A plant asset with a cost of $360,000 and accumulated depreciation of $342,000 is sold for $42,000. What is the amount of the gain or loss on disposal of the plant asset? a. $42,000 loss. b. $24,000 loss. c. $24,000 gain. d. $42,000 gain.

A plant asset with a cost of $360,000 and accumulated depreciation of $342,000 is sold for $42,000. What is the amount of the gain or loss on disposal of the plant asset? a. $42,000 loss. b. $24,000 loss. c. $24,000 gain. d. $42,000 gain.

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....

See similar textbooks

Related questions

Q: 22.)

A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…

Q: Which method is required?

A: Hello student! Absorption Costing is required for external financial reporting because it follows…

Q: Please give me answer accounting

A: Step 1: Define VarianceWhen a variance has reached the company's set amount when management by…

Q: General Accounting Question please answer do fast

A: Step 1: Define Manufacturing CostsThe accounts department will ascertain accounting ledgers that are…

Q: General Accounting

A: Step 1: Define Current AssetIf an asset can be converted into cash within the operating cycle then…

Q: I need answer of this question financial Accounting

A: Step 1: Define Return on Equity using Dupont AnalysisDupont analysis states that return on equity is…

Q: Need help with this accounting question

A: To calculate the direct labor cost per equivalent unit using the weighted average method, we follow…

Q: What is the full cost per unit?

A: Explanation of Full Cost: Full cost represents the total expense of producing and selling a unit,…

Q: Accounting

A: Step 1: Define Joint CostsJoint costs are expenses incurred related to the production of multiple of…

Q: SK Corporation acquired Neptune, Incorporated, on January 1, 2023, by issuing 125,000 shares of…

A: Initial Accounting for Contingent ConsiderationAt the acquisition date (January 1, 2023), SK…

Q: Investment property under construction is measured at?

A: The correct answer is:a) Fair value if reliably measurable, otherwise costExplanation: According to…

Q: Can you solve these accounting question?

A: (a) Actual Return on Plan Assets in 2017The formula for the actual return on plan assets is:Actual…

Q: CORIS RA is a government owned enterprise which is legislated to generate its own incomewhich it…

A: Payments Amount($)Salaries (Central Government Salaries and Salary 1 & 2) (13,720,700)…

Q: Choose the right answer

A: Explanation of Equity Method: The equity method is an accounting technique used to record…

Q: An advantage of the sales value at splitoff method is Select one: a. it always yields the same…

A: The sales value at splitoff method is a cost allocation method used in accounting, particularly in…

Q: Solve these general accounting question do fast

A: Step 1:Break even point is the point where there is no profit or loss situation. Formula of break…

Q: Please Solve this Question with calculation

A: Step 1: Detailed Definition of AssetsAssets are resources owned by an individual or organization…

Q: Accounting

A: Step 1: Define Return on AssetsReturn on assets comes under the profitability ratio, which evaluates…

Q: What is its equity multiplier on these accounting question?

A: Step 1: Define Asset Turnover Ratio and Equity MultiplierAsset turnover ratio is defined as the…

Q: I need your help to carry out everything that must be calculated in a payroll and that the values…

A: Step 1: Gather Employee Hours and RatesWe will calculate regular hours, overtime hours, and the…

Q: Please provide the answers in excel with explanation

A: A4a:The Bill of Materials (BOM) is a structured representation of all the components and…

Q: Want answer tutor!

A: Explanation of Annual Ordering Cost: Annual ordering cost represents the total cost incurred in…

Q: Please give me answer accounting

A: Straight-line depreciation method:Step 1: Determine the depreciable cost.Depreciable cost = Cost of…

Q: What is the direct price variance on these general accounting question?

A: Step 1: Define Total Direct Material VarianceThe total direct material variance arises when there is…

Q: Provide solution this accounting question please do fast

A: Step 1: Define Variance AnalysisVariance analysis refers to the comparison of standard and actual…

Q: Pardo Company produces a single product and has capacity to produce 135,000 units per month. Costs…

A: Requirement A:The income statement of the special offer is prepared as follows: ABC1Special Offer…

Q: Please give me answer accounting.....

A: Future Value = Present Value * (1 + Interest Rate)^Number of PeriodsThis formula, which determines…

Q: Give me correct answer accounting.......

A: Step 1: Define Total DebtA company's total debt represents the amount it owes to the creditors,…

Q: Answer give me Fast As Possible

A: Compute the cost-to-retail percentage first.Cost-to-retail percentage = Cost / Retail Cost-to-retail…

Q: Provide this question solution financial accounting

A: Step 1: Define Price-Earnings MultipleThe price-earnings multiple indicates the number of times a…

Q: Need help with this accounting question not use chatgpt

A: Step 1: Define Long Term LiabilityLong-term liabilities are those liabilities that a company is…

Q: Give me answer accounting

A: Let us compute for the contribution margin by deducting variable costs from sales. Then further…

Q: Need General Accounting Questions Solution provide the Correct answer what is final Answer

A: Step 1: Define Bank Reconciliation StatementA bank reconciliation consists of two parts; in the…

Q: SmartTech Electronics sells wireless earbuds at $80 per unit. The variable cost per unit is $35, and…

