Business Services Ltd's year end is 31 December. On 1 July 20X1, they purchased a machine...
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Business Services Ltd's year end is 31 December. On 1 July 20X1, they purchased a machine at a cost of £67,014. At the time, they estimated that the machine had a useful life of 9 years and no residual value. On 1 January 20X5 Business Services Ltd sold the machine for £39,150. Business Services Ltd have a policy of charging depreciation based upon the number of months an asset has been owned. Did Business Services Co make a profit or a loss on the sale of the machine? Choose... (Select your answer in the dropdown menu) What was the value of the profit or loss? £ (Enter the value with no £ sign, minus sign, comma or decimal places) Business Services Ltd's year end is 31 December. On 1 July 20X1, they purchased a machine at a cost of £67,014. At the time, they estimated that the machine had a useful life of 9 years and no residual value. On 1 January 20X5 Business Services Ltd sold the machine for £39,150. Business Services Ltd have a policy of charging depreciation based upon the number of months an asset has been owned. Did Business Services Co make a profit or a loss on the sale of the machine? Choose... (Select your answer in the dropdown menu) What was the value of the profit or loss? £ (Enter the value with no £ sign, minus sign, comma or decimal places)
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Business Services Ltd made a loss on the sale of the machine The value of the loss can be calculated ... View the full answer
Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
Posted Date:
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