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

Question

1 Approved Answer

ABC Co has equipment that was purchased in 2020 costing $30,000. The equipment has no salvage value and a 5 year useful life. The current

image text in transcribed
ABC Co has equipment that was purchased in 2020 costing $30,000. The equipment has no salvage value and a 5 year useful life. The current balance in accumulated depreciation is $24,000. ABC sells the equipment for $8,000 cash. What is the amount of the gain, if any, on the disposal of the equipment

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

CIA Part 1 Essentials Of Internal Auditing Certified Internal Auditor 2019

CIA Part 1 Essentials Of Internal Auditing Certified Internal Auditor 2019

Authors: Muhammad Zain

1st Edition

1091949182, 978-1091949188

More Books

Students also viewed these Accounting questions

Question

★★★★★
An investment will pay $3,600 per year for 10 years, with the first payment occurring today. If the interest rate is 7%, what is the value of this investment today? What would the value of the...

Answered: 1 week ago

Question

★★★★★
2. Coupon rate =5%, Par value =$1000, Maturity =10 years, Price =$860 a. What is the discount? b. What is the yield-to-maturity

Answered: 1 week ago

Question

★★★★★
Although Sigmund Freuds psychoanalytic theory may have problems explaining adult behavior, it is remarkably accurate in describing childrens gender development. True or False

Answered: 1 week ago

Question

★★★★★
Prepare a statement of cash flows for Abrahams Manufacturing Company for the year ended December 31, 2012. Interpret your results. Abrahams Manufacturing Company Income Statement for the Year Ended...

Answered: 1 week ago

Question

★★★★★
On 28 February 2022 the share register reflected that a total of 690 000 shares had been issued to date. Fixed assets: Additional property was purchased for R2 100 000. No other fixed assets were...

Answered: 1 week ago

Question

★★★★★
What is the appropriate z critical value for the following confidence level?( round your answers to three decimal places) 81%

Answered: 1 week ago

Question

★★★★★
The S-N-curve for an elastic material is characterized by the Basquin relationship, = C.N where C is a material constant, is the stress amplitude, Nr is the number of fully-reversed- stress cycles to...

Answered: 1 week ago

Question

★★★★★
2. Write a clarifying statement for your top five prioritized values. Answer the question, "What does this value really mean to me?" If you were living that value perfectly, what would your behaviour...

Answered: 1 week ago

Question

★★★★★
When a failure-to-extract malfunction is experienced in the AR platform, the barrel must be removed in order to properly replace the extractor

Answered: 1 week ago

Question

★★★★★
X; as an estimate of the population mean Problem 7. (10 POINTS) WEIGHTED SAMPLE MEAN In lectures, we discussed the sample mean X = =i. Let us consider a more general class of estimators: n X = wiXi,...

Answered: 1 week ago

Question

★★★★★
a ) Simplify this distributed load to an equivalent load / s . b ) Solve the reactions at A and B . and draw FBD of equivalent loading? 6 kN/m 9 kN/m 00 1.5 m 2 m 3.5 m

Answered: 1 week ago

Question

★★★★★
1. LaunchPad for Real Communication offers key term videos and encourages selfassessment through adaptive quizzing. Go to bedfordstmartins.com/realcomm to get access to: LearningCurve Adaptive...

Answered: 1 week ago

Question

★★★★★
5. Demonstrate behaviors that contribute to intercultural competence

Answered: 1 week ago

Question

★★★★★
3. Describe the communicative power of group affiliations

Answered: 1 week ago

Previous Question Next Question