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

Question

1 Approved Answer

The Opal Restaurant purchased huge electric griller equipment amounting to P1,300,000. When the electric griller was permanently retired from use, the accumulated depreciation was P490,000

The Opal Restaurant purchased huge electric griller equipment amounting to P1,300,000. When the electric griller was permanently retired from use, the accumulated depreciation was P490,000 and has a salvage value of P70,000. How much is the deductible loss from permanent retirement?

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

Finance Operations

Finance Operations

Authors: Charles Finley

1st Edition

1491292423, 978-1491292426

More Books

Students also viewed these Finance questions

Question

★★★★★
For each pair of vectors, find the value of each expression. (i) u (ii) v (iii) u + v (iv) u / u (v) v / v (vi) u + v / u + v (a) u = 1 , - 1 v = -1, 2 (b) u = 0, 1 v = 3, -3 (c) u = 1, 1 / 2...

Answered: 1 week ago

Question

★★★★★
You are working at a Trident Steel, a steel solution provider that manufactures steel for several industries, including construction, mining, and automotive industries. One of your immediate tasks is...

Answered: 1 week ago

Question

★★★★★
7.59 Explain the difference between an x chart and a p chart.

Answered: 1 week ago

Question

★★★★★
1. Why did the court conclude that the parties in this case were not bound by the settlement and release documents signed by Gyabaah? 2. Why did Aronsky fail to deliver the signed documents to Rivlab...

Answered: 1 week ago

Question

★★★★★
My courses 20201 - Write a C++ program that defines a two-dimensional (3X4) array of integers, input values from the user and then print the elements of the column with the largest sum. B I U X2 x2

Answered: 1 week ago

Question

★★★★★
i need help finding the acid and current ratio. NE LS ON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 21,350 Merchandise inventory 12,000 Store supplies 5,100 Prepaid insurance...

Answered: 1 week ago

Question

★★★★★
4.9. Condensed financial statements for Dragoon Enterprises follow. (a) Calculate the amount of dividends Dragoon paid using the information given. (b) Prepare a statement of cash flows using the...

Answered: 1 week ago

Question

★★★★★
A plant operating at capacity would suggest that most likely: Select one: a. only some specific machines or processes are operating at the maximum rate possible. b. every machine and person in the...

Answered: 1 week ago

Question

★★★★★
Insert a PivotTable and a PivotChart 15. Create a Pivot Table on the Inventory Listing tab based on the inventory balances displayed for all five years. 16. Rename the new worksheet tab containing...

Answered: 1 week ago

Question

★★★★★
CASE 9.1 MAQ Corporation MAQ Corporation, a major producer of consumer electronics equipment, is currently faced with a rapidly growing product line and its associated inventory problems. MAQ's...

Answered: 1 week ago

Question

★★★★★
You are engaged in the audit of the financial statements of Micro Corporation for the year ended December 31, 20X6. The accompanying analyses of the Property, Plant, and Equipment and related...

Answered: 1 week ago

Question

★★★★★
Technology. Attend a career fair or visit your campus career center and gather information on jobs available in your field. Send an e-mail to your instructor listing five possible positions for which...

Answered: 1 week ago

Question

★★★★★
Comment on what is incorrect, incomplete, or inappropriate in the following rsum sections. Rewrite each section to make it stronger, adding material where appropriate. Follow the rsum guidelines that...

Answered: 1 week ago

Question

★★★★★
How do you address an application letter if you are replying to a classified ad that does not list a contact person? (Objective 1)

Answered: 1 week ago

Previous Question Next Question