Several years ago, Nipher paid $70,000 to purchase equipment to use in its business. This year, it sold the equipment for $76,500. Accumulated depreciation through date of sale was $18,000. MACRS Determine the amount of Nipher's Section 1231 gain recognized.
Q: None
A: 1).Loan Amount$500Annual Interest Rate12%Loan Duration90 days (which is years) Interest…
Q: rmg
A: Let me help you solve this step by step.First, let's calculate the hourly regular rate:Monthly…
Q: Purrfect Pet Industries' income before taxes is $810,000 and its tax rate is 40%. Purrfect Pet…
A: The first step is to determine the taxable income. The taxable income is the income before taxes…
Q: Exercise 17-13 (Algo) Determining the amortization of net loss or net gain [LO17-6] Hicks Cable…
A: Amortization of excess of the cumulative net gain or loss over the corridor amount = excess of the…
Q: While the only things certain in life may be death and taxes, how much taxes is certainly uncertain.…
A: When companies calculate how much tax they owe, they sometimes face uncertain situations where it's…
Q: On January 1, Year 1, Axis Corporation granted employees 83,000 stock options for 83,000 shares of…
A: First, we need to understand the scenario. Axis Corporation has granted its employees stock options.…
Q: Want Answer with explanation
A: In periodic inventory system,physical inventory is calculated at the end of each specific period to…
Q: Provide please Account Question solution
A: Step 1: Define Account ReceivableAccounts receivable often refer to all unmet commitments of the…
Q: Please need answer not use ai
A: To calculate the first-year depreciation expense for the equipment using the straight-line method,…
Q: Solve this accounting question not use ai
A: Step 1: Define Cost AccountingCost accounting helps the business determine the total expenditures…
Q: Net Sales?
A: Explanation of Gross Sales:Gross sales represent the total revenue generated from sales before…
Q: Please Provide answer with step by step
A: Step 1: Define Managerial AccountingManagerial accounting refers to an accounting framework that…
Q: Need Answer of this one pls provide it
A: Step 1: Define Direct MaterialsDirect materials are converted into finished goods. These materials…
Q: Financial Accounting No. 85
A: Step 1: Define Accrued Expenses:The expenses that are incurred but are not yet paid for are called…
Q: What were Alda's total liabilities at the end of the year? On this accounting question
A: Step 1: Determine the owner's equity at the beginning of the yearStep 2: Calculate the change in…
Q: Financial Accounting
A: Step 1: Define AssetsAssets can be defined as something of value that is available to a company that…
Q: Question: 09
A: Explanation of Direct Materials:Direct materials refer to the raw materials that are directly used…
Q: Assignment 1 Box 14 $150,000 Box 16 $2,593.88 Box 18 $858.22 Box 22 $41,500 Box 24 $51,799 Box 26…
A: To help you with Ms. Smith's T1 Return, we'll need to calculate her income, expenses, and allowable…
Q: General Accounting
A: Step 1: Calculate the share of South Company's net incomeGrant, Inc. owns 40% of South Company.South…
Q: rmana
A: a. Excess Business Loss: The Tax Cuts and Jobs Act (TCJA) introduced a limitation on excess business…
Q: Hinsky Company was subject to the Alaska state unemployment tax of 4.2%. The company's taxable wages…
A: Here's a detailed explanation for better understanding. a. SUTA tax that Hinsky Company would pay to…
Q: What was it's total assets turnover ratio (TATO)? On general accounting
A: Step 1: Define Turnover RatiosTurnover ratios, like the accounts payable turnover ratio, accounts…
Q: Accounting please help with correct answer
A: Step 1: Define Present ValueThe present value of a given stream of cash flows represents the…
Q: Need help with this accounting question
A: Step 1: Define DividendDividend can be identified as the share of profit of investor for the part of…
Q: What is the journal entry for this transaction no this accounting question?
A: Step 1:- Introduction to the Promissory NoteThe business relationship between the buyer and seller…
Q: Need answer the accounting question not use chatgpt
A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…
Q: Provide correct answer
A: Step 1: Calculate the growth rate (g) Step 2: State the P/E ratio formula (1-plowback ratio/r-g) and…
Q: Get Help with This Question Please solve it
A: To determine the due date and interest on a financial note, we begin by identifying the note's…
Q: This assignment aligns with Outcome 6: Analyze the role of business valuation in mergers and…
A: First, we need to understand the case of Branson Trucking Company. The company is owned by Dave…
Q: White tiger electronic produces CD players using an automated assembly line process.
