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?
Q: Please help me
A: Definition of Adjusted Basis and Gain on Sale:The adjusted basis of an asset is its original…
Q: What is Hamlin's labor efficiency variance for September?
A: Step 1: Definition of Labor Efficiency VarianceLabor Efficiency Variance is a cost accounting metric…
Q: Can you explain the process for solving this financial accounting question accurately?
A: Step 1: Define Investment in Total AssetsInvestment in Total Assets refers to the amount of money a…
Q: If the liabilities of Redwood Enterprises increased $75,000 during a period of time and the owner's…
A: Using the accounting equation:Assets = Liabilities + Owner's EquityIf liabilities increased by…
Q: Cary Fabrication uses a normal cost system and had the following data available for 2022:
A: Concept of Direct Materials Inventory:Direct materials inventory refers to the raw materials that a…
Q: Please solve this question General accounting and step by step explanation
A: Step 1: Define Accounts Receivables TurnoverThe accounts receivables turnover ratio measures how…
Q: Solve both questions appro
A: Part 3: Materials Quantity VarianceTo calculate the materials quantity variance, we use the…
Q: What are the total production costs
A: Explanation of Variable Costs:Variable costs are expenses that change directly in proportion to the…
Q: Accurate Answer
A: Given information:Sales = $140,000Costs = $62,000Depreciation = $15,000Tax Rate = 30% Approach 1:…
Q: Please provide problem with accounting question
A: Step 1: Introduction to intangible assetsIntangible assets are non-physical assets that have no…
Q: The variable expense per unit is
A: Explanation of Contribution Margin Ratio:The contribution margin ratio represents the percentage of…
Q: I am trying to find the accurate solution to this general accounting problem with the correct…
A: Step 1: Definition of Gain or Loss on Sale of SecuritiesThe gain or loss on the sale of securities…
Q: A company has total liabilities of $400,000 and equity of $600,000. What is the company's…
A: use the formula:Debt-to-Equity Ratio = Total Liabilities ÷ EquityGiven:Total Liabilities =…
Q: What is the amount of the over-or under-applied factory overhead?
A: Definition of Predetermined Overhead Rate:The predetermined overhead rate is used to apply…
Q: Can you solve this financial accounting question using valid financial methods?
A: Step 1: Definition of Dividend Payout RatioThe dividend payout ratio is the proportion of net income…
Q: How much of the packing cost pool should be assigned to bath mats ?
A: Provided Data:Total estimated overhead (packaging cost pool) = $180,000Bath mats inspections =…
Q: Could you explain the steps for solving this financial accounting question accurately?
A: Step 1: Define Addition to Retained Earnings Addition to retained earnings is the portion of net…
Q: I am looking for a step-by-step explanation of this financial accounting problem with correct…
A: Step 1: Definition of Maturity ValueThe maturity value of a note is the total amount that must be…
Q: I need help with this general accounting problem using proper accounting guidelines.
A: Step 1: Definition of Comprehensive IncomeComprehensive income refers to the total change in a…
Q: Depot manufacturing has $31,500 ofending finished goods inventory as of Dec. 31, 2021. If beginning…
A: Step 1: DefinitionsConcept of Cost of Goods Manufactured (COGM):Cost of Goods Manufactured (COGM)…
Q: Please provide the accurate answer to this general accounting problem using valid techniques.
A: Step 1: Definition of Investment Income under the Equity MethodInvestment income under the equity…
Q: Not Ai answer
A: Concept of Variable Costing:Variable costing is a method of inventory costing in which only variable…
Q: Can you explain the process for solving this general accounting question accurately?
A: Step 1: Define Variable Overhead Rate VarianceThe variable overhead rate variance measures the…
Q: Jetson Motors has total assets of $185,000. It has a profit margin of 5.8% on sales of $260,000. If…
A: To calculate Return on Equity (ROE), you can use the DuPont formula:ROE = Profit Margin × Asset…
Q: Paramount Company uses a standard costing system that allows 2.5 pounds of direct materials for one…
A: Definition of Standard Quantity Allowed:Standard quantity allowed refers to the amount of direct…
Q: Please provide the accurate answer to this general accounting problem using valid techniques.
