The equipment was sold for $60,000 The equipment was originally purchased for $33,000. At the time of the sale, the equipment had accumulated depreciation of $30,000. Calculate the gain or loss to be recorded on the sale of equipment.
Q: On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All materials…
A: To calculate the cost per equivalent unit of conversion using the weighted-average method, we need…
Q: Star manufacturing estimates manufacturing overhead solve this accounting questions
A: Step 1: Definition of Predetermined Overhead RatePredetermined Overhead Rate: It is the rate…
Q: Smith manufacturing has $80,000 in assets solution general accounting question
A: Explanation: In the given case, we are required to calculate the amount of revenue using the…
Q: Please provide solution this accounting question
A: Step 1: Define Straight-Line DepreciationThe straight-line depreciation method allocates the cost of…
Q: What is the company's cash cycle for this accounting question?
A: Step 1: Define Cash CycleThe cash cycle (or cash conversion cycle) measures the time it takes for a…
Q: Tina's budgeted overhead for the month is?
A: Explanation of Fixed Overhead: This represents the constant manufacturing costs that remain…
Q: Financial Accounting
A: Explanation: The data given in the question pertains to the year 2014. But, it also states that the…
Q: I need this question answer general Accounting
A: Step 1: Define Variable Cost RatioIt is the total variable cost borne by a company expressed as a…
Q: Account
A: Key Definitions:Cost: The actual cost of the item.Market: The replacement cost, but it is limited…
Q: Not use ai solution please given correct answer General Accounting
A: Step 1: Define Material CostMaterial cost can be defined as the total value of raw material used in…
Q: General Accounting question
A: Step 1: Define Cash FlowCash flows are important values while evaluating an investment opportunity.…
Q: ANSWER
A: Explanation of Stock Dividend: A stock dividend represents a distribution of additional shares to…
Q: please Not use ai solution financial accounting questions
A: Step 1: Define High Low MethodIn cost accounting, the high-low method is an important concept by…
Q: General Account
A: To calculate the unit product cost under variable costing, we include only the variable production…
Q: Need Answer of this one with correct option that one given
A: Step 1: Definition of Gross Profit and Operating ExpensesGross profit is the difference between net…
Q: Total Assets = $251, 000 & Total Liabilities = $110, 000
A: Explanation of Total Assets: This represents the sum of all resources owned by Rena Company that…
Q: Tutor Provide answer to this problem
A: To calculate the income or loss from accepting the export offer, we consider only the relevant costs…
Q: Harrison manufacturing reported a pretax book income solve this general accounting question
A: Step 1: Definition of Current Income Tax ExpenseThe current income tax expense is the tax liability…
Q: I need answer of this accounting questions
A: To calculate Gross Profit and Operating Income under absorption costing, follow these steps: 1.…
Q: The level of inventory of a manufacturered product solve this accounting questions
A: Step 1: Definition of Absorption Costing vs. Variable CostingAbsorption costing includes both…
Q: Please provide correct answer general Accounting
A: Step 1: Define Profit MarginProfit Margin is the percentage of profit over the net sales. These is…
Q: Need solutions
A: B) Dividends-received deductionThis is a permanent difference. Dividends received by corporations…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Profitability Index (PI)The Profitability Index (PI) is a measure used to rank…
Q: A company has a total cost of $50.00 per unit at a volume of 100,000 units. The variable cost per…
A: Step 1: Calculate Total Fixed Costs At 100,000 units, the total cost per unit is $50. This…
Q: ACCOUNTING EQUATION
A: Let us use the extended accounting equation given and work around it.Assets = Liabilities + (Revenue…
Q: ANSWER
A: Explanation of Beginning Inventory: Beginning inventory represents the quantity and value of goods…
Q: Please see the attachment for details
A: Explanation of Credit Sales: Credit sales occur when a business allows customers to purchase goods…
Q: Financial Accounting
A: To determine the annual interest rate your parents must earn for their $350,000 savings to grow to…
Q: Tina Company uses the following formula for annual overhead: $360,000 + $1.20 for each machine hour…
A: To calculate Tina Company's budgeted overhead for the month, use the provided formula and details:…
Q: Financial accounting questions
A: Step 1: Calculate Interest• Interest = Principal × Rate × TimeStep 2: Calculate Total Cash to be…
Q: Beginning inventory was $4,000, purchases totaled $31,000, and sales were $20,000. What is the…
A: Explanation of Beginning Inventory: Beginning inventory refers to the value of goods a company has…
Q: General Account
A: To compute the lower-of-cost-or-market (LCM) valuation, you compare the cost and market value for…
Q: I won't this question answer general Accounting not use ai
A: Step 1: Define Selling ExpensesSelling Expenses pertain to the costs incurred in selling and…
Q: Provide answer of this Question with general Accounting Method
A: Absorption Costing:Absorption costing, also known as full costing, is a costing method where all…
Q: Please given answer general Accounting
A: Step 1: Define Business ProfitsIf a business cannot profit from its operations, it cannot survive in…
Q: I want to correct answer general accounting
A: Step 1:Return on Assets is financial metric that how much profit a company generates from its…
Q: Need answer the accounting question please answer do fast and step by step calculation
A: To calculate the patent amortization expense, we need to consider the useful life of the patent,…
Q: Please provide this question solution general accounting
A: Step 1: Determine Annual Depreciation Expense Since the equipment is eligible for 100% bonus…
Q: Hii expert please given correct answer general Accounting
A: Step 1: Define Debt RatioA firm's debt ratio represents the proportion of debt capital over the…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Installment Sale MethodInstallment Sale Method: A tax reporting method where…
Q: What is the gain or loss realized by Larsen Industries on these general accounting question?
A: Step 1: Define Gain or LossGain or loss on the sale of an asset is the difference between the amount…
Q: What is the net income of this accounting question?
A: To calculate the net income, we use the profit margin formula: Net Income = Sales × Profit Margin…
Q: Need help this question general accounting
A: To calculate the gross margin, we need to determine the cost of goods sold (COGS) and subtract it…
Q: If the estimated rate of gross profit is 40%, what is the estimated cost of the merchandise…
A: Step 1: Understand the FormulaThe gross profit method estimates the cost of goods sold (COGS) based…
Q: I won't this question general Accounting
A: Step 1: Define Entries for Notes ReceivablesNotes receivables is a written promissory note received…
Q: What are the estimated direct labor costs?
A: Explanation of Semi-Variable Costs:Semi-variable costs, also known as mixed costs, consist of both…
Q: Do fast answer of this accounting questions
A: Step 1: Define Consolidated net incomeConsolidated net income is the result of adding the parent…
Q: Financial accounting
A: Step 1: Define Manufacturing Overhead CostManufacturing overhead cost is the cost that is incurred…
Q: Need help with this accounting questions
A: Step 1: Calculate Owner's Equity at the Beginning of the Year:• Owner's Equity (Beginning) = Assets…
Q: Monty Corp. sells coffee beans, which are sensitive to price fluctuations. The following inventory…
A: Step 1: Identify the Cost and Market Value for Each Coffee Bean TypeCoffee Bean TypeUnitsUnit…
The equipment was sold for $60,000 The equipment was originally purchased for $33,000. At the time of the sale, the equipment had
Step by step
Solved in 2 steps
- Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual value is 15,000. Akron estimates that the asset has a service life of 5 years. Calculate the depreciation expense using the sum-of-the-years-digits method for Years 1 and 2 of the assets life.Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not have a residual value and is estimated to be in service for 8 years. Calculate the depreciation expense for Years 1 and 2 using the double-declining-balance method. Round to the nearest dollar.Equipment was acquired at the beginning of the year at a cost of $625,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 9 years and an estimated residual value of $46,635. a. What was the depreciation for the first year? Round your answer to the nearest cent.$ b. Using the rounded amount from Part a in your computation, determine the gain(loss) on the sale of the equipment, assuming it was sold at the end of year eight for $105,608. Round your answer to the nearest cent and enter as a positive amount.$ Loss c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent
- A company purchased a piece of farm equipment at a cost of $38,000 and sold it two years later for $25,300. Assume that depreciation is calculated using the straight-line method, a five-year service life, and an $8,000 residual value. 1. What was the gain or loss on the sale? _________ on sale _____________ 2. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)Ronny’s Red Hat Company purchased machinery on August 3, Year 1 for $150,000. Ronny, the owner, estimated that the machinery would be sold for $30,000 in 10 years. If Ronny’s red Hat Company uses straight line depreciation, what is included in the entry to record the disposition of the asset on July 31, Year 3 if the machinery is sold for $120,000 cash? Question: Is there a loss or gain on disposition? How much?Equipment was acquired at the beginning of the year at a cost of $79,140. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. a. What was the depreciation expense for the first year?$ b. Assuming the equipment was sold at the end of the second year for $59,800, determine the gain or loss on sale of the equipment.$ c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.
- Slipper 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?Arlington Company sold equipment for $90,000 cash. The equipment had an original cost of $180,000 and accumulated depreiation of $70,000 as of the date of sale. Which of the following would NOT be included in the entry to record the sale?Equipment was purchased at a cost of $55,000. The equipment had an estimated useful life of 5 years and a residual value of $5,000. Assuming the equipment was sold at the end of Year 4 for $8,000, determine the gain or loss on the sale of equipment. (Assume the straight-line depreciation method.) a. A loss of $8,000 b. A loss of $7,000 c. A gain of $8,000 d. A gain of $7,000
- Equipment was acquired at the beginning of the year at a cost of $79,200. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,860. a. What was the depreciation expense for the first year? $ b. Assuming the equipment was sold at the end of the second year for $59,900, determine the gain or loss on sale of the equipment. c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Accounts Payable Accumulated Depreciation Cash Gain on Sale of Equipment Loss on Sale of EquipmentEquipment was acquired at the beginning of the year at a cost of $287,100. The equipment was depreciated using the straight-line method based on an estimated useful life of nine years and an estimated residual value of $27,000. a. What was the depreciation for the first year?$fill in the blank b. Assuming the equipment was sold at the end of the fifth year for $138,700, determine the gain or loss on the sale of the equipment. Enter your answer as a positive amount.$ fill in the blank - loss or gain c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. debit credit blank Cash $ fill in blank $fill in blank Accumulated Depreciation-Equipment $fill in blank $fill in blank Loss on Sale of Equipment $fill in blank $fill in blank equipment $fill in blank $fill in blankEquipment was acquired at the beginning of the year at a cost of $75,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500. a. What was the depreciation expense for the first year? $4 11,250 b. Assuming the equipment was sold at the end of the second year for $59,000, determine the gain or loss on sale of the equipment. Gain Feedback V Check My Work Partially correct c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Cash 7,500 Accumulated Depreciation 67,500 X 11,250 Equipment 75,000 Gain on Sale of Equipment
