Wave Enterprises sold equipment for $15,000. The equipment had an original cost of $40,000 and accumulated depreciation of $22,000. As a result of the sale, what is the gain or loss?
Q: Rehan Manufacturing's break-even point in units is 1,800. The sales price per unit is $20, and the…
A: Explanation of Break-even Point:The break-even point is the level of sales at which total revenue…
Q: choose best answer me
A: Step 1: Definition of DepreciationDepreciation is the allocation of the cost of a fixed asset over…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Net IncomeNet Income is the amount of profit a company earns after deducting…
Q: ANSWER
A: Approach to solving the question:Freeform Detailed explanation: Explanation of Variable Costing and…
Q: Provide correct answer
A: Given Data:Degree of Operating Leverage (DOL) = 1.09Percentage increase in units sold =…
Q: Rolles Company has a contribution margin ratio of 27%. The company is considering a proposal that…
A: Concept of Contribution MarginThe contribution margin represents the portion of sales revenue that…
Q: Want your help with problem
A: We have given, Net Income after taxes = $73,000Total Common Equity at the end of last year =…
Q: At the beginning of the year
A: Concept of Total AssetsTotal Assets represent everything a company owns that has economic value and…
Q: General accounting
A: Step 1: Define Variable Cost RatioIt is the total variable cost borne by a company expressed as a…
Q: What amount would the company record the land accounting question
A: Step 1: Define Fixed AssetsA fixed asset can be defined as a valuable a company uses in the…
Q: Answer this Accounting MCQ
A: Explanation of Tax Revenue: Tax revenue represents the total amount of money a government collects…
Q: hi expert please help me
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is used to allocate…
Q: Please find the answer
A: To solve this problem, we need to understand the concept of operating leverage and how it relates to…
Q: Financial accounting
A: Step 1: DefinitionDiscounting a Note Receivable is the process of selling a note to a bank before…
Q: Provide Right answer
A: Concept of Contribution Margin RatioThe contribution margin ratio represents the percentage of sales…
Q: can you please this general accounting
A: Step 1: Definition of Inventory Holding CostInventory holding cost includes all costs associated…
Q: Accounting question
A: To calculate the expected stock price under normal market conditions, we use the Price-to-Earnings…
Q: expert of general accounting
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: Crane top uses the periodic inventory system. For the current month, the beginning inventory…
A: The FIFO (First-In, First-Out) method of inventory valuation is a cost flow assumption method that…
Q: Fresh Foods has sales of $216,500, total assets of $196,200, a debt-equity ratio of 2.15, and a…
A: The equity multiplier is a measure of financial leverage and is calculated as:Equity…
Q: ???
A: 1. Calculate the Contribution Margin per Unit:Contribution Margin = Selling Price per Unit -…
Q: correct answer please
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: financial accounting answer me.
A: Step 1:The standard direct material cost of the jewelry box is the sum of the cost of board used in…
Q: help me to solve this
A: The question requires the determination of the book value per share and earnings per share.Book…
Q: Anderson Manufacturing estimates direct labor costs and manufacturing overhead costs for the…
A: Explanation of Direct Labor Costs: Direct labor costs represent the wages and benefits paid to…
Q: Subject: general Accounting
A: Step 1: Define Current YieldThe Current Yield of a bond is a financial metric used to measure the…
Q: General accounting
A: Step 1: Define High-Low MethodThe high-low method determines the variable cost per unit (which…
Q: General Accounting Question please answer do fast and step by step calculation
A: Step 1: Define Sales on AccountSales on account refer to sales made by a company where the payment…
Q: If the beginning inventory is $75,000, the cost of goods purchased is $420,000, and the ending…
A: Explanation of Beginning Inventory: Beginning inventory represents the total value of goods that a…
Q: What's the Solution?
A: The question requires the determination of the ROE.Return on equity (ROE) is a financial metric that…
Q: expert of general account answer
A: Step 1: Introduction to property, plant and equipmentProperty, plant, and equipment refers to those…
Q: The cost accountants at driftwood manufacturing performed a regression
A: Steps and explanations are as follows:In case of any doubt, please let me know. Thank you.
Q: Making ans selling the product?
A: Step 1: Definition of Full Cost Per UnitFull cost per unit includes both variable and fixed costs…
Q: Answer this Question
A: Step 1: Given Value for Calculation Selling Price per Unit = s = $140Variable Cost per Unit = v =…
Q: Gross profit percentage?
