Chapter 16, Problem 4P

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Solve this financial accounting problem

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I need help with this General accounting question using the proper accounting approach.0

On January 1, 2011, Phoenix Manufacturing purchased for $875,000, equipment having a useful life of eight years and an estimated salvage value of $67,500. Phoenix has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2018, the equipment was sold for $158,000. As a result of this sale, Phoenix Manufacturing should recognize a gain of___.

Question: 22 - Hader company has actual sales of $82,000 in April and $63,000 in May. It expects sales of $78,000 in June and $92,000 in July and in August. Assuming that sales are the only source of cash inflows and that half of them are for cash and the remainder are collected evenly over the following 2 months, what are the firm's expected cash receipts for June, July, and August?need answer

A piece of equipment is purchased for $34,750 and has a salvage value of $4,350. The estimated life is 8 years and the method of depreciation is straight-line. Shipping costs total $950 and installation costs are $820. The book value at the end of year 8 is_. a. $3,110 b. $3,200 c. $2,000 d. $4,350 MCQ