A piece of equipment that was originally purchased for $29,400, had accumulated depreciation of $19,150, and was sold for $9,200, would recognize a gain of $1,500. a. True. b. False. Choose the right option
Q: I want answer
A: Explanation of Fixed Costs:Fixed costs are expenses that do not change with the level of production…
Q: Prime Construction completed a job that used materials costing $25,000 and labor $35,000. If they…
A: The question requires the determination of the selling price with a desired profit margin.The…
Q: I want to this question answer financial accounting
A: Step 1: Define Capital leaseUnder the capital lease, the ownership right of the leased asset is…
Q: Quick answer of this accounting questions
A: 1. Calculate the Total Return:Total Return = (Selling Price - Purchase Price) + DividendTotal Return…
Q: Using the accounting equation, determine the following amounts: please answer the general accounting…
A: We can use the accounting equation to find the required values. The accounting equation is: Assets =…
Q: Calculate the cost of ending inventory under variable costing
A: Explanation of Variable Costing: Variable costing is a method of product costing that only includes…
Q: Financial accounting question
A: To calculate the cost of internal equity for Red River Corporation, we use the Capital Asset Pricing…
Q: A purchase commitment represents a What? 1) A firm order to buy 2) A contingent asset 3) A sale on…
A: **Explanation:** A **purchase commitment** is a contractual agreement where a company makes a…
Q: Do fast answer of this accounting questions
A: Price=Earnings per Share (EPS)×Price-to-Earnings (P/E) RatioGiven:EPS = $2.75P/E Ratio = 22…
Q: What is the percentage return on your investment?
A: Here's how to calculate the percentage return on your investment:Calculate the total cost of the…
Q: Best Electronics offers trade discounts of 30%, 20%, and 10% in sequence. If the list price of an…
A: (Hope this helps)
Q: Give me true answer this financial accounting question
A: To solve this, we need to use the relationships between the financial elements provided. Let's break…
Q: Need help with this financial accounting
A: Step 1: Calculate the contribution margin from the increased sales• Contribution Margin = Increase…
Q: provide correct answer general accounting
A: Direct Materials Price Variance1. Standard Price: $10/foot2. Actual Price: $180,000 / 15,000 feet =…
Q: Zinski Co. paid $150,000 for a purchase that included land, building, and office furniture. An…
A: Concept of Allocation of Costs:Allocation of costs refers to the process of assigning a proportion…
Q: Subject: Financial Accounting
A: 1) A firm order to buyThis is right. A purchase commitment implies a binding contract with respect…
Q: None
A: The terms "2/5, net 30" mean the buyer gets a 2% discount if the bill is paid within 5 days,…
Q: Hi teacher please help me this question solution
A: Step 1: Definition of Bank ReconciliationBank reconciliation is a process to match the company's…
Q: Solve this general accounting question
A: Step 1: Define MarginThe margin measures the percentage of net operating income generated from total…
Q: Answer? ? Financial accounting
A: To calculate Alpine Corporation's return on equity (ROE) using DuPont analysis, we need to break…
Q: A company has total fixed costs of $180,000 and a contribution margin ratio of 30%. How much sales…
A: To calculate the break-even sales, we use the formula: Break-even Sales = Total Fixed Costs /…
Q: Calculate the real hpr on the bond
A: The real holding period return (HPR) can be calculated using the Fisher equation: Real HPR = (1 +…
Q: What is its net income? General accounting
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a profitability ratio that…
Q: What is the division's margin on these financial accounting question?
A: The margin is calculated using the formula: Margin = (Net Operating Income ÷ Sales) × 100 Given:Net…
Q: Help me with this accounting question
A: Step 1: Identify the UnitsBeginning Work in Process (BWIP): 5,300 units (already started in the…
Q: Given correct answer general Accounting question
A: The debt-to-equity ratio is calculated as: Debt-to-equity ratio = Total Debt / Equity Given that the…
Q: What is the equity at year-end?
