FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A. Shannen Ltd sold a piece of restaurant equipment to another restaurant on July 1, 2020 for $500,000 cash. The equipment originally cost $1,200,000 and

image text in transcribed
A. Shannen Ltd sold a piece of restaurant equipment to another restaurant on July 1, 2020 for $500,000 cash. The equipment originally cost $1,200,000 and the accumulated depreciation as at 1 July 2020 was $720,000. Required: Calculate the gain or loss on disposal of the restaurant equipment on 1 July 2020. (You are required to show the formula used and all supporting workings) [4 marks]

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

Hospitals What They Are And How They Work

Hospitals What They Are And How They Work

Authors: Don Griffin, Donald J Griffin

3rd Edition

076372758X, 9780763727581

More Books

Students also viewed these Accounting questions

Question

★★★★★
Use the normal approximation for the Wilcox on rank-sum test for the heat gain experiment in Exercise 15-30. Assume that a = 0.05. What is the approximate P-value for this test statistic?

Answered: 1 week ago

Question

★★★★★
Why is rust a greater problem for thin iron rods than for thick iron piles?

Answered: 1 week ago

Question

★★★★★
1. What were some of the shortcomings of traditional investigative interviews and how did the Memorandum of Good Practice (MOGP) and Achieving Best Evidence (ABE) guidelines begin to address some of...

Answered: 1 week ago

Question

★★★★★
Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is married with three personal exemptions and had a take-home pay of $1,020.00 this week, how much would his employer take...

Answered: 1 week ago

Question

★★★★★
Activity Capacity Management Uchdorf Manufacturing just completed a study of its purchasing activity with the objective of improving its efficiency. The driver for the activity is number of purchase...

Answered: 1 week ago

Question

★★★★★
A European call option allows the buyer to sell the underlying asset at the exercise price on the expiration date. buy the underlying asset at the exercise price on or before the expiration date....

Answered: 1 week ago

Question

★★★★★
Prove that the more inelastic demand and supply conditions are in a foreign country, the greater the ability of a country that is large in world markets to impose an optimal tariff. Use this result...

Answered: 1 week ago

Question

★★★★★
For the circuit shown in Figure P32.38, what must the frequency \(f\) of the \(\mathrm{AC}\) source be in order for the amplitude \(V_{C}\) of the potential difference across the capacitor to equal...

Answered: 1 week ago

Question

★★★★★
Compute the point estimates b0 and b1. Exercises 610 refer to the following data set: x 25 13 16 19 29 19 16 30 y 40 20 33 30 50 37 34 37

Answered: 1 week ago

Question

★★★★★
Suppose a distributor faces an annual demand for a car horn for small cars that is normally distributed with a mean of 2300 items and a standard deviation of 300. The cost of placing an order is $150...

Answered: 1 week ago

Question

★★★★★
Air flows with negligible friction through a \(10-\mathrm{cm}\)-diameter duct at a rate of \(2.3 \mathrm{~kg} / \mathrm{s}\). The temperature and pressure at the inlet are \(T_{1}=450 \mathrm{~K}\)...

Answered: 1 week ago

Question

★★★★★
10. First test yourself and then let another member of the group test you in relation to the following questions. If deviations occur, discuss why this might be. What can the results of this test be...

Answered: 1 week ago

Question

★★★★★
5. Based on your desired future, answer the following questions: (a) What do you want, i.e. what goals have you set yourself? Set up three goals in order of priority. (b) Why do you want this? (c)...

Answered: 1 week ago

Question

★★★★★
1. Discuss the following statements: (a) Its what you are best at that will be your downfall. (b) How can we learn but not learn? (c) Learning to see is different from seeing. (d) Creativity is...

Answered: 1 week ago

Previous Question Next Question