A: Explanation of Gross Profit Percentage:Gross profit percentage, also known as gross margin ratio,…
Q: What is the amount of gain or loss recorded on the sale of this vehicle for this financial…
A: Step 1: Vehicle's book value.= original cost - accumulated depreciation = $180,000 - $120,000=…
Q: Compute Lexington taxable income for the year
A: Explanation of Operating Income:Operating income is the profit a company earns from its core…
Q: Ajani Company has variable costs equal to 35% of sales. The company is considering a proposal that…
A: Concept of Contribution Margin RatioThe contribution margin ratio represents the percentage of sales…
Q: Accounting question
A: Step 1: Analysis of information givenTotal fixed costs = $210,000Contribution margin ratio = 35% or…
Q: Sam Enterprises has a return on equity of 14.8%. The debt-equity ratio is 52%, and the capital…
A: To find the profit margin, we will use the DuPont Identity, which expresses Return on Equity (ROE)…
Q: Equity
A: Calculate the expected dividend for the next year: Next Year Dividend = Last Year Dividend * (1 +…
Q: Rehan Manufacturing's break-even point in units is 1,800. The sales price per unit is $20, and the…
A: Explanation of Break-even Point: Break-even point represents the level of sales where total revenues…
Q: hello teacher please solve questions general accounting
A: Step 1: Definition of Tax Shield and Operating Cash Flow (OCF)A tax shield is the reduction in…
Q: Please help me this question solution
A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…
Q: Please provide answer this financial accounting question
A: Step 1:The net working capital is the amount that is available to manage expenses of day-to-day…
Q: Give this question general accounting
A: Dollar Markup: The difference between the selling price and the cost price of a product. It…
Q: financial accounting fi
A: Step 1: Definition of Asset TurnoverIn accounting, asset turnover is the ratio of a firm's total…
Q: Solve this financial accounting problem
A: Explanation of DuPont System: The DuPont system is a comprehensive financial analysis framework that…
Q: What is the balance in the AR account on February 17th ? General accounting
A: Step 1: Definition of Accounts ReceivableAccounts Receivable (AR) represents the amount a company…
Q: At the end of February 2016
A: Concept of RevenuesThe revenues of a business represent the total amount of money earned from…
What is the gain or loss of this financial accounting question?
Step by step
Solved in 2 steps
- Stark Industries., a C corporation, owned an office building for several years. The building was originally purchased for $275,000 and has accumulated depreciation of $45,000 using straight-line depreciation under the modified accelerated cost recovery system. If Stark sold the building for $300,000, what amount is recaptured as ordinary gain from this transaction?What is the result of this disposal transaction on these general accounting question?Lou Lou and Company purchased a piece of machinery 2 years ago for $50,000 and has depreciation to date of $15,000. The fair market value of the asset is $30,000, but the company believes it can achieve $34,000 in net future cash flows from the asset. Costs to dispose of the asset is $200. Assuming the asset is held for use, determine if the asset is impaired. If so, what is the amount of the write-off? The asset is impaired and Lou Lou should record a $1,000 loss on impairment. The asset is impaired and Lou Lou should record a $5,200 loss on impairment. The asset is NOT impaired. The asset is impaired and Lou Lou should record a $5,000 loss on impairment.
- An asset group is being evaluated for an impairment loss. The following financial information is available for the asset group: Carrying Value=100,000,000 Sum of the undiscounted cash flows= 95,000,000 Fair value= 80,000,000 Carrying Value= $100,000,000 What is the value of the impairment loss?A fixed asset with a cost of $38,400 and accumulated depreciation of $29,200 is sold for $7,220. What is the amount of the gain or loss on disposal of the fixed asset?If an item is capitalized why do you think different depreciation methods are allowed? Does the depreciation method chosen impact Net Income in the short term? What about over the life of the asset? Assume you have an asset with original cost of $150,000 and accumulated depreciation of $30,000 when you spend $10,000 on the asset. If the $10,000 is an ordinary repair what is the Book Value Before and the Book Value after the $10,000 expenditure? If the $10.000 expenditure is an Extraordinary Repair (extends the life of the asset) and is recorded as a debit to Accumulated Depreciation and a credit to Cash What is the Book Value Before and the Book Value after the $10,000 expenditure? if the expenditure is a Betterment (improves the function of the asset) and is recorded as a debit to the asset and a credit to Cash. What is the Book Value Before and the Book Value after the $10,000 expenditure?