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

Question

1 Approved Answer

Tavares Lid. purchased a motor vehicle on 1 January 2018 for $24,000. It had an expected useful life of 5 years and estimated scrap value

Tavares Lid. purchased a motor vehicle on 1 January 2018 for $24,000. It had an expected useful life of 5 years and estimated scrap value of $4,000. During the year ended 31 December 2022 the vehicle was sold for $2,700. No depreciation is charged in the year of disposal. 



What was the profit or loss on disposal?

Step by Step Solution

★★★★★

3.40 Rating (159 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the profit or loss on the disposal of the motor vehicle we need to compare the p... 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_2

Step: 3

blur-text-image_3

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

Forensic And Investigative Accounting

Forensic And Investigative Accounting

Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton

10th Edition

0808056301, 9780808056300

More Books

Students also viewed these Finance questions

Question

★★★★★
The following are some transactions of Surendal Company for 2014. Surendal Company uses straight-line depreciation and has a December 31 year end. Jan. 2 Scrapped a piece of equipment that originally...

Answered: 1 week ago

Question

★★★★★
The following are some transactions of Surendal Company for 2017. Surendal Company uses straight-line depreciation and has a December 31 year end. Apr. 1 Retired a piece of equipment that was...

Answered: 1 week ago

Question

★★★★★
Firm 2 is contemplating to enter the market in which Firm 1 operates. Firm 1 has two alternative choices, produce low output (L) or produce high output (H). Firm 2 has three alternative choices:...

Answered: 1 week ago

Question

★★★★★
Consider four advertising campaigns where for each one it is cancelled before launch with probability 0.10, it is launched but canceled early with probability 0.18, it is launched and runs its...

Answered: 1 week ago

Question

★★★★★
What do accountants mean when they refer to the double-entry system of accounting? (Appendix)

Answered: 1 week ago

Question

★★★★★
a. One hundred twenty units of end item Z are needed at the beginning of week 7. Prepare a material requirements plan for component C. Take into account that on hand there are 40 units of Z, 70 units...

Answered: 1 week ago

Question

★★★★★
Using the large sample confidence interval formula for ???????? ????????, compute a (a) 95% confidence interval for ???????? ???????? when ???????? = 50, ???????? = 50, ???????? = 0.32, and...

Answered: 1 week ago

Question

★★★★★
You were recently hired to improve the financial condition of Idaho Springs Hardware, a small chain of three hardware stores in Colorado. On your first day the owner, Chuck Vitaska, told you that the...

Answered: 1 week ago

Question

★★★★★
Question 17 Not yet answered Marked out of 5.00 a. A discrete time signal x(n) = { 2, 0, 1.5, 3.2,6-2,0,1 } is given to a discrete time system. Draw the signal (1 Mark) Flag question b. Given below...

Answered: 1 week ago

Question

★★★★★
Cell Therapy, Inc. has a cost of capital of 9%, and it has a project with the following cash flows. What is the NPV of this project? Year Net Cash Flow Cell Therapy, Inc. Cash Flows 0 -100,000 1...

Answered: 1 week ago

Question

★★★★★
Question 11 2 pt Builtrite Company had sales of $600,000 with operating expenses of $150,000 and costs of goods sold of $180,000. Interest expense amounted to $40,000 and $50,000 in common stock...

Answered: 1 week ago

Question

★★★★★
Blossom Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the...

Answered: 1 week ago

Question

★★★★★
The Windber Company is in its planning stage for next year. Windber expects sales to dip in Quarter 2 and is creating a production budget to determine if it needs to lay off employees. Windber knows...

Answered: 1 week ago

Question

★★★★★
I need help with a managerial accounting question. All parts pertain to the same question. Andretti Company has a single product called a Dak. The company normally produces and sells 87,000 Daks each...

Answered: 1 week ago

Question

★★★★★
Emilie Peters, the manager of the Laptop Division at Multitech Corporation, has enjoyed success. Her division's return on investment (ROI) has consistently been 18 percent on a total investment in...

Answered: 1 week ago

Question

★★★★★
Mack's Juices produces and bottles a line of fruit juices. The manufacturing process entails mixing and adding juices and other ingredients at the bottling plant, which is a part of Blending...

Answered: 1 week ago

Question

★★★★★
subtract the total reinvestment into the company (the capital expenditure plus the change in working capital) from the operating cash flows. This is your Free Cash Flows to the firm and is the target...

Answered: 1 week ago

Question

★★★★★
What exactly is a prima facie duty? How does an ethic of prima facie duties differ from monistic and absolutist ethical theories?

Answered: 1 week ago

Question

★★★★★
The condensed income statement for the Consumer Products Division of Tri-State Industries Inc. is as follows (assuming no support department allocations):...

Answered: 1 week ago

Question

★★★★★
Anheuser-Busch InBev SA/NV (BUD) reported the following operating information for a recent year (in millions): Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Answered: 1 week ago

Question

★★★★★
Media outlets such as ESPN and FOX Sports often have websites that provide in-depth coverage of news and events. Portions of these websites are restricted to members who pay a monthly subscription to...

Answered: 1 week ago

Question

★★★★★
Corruption and bribery are common in some countries. Would you avoid locating in such a country, or locate there and deal with it? If the latter, how would you deal with it?

Answered: 1 week ago

Question

★★★★★
A job has an 85 percent learning curve. Estimate the time that will be needed to complete the fifth unit of the job. The time for the first unit is unknown. However, units 2 through 4 took a total of...

Answered: 1 week ago

Question

★★★★★
Rework Problem 4b using this additional information: Expansion would result in an increase of $ 70,000 per year in transportation costs, subcontracting would result in an increase of $ 25,000 per...

Answered: 1 week ago

Previous Question Next Question