Motor Vehicles account has a balance of $80,000 and provision for depreciation. account has a balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Motor Vehicles account has a balance of $80,000 and provision for depreciation. account has a balance of $20,000. One motor vehicle which was bought two years ago for $10,000 for $20,000. The motor vehicle has been depreciated at 20% per annum on cost. What was the balance on the provision of depreciation after this disposal? a $12,000 b $15,600 c $16,000 d $10,400 A fixed asset cost $12,000 and sold for $5,000. At the date of disposal, its net book value is $2,000. So what is the profit or loss on disposal of this fixed asset? a $2,000(loss) b $3,000(loss) c $2,000 (profit) d $3,000(profit) Motor Vehicles account has a balance of $80,000 and provision for depreciation. account has a balance of $20,000. One motor vehicle which was bought two years ago for $10,000 for $20,000. The motor vehicle has been depreciated at 20% per annum on cost. What was the balance on the provision of depreciation after this disposal? a $12,000 b $15,600 c $16,000 d $10,400 A fixed asset cost $12,000 and sold for $5,000. At the date of disposal, its net book value is $2,000. So what is the profit or loss on disposal of this fixed asset? a $2,000(loss) b $3,000(loss) c $2,000 (profit) d $3,000(profit)
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Equipment with a cost of $60,000 will, if acquired, generate annual savings of $30,000 for six years, at which time it will have no further use or value. The firm has a marginal tax rate of 40% and...
-
equipment with a cost of $169,000 and accumulated depreciation of $88,000 was sold at a loss of 35,000 the cash inflow from the sale of the equipment equals $eported the following net cash provided...
-
The property (building and land) probably can be sold for $3 million at the end of 20 years. Project B: An insurance company is seeking to borrow money for 90 days at 13 3/4%per annum, compounded...
-
A contractor has the opportunity to choose between building a house or doing two extension works in the next 6 months. If you build the house and sell it, you can make $25,000. However, if the...
-
Prepare the cash flow statement and all required disclosures for Barrys Clothing Stores, Inc. from P22-11 using the direct method. In P22-11 Barrys Clothing Stores, Inc. released its annual report...
-
1. Given her current situation, list some suggestions on what Shelby should do with a tax refund of $800. 2. Based on her current and future life situation, what tax planning strategies should she...
-
Volume expansivity of a pure substance is given by (a) \(\beta=-\frac{1}{V}\left(\frac{\partial V}{\partial T} ight)_{P}\) (b) \(\beta=\frac{1}{V}\left(\frac{\partial V}{\partial T} ight)_{P}\) (c)...
-
Selected accounts of Sandin Company are shown here. InstructionsAfter analyzing the accounts, journalize (a) The July transactions and (b) The adjusting entries that were made on July31. Supplies...
-
If the 5- and 5.5-year par yields are both at 2%, compute the forward rate from 5 to 5.5 years.
-
The file TRAFFIC2.RAW contains 108 monthly observations on automobile accidents, traffic laws, and some other variables for California from January 1981 through December 1989. Use this data set to...
-
The circuit shown in Figure 29.9 dissipates an active power of 400 W and has a power factor of 0.766 lagging. Determine (a) the apparent power, (b) the reactive power, (c) the value and phase of...
-
Explain to the best of your knowledge one or more of the following items: 1- Predetermined Overhead rate . Please writ the formula 2- Under -applied Overhead . please write the entry 3- Over-applied...
-
The Boswell Fruit Farm produces only oranges and papaya. Table 1 below shows the maximum possible output combinations of the two fruits using all resources and currently available technology. Answer...
-
You are running a home delivery dessert corporation to deliver desserts to Davis residents during the pandemic. Discuss how whether your purpose is to maximize value to all stakeholders or whether...
-
The company experienced growth in its property, plant, and equipment during 2022. Based on your analyses, how does it appear this growth was primarily funded?
-
Evaluate the expression (1+41) (-4 + 21) and write the result in the form a + bi, where is the real part of your answer and is the coefficient in front of the imaginary part.
-
Textbook authors must be careful that the reading level of their book is appropriate for the target audience. Some methods of assessing reading level require estimating the average word length. We've...
-
Calculate the electrical conductivity of a fiber-reinforced polyethylene part that is reinforced with 20 vol % of continuous, aligned nickel fibers.
-
On October 3, A2Z Repair Service extended an offer of $75,000 for land that had been priced for sale at $90,000. On November 23, A2Z Repair Service accepted the sellers counteroffer of $82,000....
-
Following are the amounts of the assets and liabilities of New World Travel Agency at December 31, 2012, the end of the current year, and its revenue and expenses for the year. The capital of Kris...
-
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 8. Exhibit 8:
-
The spectral density of a random signal is given by \[S(f)= \begin{cases}0.0001 \mathrm{~m}^{2} / \text { cycle } / \mathrm{s}, & 10 \mathrm{~Hz} \leq f \leq 1000 \mathrm{~Hz} \\ 0, & \text {...
-
Fill in the Blank. Univariate distributions describe the probability distributions of __________ random variables.
-
What is a marginal density function?
Study smarter with the SolutionInn App