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xeze [42]
3 years ago
5

Marquez purchased some equipment for $58,750 on August 15, 2018. He decided he did not need the equipment so he sold it on June

13, 2019 for $56,500. The equipment was subject to depreciation of $6,964 for 2018 and 2019. What gain or loss will Marquez recognize on the sale of the equipment? g
Business
2 answers:
Alina [70]3 years ago
7 0

Answer:

Marquez will recognize a gain of $4714

Explanation:

The gain or loss on disposal of a fixed asset is calculated by deducting the carrying value of an asset from the sales proceeds. If the carrying value is higher than the cash received from the sale, there is a loss on disposal and vice versa.

The carrying value of an asset is,

Carrying value = Cost - Accumulated depreciation

The carrying value for Marquez's equipment is,

Carrying value  = 58750 - 6964  =  $51786

The gain/loss on sale is = 56500 - 51786  =  $4714 Gain

Stels [109]3 years ago
4 0

Answer:

A gain of $4,714

Explanation:

When the amount received from the disposal of an asset is higher than the carrying value of the asset, the company makes a gain on disposal.

The carrying amount of an asset is the difference between the cost of the asset and the accumulated depreciation of the asset.

Carrying amount

= $58,750 -  $6,964

= $51,786

Gain/(loss) on disposal = $56,500 - $51,786

= $ 4,714

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Pharoah Company had checks outstanding totaling $42200 on its May bank reconciliation. In June, Pharoah Company issued checks to
notka56 [123]

Answer:

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3 years ago
More recent work in the area of strategic management regarding assertions about being stuck in the middle:_________.
ikadub [295]

Answer:

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7 0
2 years ago
Stutz, Inc. designs and builds basketball gymnasiums. Each gymnasium is custom-built to individual customers’ specifications. St
Volgvan

Answer:

$307,300

Explanation:

Total cost of Job 179:

= Direct material for Job 179 + Direct labor cost for Job 179 + Overhead cost for Job 179

= $30,500 + $45,000 + (2,000 × $25)

= $30,500 + $45,000 + $50,000

= $125,500

Total cost of Job 177 and Job 179:

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= $219,500 + $87,800

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