Company H owns a conveyor belt that costs $85,000 with a residual value of $5,000 and a useful life of 10 years. If the company sells the asset on January 1st of year 5, for $61,000 cash what is the amount of Gain / Loss the Company would record?

Q: On January 1, 2021, Marigold company acquired a computer amounting to P47,000, transportation cost…

A: Cost of computer = Purchase price of computer + transportation cost + installation cost of desk…

Q: Depreciation and Rate of Return Burrell Company purchased a machine for $31,000 on January 2, 2019.…

A: The deprecation under straight line method is calculated as:= (Cost of the asset - Residual Method)…

Q: A. Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and…

A: Depreciation expense is the non-cash expense charged on the non-current assets. It is reported on…

Q: The Electric Company buys machinery for $500,000 and gives a promissory note to pay dated 2 years…

A: A promissory note is a written promise or a financial instrument that outlines a borrower's…

Q: Moped, Incorporated purchased machinery at a cost of $44,000 on January 1, 2023. The expected useful…

A: The double-declining balance method uses the depreciation as the double of the straight-line method.…

Q: An asset is purchased on January 1 for $42,200. It is expected to have a useful life of four years…

A: Depreciation: Decreasing value of fixed assets over period of time is called depreciation.

Q: Hardy HarHar purchases a new equipment with a cost of $55,000 on March 1, 2020.  They estimate the…

A: Cost = 55000 Salvage Value = 5000 Depreciable value = Cost  - Salvage Value = 55000 - 5000 = 50000…

Q: Angels Inc. purchases a piece of equipment for $65,000. The equipment has an expected useful life of…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: A company buys an industrial lathe for $95,000. It has a useful life of 20 years and a salvage value…

A: Depreciation It is important for the entity to calculate the Depreciation cost to know the actual…

Q: On January 1, 2019, Allen Corp. purchased equipment for $760,000. At the time, it was estimated that…

A: Straight-line depreciation evenly distributes the cost of an asset over its useful life, subtracting…

Q: Voltage Industries, a calendar-year company, purchases equipment for $85,000 on January 2nd, 2022.…

A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…

Q: Southern inc. purchases an asset for 98,000. Thus asset qualifies as a 3 year recovery asset under…

A: Cost of the asset = $98,000The book value of the asset at the end of 2 years is

Q: Burrell Company purchased a machine for $10,000 on January 2, 2019. The machine has an estimated…

A: DEPRECIATION UNDER DOUBLE DECLINING METHOD Rate =100%5 =20% Double declining rate = 20×2=40%

Q: Gina Corporation purchases new office equipment for $2,500,000 on January 1, 2020. Gina estimates…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: A company purchases

A: Introduction:Depreciation is an accounting technique that distributes an asset's cost over the…

Q: Rigley Industries sells a plant asset which originally cost $240,000 for $90,000 on December 31,…

A: SOLUTION-   GAIN OR LOSS ON DISPOSAL = ORIGINAL COST -ACCUMULATED DEPRECIATION- SALES VALUE.

Q: A company bought a new conveyor belt for $ 182,000. If it depreciates on a straight-line basis at $…

A: The useful life of machine can be calculated with the help of straight line depreciation formula

Q: Company paid interest of $2,000 on the loan during year 1. Company paid shipping costs of

A: 1. Interest on loan taken and utilized for purchase of machinery is        a capital expenditure.…

Q: Why is this an operating lease for Child Company? What are the amounts of the right-of-use asset and…

A: Lease liability is the liability which is required to be paid by the lessee to the lessor and which…

Q: 197 intangibles: Oa. Include intangible assets created and not purchased by the taxpayer Ob. Are…

A: Intangible assets are those assets which are not physically existed. In simple, these are those…

Q: XYZ bought an asset that cost $200,000 at the beginning of the year.  It has a salvage value of…

A: Depreciation appears to be the amount through which the cost of fixed assets is reduced as a result…

Q: Myron Corp has the following information available related to the equipment it uses in its business.…

A: Introduction: When an organization incurs any expenditure towards extraordinary repair of plant and…

Q: Required information [The following information applies to the questions displayed below.] Tory…

A: Answer:-  Depreciation meaning:- Because of the usage, deterioration, or obsolescence, an asset's…

Q: On January 1, 2022. Swifty Company purchased equipment for $41000. The company is depreciating the…

A: Depreciation is considered an expense charge on the value of the asset. It can be calculated by…

Q: turdivant Company owns an executive plane that originally cost $1,280,000. It has recorded…

A: In straight line method of depreciation there is uniform annual depreciation and book value…

Q: Assume that Win Co. is considering disposing of equipment that cost $74,582.00 and has $52,207.40 of…

A: Correct option:c. $9,427.05 Show formula version of the detailed solution sheet for a better…

Q: On January 1, 2014, Tanaka, Inc. purchased equipment for $27,000. Tanaka uses straight-line…

A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…