Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3- On January 1, 2017, ABC company purchases a car at a cash cost of 50,000 SAR with Sales taxes of 7,500 SAR. It is

image text in transcribed

3- On January 1, 2017, ABC company purchases a car at a cash cost of 50,000 SAR with Sales taxes of 7,500 SAR. It is estimated that the car will have a useful life of 5 years and a residual value of 7,500. The gain on the disposal of the car knowing that it was sold for 8,000 on July 1, 2020 is a- 3,000 b- 13,000 C-1,750 d- 14,500 4- On July 1, 2017, ABC company purchases a machine at a cost of 200,000 SAR. It is estimated that the machine will have a useful life of 5 years. On March 1, 2019, ABC Company retires the machine. The loss on the disposal of plant asset is. 2- 133,333.333 b- 130,000 C- 20,000 d- 135,000 . 5- On October 1, 2019, ABC acquires a building at a cost of 100,000 SAR. It is estimated that the depreciable real estate will have a useful life of 20 years. The annual depreciati expense is a- 5,000 b- 10,000 C- 15,000 d- 20,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions