Uptown Bakery purchased a grain grinding machine five years ago for $21,000. The machinery was expected to have a salvage value of $1,000 after a 10-year useful life. Assuming straight-line depreciation is used calculate the gain or loss realized if the machinery was sold after five years for
Answer to relevant QuestionsGourmet Pizza’s Delivery disposed of a delivery car after using it three years. The records of the company provide the following information:Delivery car ......... $25,000Accumulated depreciation ... 15,000Calculate the ...Top Dollar Realty purchased a building for $157,500 cash and the land for $192,500 cash. The company paid real estate closing costs of $8,000 and allocated that cost to the building and the land based on the purchase price. ...Classify the following items as either a capital expenditure or a revenue expenditure (expense):1. Changed the filter in the moving van2. Painted the moving van3. Paid sales tax on the new moving van4. Installed a new ...For each of the following, give the financial statement on which it would appear:1. Cost of fixed assets of $100,0002. Proceeds from sale of land of $120,0003. Gain on sale of fixed assets of $12,5004. Accumulated ...Hope Construction purchased new equipment on January 1, 2011, for $55,000. The company expects the equipment to have a useful life of five years and no salvage value. The company’s fiscal year ends on December ...
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