Lawler Clothing sold manufacturing equipment for $25,000. Lawler originally purchased the equipment for $89,000, and depreciation through the date of sale totaled $75,500. What was the gain or loss on the sale of the equipment?
Q: All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and…
A: Here's the breakdown of how we calculate the budgeted balance of accounts payable at the end of…
Q: George Manufacturing had net income of $175,000 and declared preferred dividends of $20,000 during…
A: Basic EPS = (Net Income - Preferred Dividends) / Weighted Average Shares OutstandingStep 1:…
Q: Differential Revenue
A: Explanation of Export Offer Price: The export offer price is the price at which a company agrees to…
Q: Byron, inc.
A: Let us follow the basic accounting equation, Assets = Liabilities + Equity, for this problem.Assets…
Q: Revenues are normally recognized when a company transfers promised goods or services to customers in…
A: The following are the expense account titles and the amounts for each transaction: a. Utilities…
Q: nedd full amswer in details
A: 1. Calculate the Future Value after the 6-month deferral period:FV=PV×(1+r)defer…
Q:
A: Start-up costs include wages and rent paid before business began. Start-up costs is = (4450+2200)…
Q: Kropf Incorporated has provided the following data concerning one of the products in its standard…
A: Here are the step-by-step calculations for each variance:1. Materials Price VarianceFormula:…
Q: Question: Sane Corporation uses a periodic inventory system and the gross method of accounting for…
A: Explanation of Periodic Inventory System: The periodic inventory system is a method of tracking…
Q: Overapplied Or Underupplied?
A: Step 1: Calculate the Predetermined Overhead Rate: Estimated Overhead Costs / Estimated Direct Labor…
Q: Give answer the accounting question
A: Step 1:- Introduction to the P/E RatioThe P/E ratio is one of the most important ratios used for…
Q: Dsnfy is a single taxpayer. She has 29,000 student loan, she paid 308 rach month with 121 of that…
A: Steps to calculate the deduction:Total interest paid: Danfy paid $1,452 in student loan interest for…
Q: Need experts solution only, Don't use AI.
A: Step 1: Year 2020: Beginning balance: R384,000.10 Interest for 2020: R384,000.10×0.169911=R65,859.02…
Q: 12-56
A: Explanation of Return on Investment (ROI): Return on Investment is a performance measure used to…
Q: Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year,…
A: Step 1: Preparation of an unadjusted classified income statement for January of the second year…
Q: The total cost that would be recorded on the job cost sheet for job 910 would be__.
A: Explanation of Direct MaterialsDirect materials refer to the raw materials and components that are…
Q: Solve
A: Explanation of Taxable Income: Taxable income is the portion of a company's or individual's income…
Q: Need help
A: Step 1: Define Current RatioThe current ratio is the ratio of current assets relative to the current…
Q: Provide solution
A: Explanation of Cash SalesCash sales refer to the revenue generated by selling goods or services…
Q: Business 123 Introduction to Investments May I please have an expert explain the various types of…
A: 6. Yield Spread The Yield Spread compares the yield of one bond to another, often to a benchmark…
Q: Need your help
A: Explanation of Direct Costs: Direct costs are expenses that can be directly attributed to the…
Q: Concept explain
A: Concept of Deferred Taxes1. Definition:Deferred taxes arise when there are temporary differences…
Q: Do fast and step by step calculation for these general accounting question
A: Step 1: Define Property, Plant and EquipmentProperty, plant, and equipment is classified as a…
Q: calculate gross profit
A: Step 1: Define Gross marginGross margin is the amount of revenue remaining after subtracting the…
Q: Give answer to the general Accounting Problem
A: Explanation of Sales Efficiency: Sales Efficiency measures how many units a salesperson can sell per…
Q: Question 5: A bank offers two types of mortgage plans for a loan value of $800,000 with a down…
A: The following calculation will be used to the monthly mortgage payment:M=P× (1+r) n −1 r(1+r) n =…
Q: Provide answer
A: The question pertains to the different financial ratios used in ratio analysis. There are many…
Q: Prblm
A: Explanation of Opening Inventory: Opening inventory refers to the value of materials that a company…
Q: Kindly help me
A: Steps to determine the annual credit sales:Step 1: By using the average collection period of 45…
Q: Amount?
A: Explanation of Accounts Receivable:Accounts Receivable refers to the amount of money owed to a…
Q: General Accounting
A: Step 1: Define Time Value of MoneyIn the domain of Finance, a dollar invested in a financial asset…
Q: 3
A: A. Amount of Interest Expense Reported in the 20X4 Consolidated Income Statement Par Value of Bonds:…
Q: Answer in step by step with explanation. Don't use Ai.