A: Step 1: Define After-Tax EarningsAfter-tax earnings refer to the net income that remains after…
Q: Braylon Manufacturing has beginning work in process inventory of $125,000 and total manufacturing…
A: Concept of Work in Process (WIP) Inventory:Work in Process inventory refers to the cost of partially…
Q: I need guidance in solving this financial accounting problem using standard procedures.
A: Step 1: Define Stockholders' EquityStockholders' equity represents the residual interest in the…
Q: On January 1, Nets Company paid $65,000 for a new delivery truck. It was estimated that the truck…
A: Explanation of Depreciation: Depreciation is the systematic allocation of a tangible asset's cost…
Q: Please provide the correct solution to this financial accounting question using valid principles.
A: Step 1: Definition of ROE and ROICReturn on Equity (ROE) measures how efficiently a company…
Q: I am looking for help with this general accounting question using proper accounting standards.
A: Step 1: Definition of Predetermined Overhead Rate and Overapplied OverheadThe predetermined overhead…
Q: Please provide the accurate answer to this general accounting problem using valid techniques.
A: Step 1: Define Materials VarianceMaterials Variance refers to the difference between the actual cost…
Q: I am looking for the correct answer to this general accounting question with appropriate…
A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate (POHR) is calculated at…
Q: answer must be in table format or i will give down vote
A: Step 1:Introduction/Overview of QuestionThe question involves computing the MACRS depreciation…
Q: What is the amount ans nature of the gain or loss from the sale ?
A: Provided Data:Original purchase cost of equipment = $20,000Depreciation claimed = $12,000Asset's…
Q: At the beginning of the year, manufacturing overhead for the year was estimated to be $318,500. At…
A: Definition of Predetermined Overhead Rate:The predetermined overhead rate is used to assign…
Q: Parker Enterprises bought a commercial property with a cash payment of 75,000 and a purchase money…
A: Explanation of Basis in Property:Basis in property refers to the original value assigned to an asset…
Q: Hello tutor please provide correct answer general accounting question with correct solution do fast
A: Step 1: Definition of Future ValueFuture Value (FV) refers to the amount of money an investment will…
Q: Brilliant Professor Martin Company has an activity cost pool for inspecting, with an estimated…
A: Explanation of Activity Cost Pool: An activity cost pool is a grouping of all costs associated with…
Q: Please given correct answer for General accounting question I need step by step explanation
A: Step 1: Definition of Total Asset Turnover Ratio The Total Asset Turnover Ratio is a financial…
Q: Please provide the accurate answer to this financial accounting problem using valid techniques.
A: Step 1: Definition of Debt-to-Equity RatioThe debt-to-equity ratio is a financial leverage metric…
Q: General accounting
A: Step 1: Definition of Manufacturing OverheadManufacturing overhead includes all indirect production…
Q: Can you solve this financial accounting question using valid financial methods?
A: 1. Determine Total Sales:The formula for the total asset turnover ratio is:Total Asset Turnover…
Q: For the Crestview Manufacturing Company, the average age of accounts receivable is 50 days, the…
A: Concept of Days Inventory Outstanding (DIO):Days Inventory Outstanding refers to the average number…
Q: Can you solve this general accounting question with accurate accounting calculations?
A: Step 1: Definition of Rent Expense (Straight-Line Basis)Rent expense is the cost incurred by a…
Q: What is the average cost assigned to each unit included in the job?
A: Definition of Predetermined Overhead Rate:The predetermined overhead rate is a rate used to apply…
Q: Can you help me with General accounting question?
A: Step 1: Define Interest RevenueInterest revenue is the income earned from the lending of funds,…
Q: The total cost that would be recorded
A: Explanation of Direct Materials:Direct materials are the raw materials that are specifically…
Q: Hii teacher please provide for General accounting question answer do fast
A: Step 1: Define Debt-to-Equity RatioThe Debt-to-Equity Ratio is a financial leverage ratio that…
Q: What is the unit variable cost?
A: Explanation of Selling Price: Selling price represents the amount of money a customer pays to…
A company sold a piece of equipment that originally cost $55,000 for $20,000 when
Step by step
Solved in 2 steps
- 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?what was the gain or loss on the sale of the machine?
- 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 was the gain or loss on the sale of the equipmentWhat was the amount of accumulated depreciation on the asset at the time of its sale