Jenkis Corporation sold equipment used in its business for cash. The amount realized was $80,000. The equipment originally cost $140,000, but it had an adjusted basis of $60,000 at the time of the sale. What is the gain or lost realis by Jenkis Corporation?
Q: Hi tutor please help
A: T-Accounts Posting:Accounts Receivable:Debit: $15,500 (from Transaction 1)Service Revenue:Credit:…
Q: hello please give answer
A: Step 1: Introduction to the Authorized Shares:In business and finance, authorized shares refer to…
Q: How much is the cost of goods sold for the year?
A: Step 1: Introduction to the Finished GoodsFinished good or finished products is defined as the final…
Q: None
A: (1) Times-Interest-Earned RatioThe Times-Interest-Earned (TIE) ratio is a financial metric that…
Q: Why is it important to know if a cost of production is fixed or variable? Which one of the following…
A: Understanding the Importance of Fixed and Variable CostsLet's break down why it's crucial to…
Q: not use ai please don't
A: Options…
Q: Hi expart give correct solution
A: ANSWER : 1 Calculate the Prime Cost per Cleaning Prime cost is the sum of direct materials…
Q: can somebody help me with my homework. I need it asap
A: Remaining Profit After Salaries=1,570,000−550,000=1,020,000The journal entry would be: Retained…
Q: 20answe$
A: Computation of the actual profit by adding the favorable change in costs and deducting the…
Q: None
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: I want to answer this question
A: To calculate the amount for the appropriate adjusting entry, we need to determine the cost of…
Q: Do not use Ai
A: 1. In Bacon's rebellion, conflict between the colonial governor and peer erupted over the issue of…
Q: A company reports net income of $69,000 for the year. At the beginning of the year, it had $590,000…
A: 1. Calculate Average Total AssetsGiven:Beginning Assets = $590,000Ending Assets = $790,000 2.…
Q: Python acquired 75% of Slither's stock for $316 million in cash on January 2, 2015. The fair value…
A: consolidated financialstatements combine python and Slither, incorporating acquisition adjustments…
Q: Hello Tutor please help with this question
A: The given yields and premiums are for AA-rated corporate bonds, and the premiums are constant for…
Q: None
A: Step 1: Define Prime CostPrime cost is a cost classification used in cost accounting to refer to all…
Q: (b1) Your answer is partially correct. Indicate the income statement reporting by Oriole at March…
A: Step 1:Sales revenue(200x47)9400Less: Sales returns and allowances(7x47)329Net…
Q: I want to answer this question
A: Step 1: Introduction to the First-In-First-Out (FIFO)The first-in-first-out (FIFO) method is a…
Q: Determining Cash Payments to Stockholders The board of directors declared cash dividends totaling $…
A: Step 1:To determine the cash payments to stockholders, we can use the following formula:Cash…
Q: please give answer with given option
A: Detailed explanation: Matching with given optionsSince the calculated increase of $1,532.50…
Q: correct ✅
A: Capital gains tax is a tax on the profit when you sell (or 'dispose of') something (an 'asset') that…
Q: Do not use Ai
A: Let's break down the financial reporting and considerations for the Northwest Ballet Association…
Q: The balance sheet caption for common stock is the following: Common stock, $5 par value, 2,920,000…
A: Given:par value = $5shares authorized = 2,920,000shares issued = 1,560,000shares outstanding =…
Q: Need help
A: Solution= (Actual Hours x Actual Rate) - (Actual Hours x Standard Rate)= (6,394 x $10.40) - (6,394 x…
Q: Big Data Big data and data analytics are becoming an important part of an accountant's methods for…
A: Company ProfileCompany Name: Bella BoutiqueIndustry: Specialty Retail (Fashion)Company Size:…
Q: Need answer the question
A: Step 1: Introduction to the Service BusinessThe service business' main activity to generate revenue…
Q: Hello Please provide answer with given option
A: Define Activity-Based Costing:Activity-Based Costing provides accurate allocation of overhead costs…
Q: Newhard Company applies overhead cost to jobs on the basis of 117% of direct labor cost. Job 313…
A: Given, Predetermined overhead rate: 117% of direct labor cost Details of Job 313:Number of units:…
Q: Don't use Ai
A: 1. Determining Essential Factors:Revenue Expansion Rate: This indicates the expected annual increase…
Q: Help me tutor
A: 1.b. Total purchases - Purchase discounts - Purchase returns and allowancesNet purchases is a term…
Q: 18. Power Company purchased Sark Corporation’s net assets on January 3, 20X2, for $635,000 cash. In…