A: To determine the sales volume needed to achieve a target profit of $60,000 for SmartTech…

Q: Accounting Subject solution

A: Step 1: Definition of Terms1. Net Income:Net income is the company's profit after deducting all…

Q: General Accounting Question please need answer

A: Step 1: Define Book ValueThe book value is the value of an asset as it is listed on a company's…

Q: Give me answer please

A: Explanation of Functional Currency: Functional currency is the primary currency in which an entity…

Q: 2 points mcq general accounting

A: Explanation of Business Combinations Under Common Control: Business combinations under common…

Q: Give me sell? (financial accounting)

A: Explanation of EBIT: EBIT (Earnings Before Interest and Taxes) is a measure of a company's operating…

Q: I need answer of this question general accounting

A: Explanation: In the given case, we are required to calculate beta of Discovery Cafe and market risk…

Q: Give me answer

A: DefinitionsAsset Retirement Obligations (ARO):Asset retirement obligations (ARO) are legal or…

Q: Provide this accounting questions solution

A: Step 1: Calculate the Risk PremiumRisk Premium = Market Return - Risk-Free RateIn this case:Risk…

Q: The attached picture is Lannister salon's financial position for year 2023. Pls. Create a vertical…

A: Liquidity refers to the ability of a company to meet its short-term obligations. The higher the…

Q: Provide Answer of this one please need Correct Answer

A: The production costs are given but it is for the total units produced 27,120 units. We should…

Q: Find out the answer

A: Step 1: Days Sales in Inventory (DSI):Definition: Measures the average number of days it takes to…

Q: Joint venture

A: Accounting Treatment for Joint VenturesJoint ventures are arrangements where two or more parties…

Q: Give true answer this accounting question

A: Step 1: Define Operating leverageOperating leverage is a leverage which represents how well the…

Q: Please give me answer general finance

A: Step 1: Define DividendThe portion of the net income given among the holders of the outstanding…

Q: Please give me answer general accounting

A: Step 1: Define Fixed AssetsA fixed asset can be defined as a valuable a company uses in the…

Q: The residual value guarantee in a lease is?

A: Explanation of Residual Value: Residual value represents the estimated worth of a leased asset at…

Question

100%

Need help with this accounting question

A plant asset with a cost of $360,000 and accumulated
depreciation of $342,000 is sold for $42,000. What is the
amount of the gain or loss on disposal of the plant asset?
a. $42,000 loss.
b. $24,000 loss.
c. $24,000 gain.
d. $42,000 gain.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

A fixed asset with a cost of $31,365.00 and accumulated depreciation of $28,228.50 is sold for $5,332.05. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,136.50 loss $2,195.55 loss $2,195.55 gain $3,136.50 gain
A fixed asset with a cost of $33,769.00 and accumulated depreciation of $30,392.10 is sold for $5,740.73. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $2,363.83 gain $2,363.83 loss $3,376.90 loss $3,376.90 gain
I want to answer this question
A fixed asset with a cost of $32,167.00 and accumulated depreciation of $28,950.30 is sold for $5,468.39. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. A. $2,251.69 loss B. $2,251.69 gain C. $3,216.70 gain D. $3,216.70 loss
A fixed asset with a cost of $30,192 and accumulated depreciation of $27,172.80 is sold for $5,132.64. What is the amount of the gain or loss on disposal of the fixed asset? a.$2,113.44 loss b.$3,019.20 gain c.$3,019.20 loss d.$2,113.44 gain
8. A plant asset with a cost price of R900 000 and accumulated depreciation of R800 000 was sold for R80 000. What is the profit or loss on disposal of the asset? A. R20 000 loss B. R20 000 gain C. R80 000 gain D. R80 000 loss
A fixed asset with a cost of $31,304 and accumulated depreciation of $28,173.60 is sold for $5,321.68. What is the amount of the gain or loss on disposal of the fixed asset?
An asset that cost $20,000 and has accumulated depreciation of $17,000 is sold for $4,000. This sale will result in a: Group of answer choices loss of $13,000. gain of $4,000. loss of $16,000. gain of $1,000.
A fixed asset with a cost of $24,000 and accumulated depreciation of $21,600 is sold for $4,080. What is the amount of the gain or loss on the sale of the fixed asset? a. $1,680 loss b. $1,680 gain c. $2,400 loss Od. $2,400 gain
A fixed asset with a cost of $34,571 and accumulated depreciation of $31,113.90 is sold for $5,877.07. What is the amount of the gain or loss on disposal of the fixed asset? Oa. $3,457.10 loss Ob. $3,457.10 gain Oc. $2,419.97 gain Od. $2,419.97 loss
A fixed asset with a cost of $31,021 and accumulated depreciation of $27,918.90 is sold for $5,273.57. What is the amount of the gain or loss on disposal of the fixed asset? Oa. S2,171.47 loss Ob. $3,102.10 loss Oc. S2,171.47 gain Od. S3,102.10 gain
A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420. What is the amount of the gain or loss on the sale of the fixed asset? Oa. $2,600 loss Ob. $2,600 gain Oc. $1.820 loss Od. $1,820 gain Previous Next 7:04 PM 12/11/2020 18 a