On January 01, 2020, your company had a machine costing $20,000, which had accumulated depreciation of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 01, 2020, your company had a machine costing $20,000, which had accumulated depreciation of $16,000. On that same day, the company sold the machine for cash: i) For $5,500 ii) For $3,000 2.1 Determine the gain or loss on sale of this machine in both of the above scenarios i) and ii). 2.2 Write down the journal entry for the sale of the machine on the date, in both of the above scenarios i) and ii). On January 01, 2020, your company had a machine costing $20,000, which had accumulated depreciation of $16,000. On that same day, the company sold the machine for cash: i) For $5,500 ii) For $3,000 2.1 Determine the gain or loss on sale of this machine in both of the above scenarios i) and ii). 2.2 Write down the journal entry for the sale of the machine on the date, in both of the above scenarios i) and ii).
Expert Answer:
Answer rating: 100% (QA)
1 Cost of an asset for the purpose of selling the same is calculated after deducting ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Determine the gain or loss on the sale of Aloha and Baby Back stock on December 15, 2019, under each alternative situation below. a. Aloha stock was sold for $123,300, and Baby Back stock was sold...
-
What factors determine the gain or loss from the sale of a long-term operating asset?
-
Question 1. This question is based on a journal article that appeared in the New England Journal of Medicine: Gawande AA et al., "Risk factors for retained instruments and sponges after surgery."...
-
The Archaic period also gave rise to some economic, social and political cooperation, best represented by the emergence of Kingdoms Republics Tyrannies Poleis
-
Winston recently became the treasurer of Homeless, Inc., a 501(c)(3) organization that feeds the homeless. One of the entitys directors has proposed that Homeless purchase and operate a fast-food...
-
What basic principle of finance can be applied to the valuation of any investment asset?
-
Defendants in a criminal proceeding have a right to the assistance of counsel. Petty Crime Pat was charged with driving with a revoked drivers license four times. Under the law, the fourth offense...
-
Mazurka Corporation has 2,000 shares of $100, 8 percent cumulative preferred stock outstanding and 40,000 shares of $1 par value common stock outstanding. In the companys first three years of...
-
7. 8. The work done by a gas molecule in an isolated system is given by W=ae KT, where x is the displacement, k is the Boltzmann constant and T is the temperature. and are constants. Then the...
-
Muscle Pro is a (fictional) public company engaged in selling protein powders and other performance-enhancing supplements. In 20x2, Muscle Pro was sued by a supplier alleging that Muscle Pro did not...
-
A 1024 Hz tuning fork is dangled at the end of a string such that its center of mass is 1.2 m below the point at which the other end of the string is attached to door frame, making a pendulum of...
-
Does the equilibrium price for a particular product rise or fall with each of the following changes? Draw small freehand graphs to illustrate your answer. Demand increases and supply stays the same....
-
Discuss how entertainment has shaped and been shaped society. Provide some examples. What are the benefits and challenges of having readily available entertainment at our fingertips? Shear (2019)...
-
select any crime control policy (e.g., the three-strikes law, legalization of recreational use of marijuana, combatting terrorism and the Patriot Act, gang initiatives, or gun control, etc.). In your...
-
Linda T Sanchez introduce the US citizenship immigration act 2023 Summarize the journal article. Identify the key findings and issues as presented by the authors of the journal article. Summarize the...
-
Read descriptions of conservation organizations. He then expresses in your own words the opinions of each organization. Here are some expressions you can use as you complete this activity. It can be...
-
GROUP ASSIGNMENT - HRP1003 - IMPLEMENTATION OF AN HRIS Evaluated as follow: 20% for the Report Submission Belle La Russo, Director of Human Resources for Karate Beast Inc., has decided an HRIS would...
-
You are a Loan Officer with an Investment Bank. Today you need to set your lending parameters. They are: LTV: 55% 10 Year T-Bill: TBD Rate Markup: 300 Basis Points Term: 30 Years Amortization: 30...
-
(a) What percentage of those not completing high school were females? (b) What percentage of those not completing high school were males? (c) What percentage of those completing high school were...
-
(a) What percentage of single individuals choose to live in towns, villages, and the country? (b) What percentage of married individuals choose to live in towns, villages, and the country? (c) What...
-
(a) How many of male respondents in this study had some college degree? (b) How would you describe the largest group of respondents? (c) What could be stated about the differences between male and...
Study smarter with the SolutionInn App