Maria sold equipment for $4,500 on July 15th of the current year. The equipment was purchased for $7,200. Maria had taken $3,800 of depreciation deductions on the equipment through the date of the sale. What is Maria's gain or loss realized on the equipment? A. $1,100 gain B. $2,700 loss C. $1,100 loss D. $900 gain E. None of these.
Q: 4 POINTS
A: Explanation of Basis: Basis is the total cost of acquiring a property for tax purposes, including…
Q: Can you help me solve this general accounting problem using the correct accounting process?
A: Step 1: Define Direct Labor Time VarianceThe direct labor time variance measures the difference…
Q: Step by step explanation i need.
A: When reporting inventory on the balance sheet, companies must follow the lower of cost or market…
Q: If sales revenue is $220 million and accounts receivable decreased by $30 million, the amount of…
A: Explanation of Sales Revenue: Sales revenue represents the total amount of money generated from…
Q: I am searching for the right answer to this financial accounting question using proper techniques.
A: Concept of Return on Assets (ROA):Return on Assets is a financial metric that indicates how…
Q: What is the amount of fixed manufacturing overhead per year?
A: Explanation of Absorption Costing: Absorption costing is a method of product costing that assigns…
Q: None step?
A: The interest collected can be calculated as follows:Bank statement balance adjustment:Bank statement…
Q: Brightview Components Ltd. expected an overhead cost of $425,000 for its packaging cost pool and an…
A: Provided Data:Estimated overhead cost = $425,000Estimated packaging operations = 17,000Actual…
Q: Variable costing includes what? (a) All production costs (b) Only variable manufacturing costs (c)…
A: Explanation of Variable Costing: Variable costing is a management accounting method that includes…
Q: Can you solve this general accounting problem using appropriate accounting principles?
A: Step 1: Definition of Total SalesTotal sales for a period can be calculated by adding both cash…
Q: How much wage expenses should accured pn Tuesday ?
A: Provided Data:Workweek = 5 days (Monday to Friday)Daily wage = $1,250Month ends on TuesdayWages are…
Q: None
A: Step 1: Definition of Annual Depreciation Expense (Straight-Line Method)Annual depreciation expense…
Q: Please provide the accurate answer to this general accounting problem using valid techniques.
A: Step 1: Define Direct Materials Cost per Equivalent UnitThe direct materials cost per equivalent…
Q: Short solution???...
A: Step 1: Definition of Cost of Goods Sold (COGS) AdjustmentThe cost of goods sold (COGS) is adjusted…
Q: I need solution with step by step correct approach......?????
A: Step 1: Bank Statement Reconciliation FormulaBank balance = Book balance + Deposits in transit -…
Q: Davis Manufacturing expects to produce 18,000 total units during the current period.
A: Concept of Overhead Cost:Overhead cost refers to all indirect costs associated with production that…
Q: How much overhead was applied ?
A: This is the provided information: Predetermined overhead rate = 162% of direct labor costActual…
Q: Can you explain the process for solving this general accounting question accurately?
A: Step 1: Definition of Dividend Payout RatioThe dividend payout ratio is a financial metric that…
Q: What is net gold sold??
A: Given:Cost of Goods Manufactured (COGM) = $180,000Beginning Finished Goods Inventory = $45,000Ending…
Q: What is the total amount of current liabilities?
A: To compute the total amount of current liabilities, include all liabilities due within one…
Q: General accounting question
A: Step 1: Definition of Capital Gains YieldThe capital gains yield is the percentage increase in the…
Q: A project will increase sales by $250,000 and cash expenses by $60,000.
A: Concept of Straight-Line Depreciation:Straight-line depreciation is a method used to allocate the…
Q: Full solution..????
A: The manufacturing overhead rate is a cost allocation method used by companies to assign indirect…
Q: How much a adjusted cost of goods??
A: Start with the cost of goods manufactured:$180,000Add beginning finished goods inventory:$180,000 +…
Q: Overhead costs were applied at a single, plantwide overhead rate of 250 percent of direct labor…
A: Concept of Direct Materials:Direct materials are the raw materials that are directly traceable to…
Q: What is the full cost per unit of making and selling the product
A: Concept of Fixed Costs:Fixed costs are expenses that do not change with the level of production or…
Q: accounting question
A: Step 1: Define Net SalesNet Sales represent the total revenue generated by a company from its sales…
Q: Hannah Brooks receives a travel allowance of $220 each week from her company for time away from…
A: Concept of Taxable Employee Benefit:A taxable employee benefit is any form of non-cash compensation…
Q: Can you explain the correct approach to solve this general accounting question?
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a profitability ratio that…
Q: Compute the total cost of the Graphico order.
A: Definition of Direct Labor Cost:Direct labor cost refers to the wages paid to workers who are…
Q: What is the company's plantwide overhead rate?