A: Detailed ExplanationA. Record the Payment of Acquisition CostsPower Company incurred $8,000 in…
Q: not use ai please The Fashion Rack has a monthly accounting period. The firm’s chart of accounts…
A: A firm utilizes a series of numbered accounts called a general ledger (GL) to record its financial…
Q: need answer
A: To calculate the number of cups of coffee you need to sell to achieve an after-tax profit of…
Q: None
A: Sheridan Company will record the acquisition cost of the equipment by including all costs necessary…
Q: Help with this question
A:
Q: Give correct gross income
A: Step 1: Introduction to the Gross IncomeGross income is described as an overall income of business…
Q: I want to answer this question
A: Direct Materials Costs: We're given that Job No. 305 has direct materials costs of…
Q: Provide answer
A: To calculate the price-sales ratio for Riggins Trucking, Inc., we need to use the following…
Q: Given the following information from an amortization table, compute the interest expense, discount…
A: The interest expense for the next period is calculated by multiplying the carrying value at the…
Q: kau.3 answer must be correct Joshua receives Dee Corp. stock worth $135,000 and $15,000 cash in a…
A: In a Section 351 transaction, the corporation's basis in the property received is generally the…
Q: 18
A: We determine the actual gross profit for Bramble Corp. by adjusting the standard gross profit by the…
Q: Riggins Trucking, Inc. has a current stock price of $41. For the past year, the company had a net…
A: Part A)To calculate the Price-Sales Ratio (P/S ratio) for Riggins Trucking, Inc., we use the…
Q: Provide answer
A: 1. Free Cash Flow (FCF) CalculationFree Cash Flow (FCF) is a measure of how much cash a company…
Q: ! Required Information [The following information applies to the questions displayed below] Maben…
A: Preparation of horizontal financial statement as follows:Resultant values:Note: in event 9, there…
Q: Need answer please
A: Step 1: Step 2: Step 3: Step 4:
Q: Tent Master produces Pup tents and Pop-up tents. The company budgets $276,000 of overhead cost and…
A: 1. Compute an activity rate for each activity using activity-based costing (ABC).The formula for…
Q: Please provide Solutions
A: Relevant formula:Overhead spending variance = Actual variable overhead - (Actual hours x Variable…
Q: None
A: Disbursements for Purchases in Quarter 1Weisbro and Sons buys inventory in Quarter 1 for Quarter 2…
Q: generate answers in steps with an explanation in each step and each step by step and make some good…
A: This table provides a clear and organized summary of the journal entries and the current liabilities…
Q: Do not use Ai
A: Answer information:Step 1:a. Record any necessary adjustment on December 31, 2022, related to this…
16
Step by step
Solved in 2 steps
- CCC Manufacturing Inc. sold equipment that it uses in its business for $110,000. CCC bought the equipment two years ago for $95,000 and has claimed $10,000 of depreciation expense. What is the amount and character of CCC's gain or loss? $25,000 ordinary gain. $25,000 capital gain. $10,000 ordinary gain and $15,000 §1231 gain. $15,000 ordinary gain and $10,000 §1231 gain.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?Zenith Corporation sells some of its used store fixtures. The acquisition cost of the fixtures is $13,732, and the accumulated depreciation on these fixtures is $8,504 at the time of sale. The fixtures are sold for $4,206. The value of this transaction in the investing section of the statement of cash flows is
- What was the gain or loss on the sale of the equipment on this general accounting question?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 sale
- What is the amount of the gain or loss on this transaction?Romanova Inc. decides to sell an old piece of equipment and receives $5,000 cash for it. The original cost of the equipment was $50,000 and it had accumulated depreciation of $47,000 associated with it. Which of the following items would be increased by the sale of the old equipment? (check all that apply) Cash from Operating Activities Total Assets Net Income Gain on Sale Cash from Investing ActivitiesCliff Company traded in an old truck for a new one. The old truck had a cost of $300,000 and accumulated depreciation of $60,000. The new truck had an invoice price of $311,000. Huffington was given a $237,000 trade-in allowance on the old truck, which meant they paid $74,000 in addition to the old truck to acquire the new truck. If this transaction has commercial substance, what is the recorded value of the new truck? Multiple Choice $240,000 $300,000 $74,000 $311,000 $314,000