Why is it common to have a gain or loss on the disposal of a long-term operating

Question:

Why is it common to have a gain or loss on the disposal of a long-term operating asset? Is it true that if the useful life and salvage value of an asset are known with certainty and are realized, there would never be such a gain or loss?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Survey Of Accounting

ISBN: 9780538846172

1st Edition

Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen

See More Books

Question Posted: Jun 21, 2024 09:06 AM

See More Questions

Why is it common to have a gain or loss on the disposal of a long-term operating asset? Is it true that if the useful life and salvage value of an asset could be known with certainty and were...
get an anwer and solution of problem in both paper 1 full disclousure second revenue recognition IV. Test Questions and Solutions Chapter 1 Multiple Choice 1. What basic financial statements can be...
get an anwer and solution of problem in both paper 1 full disclousure second revenue recognition IV. Test Questions and Solutions Chapter 1 Multiple Choice 1. What basic financial statements can be...
Consider the following hypotheses: H 0 : = 140 H 1 : 140 Given that x = 148.1, s = 37.5, n = 20, and = 0.02, answer the following questions: a. What conclusion should be drawn? b. Use PHStat to...
A researcher for the Spaulding athletic equipment company is studying the relationship between level of education and participation sports. She conducts a survey of 40 randomly selected golfers, 40...
After issuance of the auditors report, the auditor has no obligation to make any further inquiries with respect to audited financial statements covered by that report unless a. A final resolution of...
Describe the accounting information system and the steps in the recording process.
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. INSTRUCTIONS Use the figures in the T accounts for Problem 3.4A to prepare a trial balance,...
1. Given f(x) =x - x -20x, -10 S x $ 10. State all of the possible values of x that you must check to find the absolute maximum of the function. (Knowledge --4 marks) 2. Given / (x) = x - Find the...
When recording the disposal of a long-term operating asset, why is it necessary to debit the accumulated depreciation of the old asset?
Companies usually depreciate assets such as buildings even though those assets may be increasing in value. Why?
Outline a scenario in which you might be acting ethically but might still want to remain anonymous while using the Internet. Identify two approaches someone might take to learn your identity even if...
is it important to respect each clientss individual differences based on other factors. explain?
Identify the different activities you will likely to experience at the post-purchase stage of your expectation cycle.
The exact description of how specific activities are to be carried out would be found in what type of plan?
List four tests or measure that can be carried out to validate safety controls.
How affect the organisational barriers to critical thinking at workplace? What could be the example of the Struggle for Power in an organisation? What is the hierarchy of power within an organisation?
Continuation of Exercise 7-65. Let X1, X2, , Xn be a random sample of a Bernoulli random variable with parameter p. Show that Use the results of Exercise 7-65.
Is it ethical to provide safety training in English to immigrant workers who speak little English, in order to reduce costs?
1.Investment and risk Mr Bob Neil is considering a 1 year investment in shares in one of the following three companies. 1.Company X: expected return = 15% with a standard deviation of 15% 2.Company...
SFE Inc. has 1 million shares of commonstock outstanding at a book value of $40 per share. The stock trades for $50 per share. It also has $10 million in face value of debt(corporate bonds of 5 years...
please answer this question Little Runabout Inc. makes small trailers for light-duty towing behind SUVs and small pickup trucks. Its trailers typically sell for $2,500. Many of its customers have...

Why is it common to have a gain or loss on the disposal of a long-term operating

Question:

Step by Step Answer:

Survey Of Accounting

Students also viewed these Business questions