An asset was purchased for $ 26 comma 000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $ 4 comma 000. The straightminusline method of depreciation was used. Calculate the gain or loss if the asset is sold for $ 19 comma 000 on December 31, 2019, the last day of the accounting period.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “An asset was purchased for $ 26 comma 000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In April, the current year, Emma acquired a machine for $60,000 for use in her business. The machine is classified as 7-year property. Emma does not expense the asset under Sec. 179 or bonus depreciation.
Answers (1)
The independent cases are listed below that includes all items relevant to operating activities: Case A Case B Case C Sales revenue $ 65,000 $ 55,000 $ 96,000 Cost of goods sold 35,000 26,000 65,000 Depreciation expense 10,000 2,000 26,000 Salaries
Answers (1)
If a finance lease contains a bargain purchase option, the lessee should amortize the leased asset: Multiple Choice Over the term of the lease. Without reference to the economic life of the asset. Over the economic life of the asset.
Answers (1)
Unlike a cost competitive advantage, a sustainable competitive advantage: a. is not attractive because of its durability. b. cannot be copied by the competition. c. lowers costs by removing frills. d. does not offer any low-priced products.
Answers (1)
plurality of quality issues at Toyota arose from A. the Camry. B. fires caused by drivers. C. the U. S. government actively searching for defects. D. the SUV models.
Answers (1)
New Questions in Business
The Don't Tread on Me Tire Company had retained earnings at December 31, 2015 of $202,000. During 2016, the company had revenues of $402,000 and expenses of $351,000, and the company declared and paid dividends of $11,200.
Answers (1)
Which of the following refers to the acquisition of goods in one country and the selling of them to buyers in another country? a. Cartel b. Joint venture c. Trading company d. Outsourcing
Answers (1)
1. Of the 4 strategic approaches to international markets, which one (s) might be the best for a manufacturing company? a financial services company? or a company like Coke or Pepsi? Thoughts? 2.
Answers (1)
Masks Inc. is a cosmetics company that makes beauty products. It uses whale oil from dead whales only and does not kill whales to obtain blubber. A newspaper publishes a report stating that Masks Inc.
Answers (1)
Transfer payments are not included in gdp calculation because these are
Answers (1)