A: Concept of Overhead Costs:Overhead costs refer to all indirect expenses involved in the production…
Q: Solve both questions appro
A: Part 3: Materials Quantity VarianceTo calculate the materials quantity variance, we use the…
Q: Please provide the answer to this general accounting question using the right approach.
A: Step 1: Define Gross Profit PercentageGross profit percentage is a financial metric that shows the…
Q: An item of equipment owned by Bruno Manufacturing cost $180,000 and had an estimated use of 90,000…
A: Explanation of Depreciation:Depreciation is the process of allocating the cost of a long-term asset…
Q: I need assistance with this financial accounting problem using appropriate calculation techniques.
A: Step 1: Definition of Price-Earnings (P/E) RatioThe Price-Earnings (P/E) Ratio is a commonly used…
Q: The contribution margin per unit?
A: Explanation of Contribution Margin: Contribution margin is the difference between sales revenue and…
Q: Please help me solve this general accounting problem with the correct financial process.
A: Explanation of Net Income:Net income is the profit a company earns after deducting all expenses,…
Q: Need this question answer properly.
A: Manufacturing Overhead Rate = Total Overhead Costs Incurred ÷ Total Machine Hours Used.Given:Total…
Q: Capwell Enterprises acquired a patent on March 15, 2023. Capwell paid cash of $58,000 to the seller.…
A: Concept of Patent:A patent is an intangible asset that gives a company the exclusive legal right to…
Q: Henry is an all-equity firm that has 63,500 shares of stock outstanding at a market price of $22.80…
A: Shares Outstanding After Repurchase=Initial Number of Shares−Number of Shares Repurchased 1.…
Q: Please provide the accurate answer to this general accounting problem using appropriate methods.
A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the owners' residual…
Q: Provide step by step current solution for general accounting
A: Step 1: Definition of Ending Work in Process (WIP) InventoryEnding Work in Process (WIP) Inventory…
Q: I need assistance with this financial accounting problem using valid financial procedures.
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a profitability ratio that…
Q: Donovan Manufacturing has an overhead application rate of 145% and allocates overhead based on…
A: Explanation of Overhead Application Rate:The overhead application rate is a predetermined percentage…
Q: SUBJECT: GENERAL ACCOUNTING
A: Explanation of Return on Assets: Return on Assets (ROA) is a financial ratio that measures how…
Q: General accounting question
A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate is the estimated rate used…
Q: Please explain the solution to this general accounting problem with accurate principles.
A: Step 1: Determine the predetermined overhead rateFormula:Predetermined Overhead Rate = Estimated…
Q: I don't need ai answer general accounting question
A: Step 1: Definition of Total CostTotal cost refers to the sum of all expenses incurred by a business…
Q: Proof solution...?????
A: Question 1.1.13:The correct answer is: b) Relative sales value methodQuestion 1.1.14:Calculation of…
Q: Hello tutor please provide correct answer general accounting question with correct solution do fast
A: Step 1: Define Net IncomeNet income is the amount of profit a company makes after subtracting all of…
Choice correct answer with accounting question
Step by step
Solved in 2 steps
- AbcWhat is jorge's gain or loss realized on the machine?In year 0, Longworth Partnership purchased a machine for $57,250 to use in its business. In year 3, Longworth sold the machine for $44,300. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,900. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount
- In year 0, Longworth Partnership purchased a machine for $56,000 to use in its business. In year 3, Longworth sold the machine for $36,700. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $29,800. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $61,250? Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss) Ordinary Gain or (Loss) $1231 gain or (loss) AmountWhat is jorge's gain or loss realized on the machine? General accountingIn year O, Longworth Partnership purchased a machine for $58,250 to use in its business. In year 3, Longworth sold the machine for $37,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $25,200. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $68,250? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)
- In year 0, Longworth Partnership purchased a machine for $44,500 to use in its business. In year 3, Longworth sold the machine for $38,400. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $31,100. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) §1231 gain/(loss) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $68,000? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) §1231 gain/(loss) c. What are the amount and character of the gain or loss Longworth will recognize on the sale…In year 0, Longworth Partnership purchased a machine for $54,500 to use in its business. In year 3, Longworth sold the machine for $36,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $26,700. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? b. What is the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $65,500?Gaston owns equipment that cost $32,000 with accumulated depreciation of $22,400. Gaston sells the equipment for $8,600. Which of the following would not be part of the journal entry to record the disposal of the equipment?
- In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In year 3, Longworth sold the machine for $43,200. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $23,900. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What is the amount and character of the gain or loss Longworth will recognize on the sale? In year 0, Longworth Partnership purchased a machine for $64,750 to use in its business. In…In year 0, Longworth Partnership purchased a machine for $57,500 to use in its business. In year 3, Longworth sold the machine for $38,800. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $27,300. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $70,000? Please don't provide answer in image format thank youIf you give me wrong answer, I will give you unhelpful rate
