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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 90IP

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Harold conducts a business solve this question

Harold conducts a business with the following results for the year:
Revenue
Depreciation on car
$20,000
$3,960
Operating expenses of car $3,100
Rent
Wages
$6,000
$8,200
Amortization of intangibles $680
Harold estimates that due to a depressed real estate market, the value
of land owned by the business declined by $5,200.
Harold's business has a net loss of

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A personal computer that originally cost $5,000 has no estimated salvage value and was depreciated at the rate of 20% a year. At the end of the third year, the computer was sold for $1,500 cash. The transaction would result in a a. loss of $1,500. Ob. gain of $250. Oc. loss of $250. Od. gain of $1,500.
a. Blue Company's records show that current and former customers owe the firm a total of $4,300; $640 of this amount has been due for more than a year from two customers who are now bankrupt. b. The equipment, which is still being used in the business, cost $15,900 new; similar used equipment is now worth $10,000. Management estimates that the equipment has been used for one-fourth of its total potential use. c. The land cost Blue Company $12,000; it was recently assessed for real estate tax purposes at a value of $16,000. d. Blue Company's president isn't sure of the amount of the note payable, but he does know that he signed a note. e. Since Blue Company was formed, net income has totaled $32,000, and dividends to stockholders have totaled $22,250. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Cash Accounts receivable Land Equipment Less: Accumulated depreciation Total assets BLUE COMPANY INCORPORATED Balance Sheet October 31, 2022…
Need answer please
Can you please answer the financial accounting question?
What is cat enterprises net loss for the year?
A company purchased a computer that cost $10,000, It had an estimated useful life of 5 years and no residual value. The computer was depreciated by the straight-line method and it was sold at the end of the second year of use for $5,000 cash. The company should record:
On December 31, Strike Company sold one of its batting cages for $194,607. The equipment had an original cost of $228,950 and has accumulated depreciation of $34,343. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction? a.loss of $(34,343) b.gain of $45,791 c.no gain or loss d.can't be determined with data provided
Becker Office Service purchased a new computer system on January 1, 2018, for $30,800. It is expected to have a five-year useful life and a $3,600 salvage value. Becker Office Service expects to use the computer system more extensively in the early years of its life. Required a. Calculate the depreciation expense for each of the five years, assuming the use of straight-line depreciation. Salvage Value Useful Annual Year Cost Life Depreciation 1 2 3 4 b. Calculate the depreciation expense for each of the five years, assuming the use of double-declining-balance depreciation. (Enter all amounts as positive values. Do not round intermediate calculations. Round "SL rate" answers to 2 decimal places. Round your answers to the nearest dollar amount.) Accumulated Depreciation Annual Beginning of Period (2 x SL Rate) Year Cost Depreciation 1 2 3 4
On December 31, Strike Company sold one of its batting cages for $243,312. The equipment had an original cost of $286,250 and has accumulated depreciation of $42,938. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction? a.gain of $57,251 b.no gain or loss c.loss of $(42,938) d.cannot be determined with information given
What is the financial result of this accounting question?
On December 31, Strike Company sold one of its batting cages for $12,489. The equipment had an initial cost of $427,900 and has accumulated depreciation of $406,505. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction? a.Loss of $12,489 b.Loss of $8,906 c.Gain of $8,906 d.Gain of $12,489

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