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: provide correct answer of this General accounting question
A: Step 1: Define Days to Collect (Average Collection Period)The Days to Collect (Average Collection…
Q: General accounting
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that…
Q: Answer me
A: Step 1: DefinitionsDefinition of Flexible BudgetA Flexible Budget is a budget that adjusts based on…
Q: What is the operating profit?
A: Explanation of Contribution Margin:Contribution Margin represents the portion of sales revenue that…
Q: Silver Star Manufacturing has $20 million in sales, an ROE of 15%, and a total assets turnover of 5…
A: Total Asset Turnover = Net Sales/Total Assets5 = 20,000,000/Total AssetsTotal Assets =…
Q: Don't use Al
A: The Return on Assets (ROA) is calculated using the formula: ROA=Total AssetsNet Income×100…
Q: subject-general account
A: Step 1: Definition of Equivalent Units of Production for Direct MaterialsEquivalent units of…
Q: Swift Enterprises has sales of $500,000, variable costs are 70% of sales, and operating income is…
A:
Q: Help
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is an estimated rate used…
Q: Answer?
A: Explanation of Debt-to-Equity Ratio:The debt-to-equity ratio is a financial metric that shows the…
Q: Current replacement cost is
A: Concept of Lower-of-Cost-or-Market (LCM) RuleThe Lower-of-Cost-or-Market (LCM) Rule is an accounting…
Q: General accounting question
A: Step 1: Definition of Profit Margin RatioThe Profit Margin Ratio measures a company's profitability…
Q: rattan on assets?
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that…
Q: Need answer
A: To find the unit variable cost using the high-low method, we need to calculate the difference in…
Q: What is the accounts receivable turnover ratio for the year of this accounting question?
A: Step 1: Define Accounts Receivable Turnover RatioThe Accounts Receivable Turnover Ratio measures how…
Q: Can you please solve this financial accounting issue?
A: Step 1: Define Total ReturnTotal Return measures the overall percentage gain or loss on an…
Q: Hello tutor solve this problem with accounting
A: Present Value of Bond=Coupon Amount∗PVAF(r,n)+Face Value∗PVIF(r,n)Annual Coupon Amount = $85r =…
Q: Carla Vista Company reported the following information for 2025: Sales revenue $2046000 Cost of…
A: Step 1:The other comprehensive income includes unrealized gain or loss on securities available for…
Q: A California-based company had a raw materials inventory of $130,000 as of December 31, 2021, and…
A: Step 1: Definition of Total Manufacturing CostTotal Manufacturing Cost is the sum of all costs…
Q: What are the total number of equivalent units for materials ?
A: Explanation of Physical Units: Physical units refers to the actual count of products or components…
Q: Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned…
A: Step 1: Calculate Justin's Total Taxable IncomeRegular wages: $300.00Reported tips from February:…
Q: Determine the standard overhead rate
A: Step 1: Definition of Standard Overhead RateThe standard overhead rate is the predetermined rate…
Q: What is the gross profit?
A: Explanation of LIFO (Last-In, First-Out) Method:The LIFO method is an inventory valuation technique…
Q: Provide correct answer this financial accounting question
A: Step 1: Define Acquisition Cost of a BuildingThe acquisition cost of a building includes all…
Q: General accounting question
A: Step 1: Define Corporate Tax LiabilityThe Corporate Tax Liability represents the amount of federal…
Q: What are the equivalent units for conversion costs?
A: Explanation of Work-in-Process Inventory: Work-in-Process (WIP) inventory represents partially…
Q: Give me Answer
A: Concept of Total Manufacturing CostsTotal manufacturing costs represent the total expenses incurred…
Q: Solve this questions
A: Step 1: DefinitionsThe Cash Conversion Cycle (CCC) measures how long it takes for a company to…
Q: Answer this Question
A: Recall the ROA Formula Return on Assets (ROA) is calculated as: ROA=Average Total AssetsNet…
Q: Accurate Answer
A:
Q: Not ChatGPT Answer
A: 1. Determine the Cap Payout:Notional Principal: $1,500,000Cap Rate: 4.75% (0.0475)Market Interest…
Q: What is the net income?
A: Calculation of Net IncomeNet Income = Revenues - Operating Expenses = $28,000 -…
Q: None
A: Step 1: Definition of Book Value of LiabilityThe Book Value of Liability for a bond issue is the…
Q: General Accounting Question
A: Return on total assets = (Net income / Total assets) x 100% Net income = Credit sales + Cash sales -…
Q: A company has a Return on Assets (ROA) of 8.2% and a dividend payout ratio of 30%. Calculate the…
A: Understanding the Internal Growth Rate (IGR)The internal growth rate (IGR) is the maximum growth…
Q: Anderson Corp. pays its employees every Friday for work performed through that Friday. Anderson…
A: The payment on May 8th covers work performed May 4-8, which all occurs in May.Under the accrual…
Q: Need help with this accounting question
A: Step 1: Definition of High-Low MethodThe High-Low Method is a cost estimation technique used to…
Q: How much is the direct materials price variance for this accounting question?
A: Step 1: Define Direct Materials Price VarianceDirect Materials Price Variance is the difference…
Q: What is its net income?
A: given the following data:Sales (Revenue) = $12 millionReturn on Equity (ROE) = 12% (0.12)Total Asset…
Q: Super-Tees Company plans to sell 10,000 T-shirts at $15 each in the coming year. Product costs…
A: Step 1: Definitions Variable ExpenseA variable cost can be defined as an expense that depends upon…
Q: NO WRONG ANSWER
A: Step 1:The unamortized premium is reported as liability in the balance sheet, hence added to the…
Q: Jordan's Bakery has a monthly target operating income of $8,000. Variable expenses are 45% of sales,…
A: Explanation of Target Operating Income: Target operating income represents the profit goal that a…
Q: I want to correct answer general accounting question
A: The lower of cost or market (LCM) rule states that inventory should be recorded at the lower of…
Q: Ans ? Financial accounting
A: Step 1: Define Earnings Per Share (EPS) and Dividends Per Share (DPS)Earnings Per Share (EPS)…
Q: Silverstone would report gross profit at the standard of
A: Explanation of Gross Profit:Gross Profit represents the difference between a company's total sales…
Q: NO AI ANSWER
A: Provided Data:Total units produced = 32,000 unitsDirect labor per unit = 1.8 hoursStandard hourly…
Q: Waterway Industries expects direct materials cost of $8 per unit for 50,000 units (a total of…
A: Step 1: Definition of Standard and Budgeted CostsStandard cost is a predetermined cost assigned to a…
Q: Hilary owns a fruit smoothie shop at the local mall. Each smoothie requires 1/3 pound of mixed…
A: Step 1: Definition of Standard CostStandard cost refers to the estimated or predetermined cost of…
Q: ???!!
A: Formula for Operating Leverage:Operating leverage is calculated using the degree of operating…
Q: sub-account questions
A: Step 1: Given Value for Calculation Assets = a = $500 millionCash = c = $80 millionDebt = d = $200…
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?
Step by step
Solved in 2 steps
- What is the amount of gain or loss recorded on the sale of this machine? AccountingSlipper 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 amount of accumulated depreciation on the asset at the time of its sale
- Gain or loss?A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale of this machine is:An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What amount of gain or loss will be recognized when the asset is sold? a. A gain of $14,000 b. A loss of $14,000 c. A gain of $8,000 d. A loss of $8,000