A company sold a delivery truck that originally cost $300,000 for $160,000 when accumulated depreciation on the truck was $180,000. Calculate the gain or loss recorded on the sale of this truck.
Q: ?!
A: Concept of Direct LaborDirect labor refers to the wages paid to workers who are directly involved in…
Q: none
A: Step 1: Definition of a Promissory NoteA promissory note is a financial instrument in which the…
Q: final answer is
A: Step 1: Definition of Maturity ValueThe maturity value of a note is the total amount due at the end…
Q: Need help this question
A: Step 1: Define Inventory ManagementThe inventory for a firm may be broadly categorized into raw…
Q: Accurate answer
A: Explanation of Net Income:Net income represents the total earnings of a business after deducting all…
Q: Need correct answer general accounting
A: Step 1: Define Expected Annual ProfitExpected Annual Profit is the total revenue minus total…
Q: Provide correct answer general Accounting
A: Step 1: Define ROE and ROAReturn on Equity (ROE) measures how effectively a company generates profit…
Q: Solve this financial accounting problem
A: Explanation of Capital Gains Yield:Capital gains yield measures the percentage increase in the value…
Q: Please solve this problem ?
A: Step 1: Define Total Assets Turnover (TATO)Total Assets Turnover (TATO) measures how efficiently a…
Q: General Account Questions
A: Step 1: Definition of Gross ProfitGross profit is the difference between net sales revenue and the…
Q: Please provide solution this financial accounting question
A: Step 1: Define Discount FactorThe discount factor is a multiplier used to determine the present…
Q: 4 POINTS
A: Explanation of Quick Ratio: Quick ratio, also known as the acid-test ratio, is a liquidity measure…
Q: The Flapjack Corporation had 8,350 actual direct labor hours at an actual rate of $14.50 per hour.…
A: Concept of Actual Direct Labor CostActual direct labor cost represents the total amount spent on…
Q: Solve this question accounting
A: Step 1: Calculate the number of days from October 1 to the maturity date.Since the deposit is for 60…
Q: I want to correct answer general accounting question
A: Step 1: Definition of Weeks of SupplyWeeks of supply is a key inventory management metric that…
Q: Please help me correct my mistakes. for the T account of 2022 and 2023, the ONLY options for…
A: Detailed explanation:2022:Journal entry for Transaction # 4 in 2022:Debit Bad Debts Expense $…
Q: Provide Right Answer
A: Concept of Gross MarginGross margin represents the difference between a company's total sales…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Underfunded Pension ObligationThe underfunded pension obligation occurs when a…
Q: ?
A: Step 1:ItemExplanationAmountAccount PayableIt is a liability------BuildingsBuildings are generally…
Q: Need step by step answer
A: Explanation of Direct Labor Rate Variance:Direct labor rate variance measures the difference between…
Q: What is the percent change in sales for year 2 compared to the base year of this financial…
A: Step 1: Definition of Percent Change in SalesPercent Change in Sales measures the relative increase…
Q: Please give me true answer this financial accounting question
A: Step 1: Define Total Dollar ReturnThe Total Dollar Return measures the total gain or loss on an…
Q: Provide answer general Accounting question
A: Step 1:The accounts receivable turnover ratio is calculated as follows: Accounts receivable turnover…
Q: What is the standard cost of one unit of product x-core? Please solve this problem general…
A: Step 1: Define Standard CostThe standard cost of a product is the estimated cost of producing one…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures a company's…
Q: Want to this question answer general Accounting
A: Step 1: Define Degree of Operating Leverage (DOL)The degree of operating leverage (DOL) measures a…
Q: Hi expert please help me
A: To calculate the contribution margin ratio, we need to first calculate the contribution…
Q: Give me this question solution
A: Step 1: Define Account Receivable TurnoverThe account receivable turnover ratio measures the ability…
Q: can you please solve this
A: Step 1: Definition of Contribution Margin AnalysisContribution margin analysis helps businesses…
Q: hi expert please help me financial accounting
A: Step 1: Definition of Sales CommissionA sales commission is the compensation a salesperson receives…
Q: The following data were selected from the records of Fluwars Company for the year ended December 31,…
A: To determine the balances for sales revenue, accounts receivable, and allowance for doubtful…
Q: The direct materials purchase variance is completed when the materials are purchased
A: Explanation of Direct Materials Price Variance:Direct Materials Price Variance measures the…
Q: What is that overhead rate?
