(Answered) Q1 gain or loss on sale nikitas bus company had machinery

Accounting

Q1) Gain or loss on sale. Nikitas Bus Company had machinery that had originally cost $166,192. The machinery and had been depreciated using the straight-line method, over a five-year useful life with a residual value of $11,925. After using and depreciating the machine for three years, the company sold the machinery for $79,074.

What is the gain (loss) recognized when the machine was sold?

Q2) Double-declining-balance depreciation. Parcon Publishing, a textbook publishing firm, purchased a new machine for $41,884. This machine is expected to operate for 10 years, after which it will be sold for salvage value (estimated to be $1,024).How much will the first year's depreciation expense be under the double-declining-balance method? Ignore the dollar sign and round your answer to the integer.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92528741
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - flounder company at december 31 2017 the end of

Question - Flounder Company at December 31, 2017, the end of its first year of operations. Sales revenue $282,670 Cost of goods sold 147,300 Selling and administrative expenses 49,900 Gain on sale of plant assets 28,660 ...

Question select article or case in the last 3-5 years on a

Question: Select article or case in the last 3-5 years on a legal topic and write a paper between 1000 to 1500words analyzing the legal issues raised by the article or case , the implication of the case for business mana ...

Question - a company receives a 850 utility bill for the

Question - A company receives a $850 utility bill for the current month but does not plan to pay the bill until early next month. Record the receipt of the utility bill using (a) accrual-basis accounting and (b) cash-bas ...

Question - the structure of a typical organization is

Question - The structure of a typical organization is similar to a pyramid, with different levels that require one consistent type of information to assist with all managerial decision making. Explain a typical corporati ...

Taxation law assignment -in june 2016 tom had signed an

TAXATION LAW ASSIGNMENT - In June 2016 Tom had signed an agreement in Sydney with XYZ Ltd to act as the company's plantation manager in Brunei until June 2018. At the time of signing the agreement, Tom was advised that i ...

Question - what is the cash flow statement and why is it an

Question - What is the cash flow statement and why is it an important consideration to both the management, investors and creditors?

Question - tippah antiques uses the periodic inventory

Question - Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for the year 2016: beginning balance in ...

Question - lionel is an unmarried law student at state

Question - Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proc ...

Question - lilly owns a hair dressing business she

Question - Lilly owns a hair dressing business. She purchases the following items for sole use in the hair dressing business: One special stand alone hairdryer on the 1st of July at a cost of $12,000. It has an estimated ...

Question decision making with managerial accountingdue to

Question: Decision Making with Managerial Accounting Due to varying business characteristics, the managerial accounting techniques applied in each business may differ. For example, a business in the start-up phase may re ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert