An asset was shown in the ledger at a cost of $18 000. Aggregate depreciation on the
Question:
An asset was shown in the ledger at a cost of $18 000. Aggregate depreciation on the asset amounted to $14 500. The asset was sold for $3200. Calculate the profit (or loss) on disposal.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
Carrying amou...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Cambridge International As And A Level Accounting Revision Guide
ISBN: 9781444192001
1st Edition
Authors: Ian Harrison, Michael Hillman
Question Posted:
Students also viewed these Business questions
-
The following list of balances was extracted from the records of Wonderland Ltd for the year ended 28 February 20.19: Rand (cr) / dr Ordinary share capital (1 400 000) Proceeds of 450 000 new no par...
-
For the year ending December 31, 2020, the Income Statement of Morland Industries Ltd. (MIL), a Canadian controlled private corporation, prepared in accordance with generally accepted accounting...
-
The controller of Choleva Products Limited has provided you with the following draft income statement as well as some notes that she made during the preparation of this statement. Choleva Products...
-
Steve is a member of a local church. May he deduct as a charitable contribution the commuting expenses for the Sundays that he is assigned to usher?
-
The April 30 bank statement of Durkin Engineering Associates has just arrived from Maine First Bank. To prepare the Durkin bank reconciliation, you gather the following data: a. Durkins Cash account...
-
The following information relates to the Penny Manufacturing Company. Required: a. Compute the cost of direct material used in production. b. Appendix: Prepare the journal entry dated January 3,...
-
In order to determine how risky a particular company is that you are auditing, you prepare these five ratios along with the same ratios of this company's peers: What are your thoughts about the risk...
-
Condensed financial data of Pat Metheny Company for 2008 and 2007 are presented below. Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant...
-
Problem 2 a. Auditing standards require auditors to gain an understanding of their client's internal controls. How do they use this information? For what purposes? b. Auditors also recognize that ...
-
A piece of equipment was purchased on 1 June 2011 for $62 000. It was thought that it could be used for 5 years and then sold for scrap valuing $2000. The equipment was sold for $16 000 on 31 May...
-
A machine is purchased for $80 000. It is expected that it will have a trade-in value of $8000 at the end of its useful life. Depreciation will be provided at 40% per annum using the reducing balance...
-
A sheet of aluminum foil measures 75.0 cm by 35.0 cm. If the volume is 5.00 cm 3 , what is the thickness of the foil?
-
The bill and memo: Read A.3252 of 2023, The Billionaire Mark-to-Market Tax Act, and the accompanying bill memo. Bill memos are not always faithful to the bill so be sure to read the bill carefully....
-
S Each of the four independent situations below describes a sales-type lease in which annual lease payments of $100,000 are payable at the beginning of each year. Each is a finance lease for the...
-
According to this article, what ABA rules do you consider would apply to this case, and what analytical questions would be important to analyze in the ethical duty of lawyers and judges. Since I did...
-
What is the prevalence of Forensic Psychology? Explain the purpose of Forensic Psychology in what unique assessments are provided?
-
The image given here is taken from Chapter-5 of your textbook. (a) Please explain major differences in temperature distributions of these three cases? (b) Please practically interpret what causes...
-
Using capletfloorlet parity, verify the answers in Problems 24.14 and 24.15.
-
Under what conditions is the following SQL statement valid?
-
Outline advantages to members of staff who will be required to use a computerised accounting system.
-
Explain two advantages of using a computerised accounting package to prepare a production budget.
-
Explain two disadvantages of using a computerised accounting system to record financial transactions.
-
Ultrasound waves propagate from medium A (ZA = 1.5 MRayl) to medium B (ZB = 2 MRayl). What would be the intensity transmissivity at the interface? The incident angle is zero degrees. Group of answer...
-
The Archer A 70-kg archer stands at rest on frictionless ice and fires a 0.020-kg arrow horizontally at 52 m/s (see the figure). With what velocity does the archer move across the ice after firing...
-
QUESTION 1 Life expectancy vs health expenditures in the U.S. are? O a. Higher than most wealthy countries. Ob. Lower than most wealthy countries. Oc. The same Od. We don't know Oe. Not sure B...
Study smarter with the SolutionInn App