Using the ratio definitions from Exhibit 4.6, calculate the following liquidity and solvency ratios: cash...
-
Presented below are summary financial data from The Boeing Company 2015 annual report. Using the ratio definitions from Exhibit 4.6, calculate the following ratios: return on equity, return on assets...
Study smarter with the SolutionInn App