Sergio, a sole proprietor, purchased a van for $35,000 to use exclusively in his delivery business. Six months later, he soldthe van for $38,000. Sergio's $3,000 gain from the sale of this property should be reported as:O Gross receipts or sales on Schedule C, Part I.A gain from the sale or exchange of property used in a trade or business on Form 4797, Part I.An ordinary gain on Form 4797, Part II.O A gain from the disposition of property on Form 4797, Part III.

Gain on the sale of assets refers to the amount of money that is earned when an asset is sold for…

Sergio, a sole proprietor, purchased a van for $35,000 to use exclusively in his delivery business. Six months later, he sold the van for $38,000. Sergio's $3,000 gain from the sale of this property should be reported as: 00 Gross receipts or sales on Schedule C, Part I. A gain from the sale or exchange of property used in a trade or business on Form 4797, Part I. An ordinary gain on Form 4797, Part II. A gain from the disposition of property on Form 4797, Part III.

Sergio, a sole proprietor, purchased a van for $35,000 to use exclusively in his delivery business. Six months later, he sold the van for $38,000. Sergio's $3,000 gain from the sale of this property should be reported as: 00 Gross receipts or sales on Schedule C, Part I. A gain from the sale or exchange of property used in a trade or business on Form 4797, Part I. An ordinary gain on Form 4797, Part II. A gain from the disposition of property on Form 4797, Part III.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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