A: Step 1:Computation of cost of business Cost of business use = Vehicle cost * % of business use…
Q: Accurate Explanation
A: Explanation of Assets: Assets are resources owned by a business that have economic value and are…
Q: Want answer
A: Explanation of Manufacturing Overhead (MOH): Manufacturing overhead refers to all indirect costs…
Q: Financial accounting
A: Explanation of Cash Flow Hedge: A cash flow hedge is a risk management strategy used to protect…
Q: Charlotte Engineering had net income of $475,000 for the year. It declared $40,000 in preferred…
A: The problem requires the determination of the weighted average common stocks. Weighted average…
Q: Sheridan Consumer Products Company Income Statement Net sales $66,230 Cost of products sold 23,660…
A: Step 1: Step 2: Step 3: Step 4: WorkingsAnswerCurrent Ratio = Current Asset / Current…
Q: ! Required information [The following information applies to the questions displayed below.] Troy…
A: Calculate the total gain on the sale:{Total Gain} = {Selling Price} - {Purchase Price}Total Gain=…
Q: Want answer
A: Explanation of Gain on Sale of Fixed Assets:Gains on the sale of fixed assets occur when an asset is…
Q: Zorro Inc. has the following cash register data for December 31: Cash register total for cash…
A: The first step is to identify the difference between the cash register total for cash sales and the…
Q: On a particular date, FedEx has a stock price of $89.27 and an EPS of $7.11. Its competitor, UPS,…
A: Step 1: Compute the price-to-earnings (P/E) ratio of FedEx.Price Earnings Ratio (P/E) Ratio is a…
Q: Please need answer the accounting question not use Ai
A: Step 1: Define Net Profit MarginNet income represents the difference between sales revenue and…
Q: Give ans
A: Option (a): This option is incorrect becauseThe fair value of a forward contract at inception is not…
Q: Assessment Tool iFrame ) Lease Disclosures; Microsoft [LO15-2, 15-4, 15-8] "You know, we heard in…
A: Cash payments included in the measurements of lease liabilities," for 2020 include;- Finance lease…
Q: please solve this problems
A: Step 1: DefinitionsSales Value at Split-Off Method: Allocates joint costs in proportion to the sales…
Q: I need help.
A:
Q: Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and…
A: Detailed explanation:Operating Activities :This category includes cash flows from the core business…
Q: Concord Company lends Ivanhoe Company $10700 on April 1, accepting a four-month, 12% interest note.…
A: Step 1: Calculate the total interest revenue to be earned for 4 months.= principal x interest rate x…
Q: Pam acquired its 80 percent-owned controlling interest in Sam on January 2021. The intercompany…
A: Step 1: Start with Pam's and Sam's IncomeEach year, Pam and Sam report their own incomes:Pam's…
Lawler Clothing sold manufacturing equipment for $25,000. Lawler originally purchased the equipment for $89,000, and depreciation through the date of sale totaled $75,500. What was the gain or loss on the sale of the equipment?
Step by step
Solved in 2 steps
- Piper’s Pizza sold baking equipment for $25,000. The equipment was originally purchased for $72,000, and depreciation through the date of sale totaled $51,000. What was the gain or loss on the sale of the equipment?Granite Stone Creamery sold ice cream equipment for $16,000. Granite Stone originally purchased the equipment for $90,000, and depreciation through the date of sale totaled $71,000. What was the gain or loss on the sale of the equipment?Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is What is the amount of gain or loss on the sale?
- The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally purchased for $40,000, and depreciation through the date of sale totaled $25,000. 1. What was the gain or loss on the sale of the equipment? on saleWhat was the gain or loss on the sale of the equipment on this general accounting question?Ngu owns equipment that cost $97,100 with accumulated depreciation of $66,400. Ngu asks $35,900 for the equipment but sells the equipment for $33,600. Compute the amount of gain or loss on the sale.
- Jake parchased a $235,000 crane for his constraction business. He sold the crane for $175,000 after taking $115,000 of depreciation. Assume take is : On what from would the gain or loss originally he reported?Kwan acquired a warehouse for business purposes on August 30, 2002. The building cost $550,000. Kwan took $291,500 of depreciation on the building, and then sold it for $680,000 on July 1, 2022. Required: What is the adjusted basis for the warehouse? What amount of the gain or loss is realized on the sale of the warehouse? What amount of the gain or loss is unrecaptured? At what rate is the unrecaptured gain or loss taxed? What amount of the gain or loss qualifies as a § 1231 gain or loss?Bateman Corporation sold an office building that it used in its business for $800,850. Bateman bought the building ten years ago for $599,575 and has claimed $201,275 of depreciation expense. What is the amount and character of Bateman's gain or loss?
- Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $72.500. and it has claimed $24,800 of depreciation expense against the building. Required: a. Assuming that Houswirth receives $59,700 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. b. Assuming that Hauswirth exchanges the warehouse in a like-kind exchange for some land with a fair market value of $59,700 compute Houswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. c. Assuming that Houswirth receives $26.500 in cash in year 0 and a $57,000 note receivable that is payable in year 1, compute the amount and character of Hauswirth's gain or loss in year 0 and in year 1. Complete this question by entering your answers in the tabs below. Required a Required b Required c Assuming that Hauswirth receives $59,700 in cash for the warehouse, compute the amount…Bateman Corporation sold an office building that it used in its business for $800,700. Bateman bought the building 10 years ago for $599,650 and has claimed $201,050 of depreciation expense. What is the amount and character of Bateman's gain or loss?Slipper Company sold a productive asset, a machine, for cash. It originally cost Slipper $20,000. The accumulated depreciation at the date of disposal was $15,000. A gain on the disposal of $2,000 was reported. What was the asset's selling price?