A: Explanation of Overhead: Overhead refers to all indirect costs associated with running a business…
Q: Calculate the net sales revenue?
A: Step 1: Definition of FOB DestinationFOB Destination means that the ownership of the goods remains…
Q: Provide answer to this financial accounting problem
A: Concept of Price-to-Earnings (P/E) RatioThe Price-to-Earnings (P/E) Ratio is a financial metric that…
Q: Financial Accounting Question need help please
A: Step 1: Definition of Net IncomeNet income represents the total profit a company earns after…
Q: hello tutor please help me
A: Calculation of Net SalesNet Sales = Sales - Sales Returns = $100,800 - $3,600…
Q: Need help
A: Concept of Current AssetsCurrent assets are short-term assets that are expected to be converted into…
Q: Help
A: Explanation of Operating Activities: Operating activities represent the day-to-day business…
Q: General Accounting question
A: Step 1: Define Net PayNet Pay refers to the amount of earnings an employee takes home after all…
Q: Abc
A: How to calculate that:Operating Leverage = 1.15Percentage Change in Units Sold = 5.8%Percentage…
Q: Subject: financial accounting
A: Explanation of Current Liabilities: Current liabilities represent all debts and obligations that a…
Q: Define in detail the following in relation to Organizational Ethics. The Ethical Culture of an…
A: The ethical culture of an organization refers to the shared values, beliefs, and norms that…
Q: Sub. General Account
A: To answer Chris Luna's query regarding the DuPont Corporation:(a) The Price-to-Earnings (P/E) ratio…
Q: None general accounting
A: Step 1: Earnings per share Earnings per share = Net income/Weighted-average common sharesEarnings…
Q: Legal Corporation purchased a limited-life intangible asset for $600,000 on July 1, 2017. It has a…
A: Explanation of Amortization: Amortization is the systematic allocation of the cost of an intangible…
Q: Calculate the operating cash flow
A: Detailed explanation: o calculate the Operating Cash Flow (OCF), we need to use a method that breaks…
Q: need this general accounting subjects solutions
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) measures how efficiently a…
Q: The contribution margin for November
A: Step 1: Formula Contribution margin = Sales - Variable expensesContribution margin = Sales - Cost of…
Q: What is the thus option of this question general Accounting
A: Step 1: Define Interest ExpenseInterest expense is the cost of borrowing money, calculated based on…
Hii ticher please given answer general accounting
Step by step
Solved in 2 steps
- A company purchased a piece of farm equipment at a cost of $38,000 and sold it two years later for $25,300. Assume that depreciation is calculated using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? _________ on sale _____________ 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)Slipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?What is the amount of gain or loss recorded on the sale of this machine?
- A company sold a piece of equipment that originally cost $55,000 for $20,000 when accumulated depreciation on the equipment was $40,000. What is the amount of gain or loss recorded on the sale of this equipment?What is the amount of gain or loss recorded on the sale of this machine? General accountingWhat gain or loss did the trucking company record when it sold the fleet of trucks on these accounting question?
- On January 1, 20x0, a company purchased a delivery truck for $30,000. They estimated the useful life of the truck to be 6 years, and the salvage value to be $6,000. On July 1, 20x5, they sold the truck for $7,400. Assuming the company uses straight line depreciation and records depreciation expense monthly, calculate the gain or loss associated with selling the truck.What is the amount of gain or loss recorded on the sale of this machine? AccountingWhat is the depreciation rate for this accounting question?
- Can you please answer the accounting question?Phillips corporation purchased a truck that cost $70,000. The company expected to drive the truck 100,00 miles. the truck had an estimated salvage value of $10,000. Of the truck is driven 14,000 miles in the current accounting period. with of the following amounts should be recognized as depreciation expensewhat was the gain or loss on the sale of the machine?