Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The managing director of Kjlameistarinn ehf, has decided to sell one of the company's older sewing machines. The sale took place on 30 June 2020

image text in transcribed
The managing director of Kjlameistarinn ehf, has decided to sell one of the company's older sewing machines. The sale took place on 30 June 2020 and the machine was then delivered to the buyer. The sale price of the machine was ISK 52,000. At the time, the sewing machine was bought for 160,000 ISK. The date of the purchase was January 1, 2016. It was then assumed that the machine would last for 10 years, but nothing was received for it after that time. The machine has been depreciated linearly Staight-Line Method). What was the profit or loss on the sewing machine? Select one alternative: Sales profit: ISK 108,000 Sales profit: 15K 92,000 Sales loss: SEK 36,000 Sale loss: SEK 44,000

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

Managerial Accounting

Authors: Carl S. Warren, William B. Tayler

16th Edition

0357715225, 9780357715222

More Books

Students also viewed these Accounting questions

Question

What is learning?

Answered: 1 week ago

Question

Understand a department managers role in locating job candidates

Answered: 1 week ago