A: Compute the liabilities at the beginning of the year by following the basic accounting equation just…
Q: Kindly help me with accounting questions
A: To calculate the annual dividend yield and P/E ratio, we can use the following formulas: 1. Dividend…
Q: General Accounting Question
A: Step 1: Define Applied OverheadApplied overhead is the amount of manufacturing overhead allocated to…
Q: Financial Accounting
A: Step 1: Define Merchandise Purchases BudgetThe merchandise purchases budget shows the amount of…
Q: The balance sheets of Davidson Corporation reported net fixed assets of $830,000 at the end of Year…
A: Explanation of Net Fixed Assets: Net Fixed Assets represents the total cost of a company's long-term…
Q: Hello teacher please help me this question
A: STEP 1.Profit Margin for Children and Store Profit Margin1.Profit Margin for ChildrenThe child earns…
Q: General Accounting solve this one
A: Net Income = Revenue - Expenses Total Expenses = Utilities expense + Phone expense + Salaries…
Q: Inventory Account
A: Explanation of Work in Process (WIP) Inventory:Work in Process (WIP) Inventory refers to the costs…
Q: The time value of money concept is most relevant to: 1) Petty cash management 2) Long-term financial…
A: The time value of money (TVM) is the concept that money available today is worth more than the same…
Q: What is the firm's net income
A: To calculate the firm's net income, we need to break the problem into steps using the given…
Q: Do fast answer of this accounting questions
A: Step 1:The gross profit is calculated by deducting the cost of goods sold from net sales. It shows…
Q: General Accounting question
A: Step 1: Define Trade CreditTrade credits are sources of short-term financing and serve as a lifeline…
Q: Financial Accounting
A:
Q: Plantz Company makes chairs
A: Step 1: Formula Sales Volume variance= (Actual units sold - Budgeted units sold) x Price per unit…
Q: Please need answer this general accounting question
A: Approach to solving the question: Step 1: To get the percentage allocation we simply follow the…
Q: Financial accounting question
A: a. 2/10, net 120Discount Period: 10 daysCredit Period: 120 daysDiscount Percentage: 2%Formula:Annual…
Q: Right Answer
A: The Time Value of Money (TVM) concept states that a dollar today is worth more than a dollar in the…
Q: Accounting services had the following accounts
A: Explanation of Net Income:Net income refers to the profit a business earns after subtracting all…
Q: A company is considering whether to adopt a new accounting software system. Discuss the potential…
A: Definitions1. Accounting SoftwareAccounting software is a digital tool that helps companies manage…
Q: Financial Accounting Question please answer
A: Step 1: Define Net Realizable Value (NRV) MethodThe Net Realizable Value (NRV) method is a valuation…
Q: Financial Accounting
A: Let's solve each part step by step: a. Compute the incremental income before taxes. Given:Sales…
Q: Please help me
A: The time value of money (TVM) is a financial concept that states that a sum of money has a different…
Q: Please provide answer
A: Explanation of Variable Overhead Controllable Variance:Variable overhead controllable variance…
Q: Sub, GENERAL ACCOUNT
A: Workers' compensation for an injury received while working: Workers' compensation benefits are…
A piece of equipment that was originally purchased for $29,400, had

Step by step
Solved in 2 steps

- Solve this questionWhich of the following is considered when depreciating an asset under the cost model? The cost of the asset. The change in the fair value of the asset. The useful life of the asset. Both a and b. Which of the following depreciation methods will most likely result in the highest amount of reported profit in the early years of an asset’s useful life? Straight line 150% declining balance Double declining balance Sum-of-the-years’ digits The most commonly used depreciation method is the straight-line method. replacement method. depreciation method based on revenue. inventory method.I need help with that question given.
- A Moving to another question will save this response. Question 3 Which the following is used to find MACRS depreciation? O Depreciable base of the asset O Each of the choices is correct O The life of the asset as determined by tax code O A percentage of the depreciable base as determined by tax code AMoving to another question will save this response. MacBoc esc F1 F2 D00 F4 F5 @ 2$ 4 Q W E tab A S F G caps lock hift C V alt %#3Grover Inc. wishes to use the revaluation model for this property: Building Gross Value Building Accumulated Depreciation Net carrying value The fair value for the property is $100,000. What amount would be booked to the "accumulated depreciation" account if Grover chooses to use the proportional method to record the revaluation? OA. $20,000 credit B. $10,000 credit O C. SO Before Revaluation $120,000 40,000 80,000 D. $10,000 debitWhich of the following statements regarding the acquisition of PP&E is false? A. For a self constructed asset, capitalized interest can exceed actual interest cost. B. If a long-lived asset is acquired and will be paid over a number of years, the time value of money should be considered. C. The general rule of PP&E valuation is to value the asset received at the fair market value of what was given up. D. The acquisition cost of land should include all things that prepared it for it's use including excavation. In interest capitalization related to self constructed assets, all of the following must occur before the capitalization window begins except: A. Expenditures for the assets have been incurred B. Depreciation of the asset being built has been recognized C. Activities that are necessary to get the asset ready for its intended use are in progress D.Interest has to be incurred
- Question on, "what is depreciation".. Simple. I have tried it but confused about which choice.Correct solution8. If a FVTPL financial asset is bought, the investment account is Multiple-Choice O A. Debited for the cost of the financial asset NOT including any extra expenditures required in making t he purchase O B. Debited for the cost of the financial asset including any extra expenditures required in making the pu rchase O C. Credited for the cost of the financial asset including any extra expenditures required in making the p urchase D. Credited for the cost of the financial asset NOT including any extra expenditures required in making the purchase
- What is proper time or time period over which to match the cost of an intangible asset with revenues if it is likely that the benfit of the asset will last fro an indefinite period? a. 40 yrs b. 50 yrs c. immediately d. at such time as reduction in value can be quantitatively determined e. either a or b f. none from the choices givenWhich of the following statements if not true? a. Depreciation is the process of allocating the purchase price of an asset minues its residual value to expense, for each period benefited by the asset. b. The cost of an asset includes all acquisition costs necessary to obtain the benefits to be derived from the asset. c. The service life of an asset is the measure of the number of years of service expected from the asset before its disposal. d. The residual value of an asset is the difference between the expected book value of the asset at the end of its service and the cost of disposal.Which of the following is not a requirement for an asset to be depreciable?a. It must have a life longer than 1 year b. It must have a basis(initial purchase plus installation cost) greater than $1,000 c. It must be held with the intent to produce income d. It must wear out or get used up.