A: **Step 1: Define Multifactor Productivity (MFP)**Multifactor productivity is typically the ratio of…
Q: Accounting. Xyz ltd has a balanced day of 31 December. On 1 January
A: Step 1:- Define Cost Of Goods SoldThe cost of goods sold is an account shown on the income…
Q: Home Stop sells two product categories, furniture and accessories. Information pertaining to its…
A: Step 1: Introduction to inventory valuationInventory valuation is referred to as that method which…
Q: Right answer
A: Step 1:Concept All the accounts which are the part of profit and loss account i.e. all income and…
Q: Solve this one not use ai
A: We are given the following information:GDP = $7000Consumption Expenditure = $5500Total Tax…
Q: Please Provide answer with correct option
A: Step 1 : Definition of Asset Turnover RatioAsset Turnover Ratio measures how efficiently a company…
Q: Take me to the text Open Plains Catering is considering whether to retain or replace its aging…
A: We can do a mathematical study comparing the prices of the two choices to decide if Open Plains…
Q: Give true answer the accounting question
A: Step 1: Define Credit salesThe number of units sold in the market whose payment is scheduled to be…
Q: Genera Accounting Question Solve please
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: Accounting. Comp wiz sells computer during May 2008 it sola
A: Step 1: Define Sales Price VarianceSales price variance occurs when a difference exists between the…
Q: Please Solve This Question
A: Step 1: Define DepreciationDepreciation means diminution, which applies to fixed assets as their…
Q: Presented below is information from Flint Computers Incorporated. July 1 Sold $12,700 of computers…
A: Transaction 1: Sale to Buffalo Company on July 1Flint sold computers worth $12,700 on terms 4/15,…
Q: Need help with this general accounting question
A: Step 1:- Introduction to the Work in ProcessWork in Process is the inventory that is in the pipeline…
Q: Don't use AI.
A: Step 1:As per percentage of receivable method, allowance for doubtful debts is recorded on a…
Q: Give me answer please
A: Step 1:Identify the FormulaStep 2:Determine the Given ValuesStep 3:Calculate Net Cash Flow
Q: Need Answer
A: Step 1: Define Inventory :-Inventory is the stock of goods and materials a business holds for resale…
Q: Need Help Please Provide Correct solution
A: Step 1: Definition of Accounts Payable:Accounts Payable is a current liability account that…
Q: Financial Accounting
A: The problem requires the determination of the present value of future cash flow.Present value (PV)…
Q: On September 15, 2024, the Hanmei Company board of directors declared a 10% stock dividend on common…
A: Given a 10% stock dividend on 1,250,000 shares, the total number of shares to be distributed as…
Q: Accounting your company uses a job order costing manufacturing overhead is charged to individual…
A: Step 1:- Define Predetermined RateThe overheads incurred for the manufacturing are not directly…
Q: On March 1, 2023, Sandhill Company enters into a contract to sell a product to Anthony Hall on July…
A: Hope the you find the answer useful.
Determine the amount of this accounting question
Step by step
Solved in 2 steps
- Eleven years ago, Lynn, Incorporated purchased a warehouse for $315,000. This year,the corporation sold the warehouse to Firm D for $80,000 cash and D’s assumption ofa $225,000 mortgage. Through date of sale, Lynn deducted $92,300 straight-linedepreciation on the warehouse.Required:a. Compute Lynn’s gain recognized on the sale of the warehouse.b. What is the character of this gain?c. How would your answers change if Lynn was a noncorporate business?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…EB Corporation, a C corporation, purchases a warehouse on August 1, 2007, for $ 1 MILLION Straight-line depreciation is taken in the amount of $411, 750 before the property is sold on June 12, 2023, for $1.2 MIL. What is the amount and character of the gain recognized by EB on the sale of the realty?
- Eleven years ago, Lynn, Incorporated purchased a warehouse for $315,000. This year,the corporation sold the warehouse to Firm D for $80,000 cash and D’s assumption ofa $225,000 mortgage. Through date of sale, Lynn deducted $92,300 straight-linedepreciation on the warehouse.Required:a. Compute Lynn’s gain recognized on the sale of the warehouse.ABC Compant purchased an investment property on July 1, 2016 for P4,200,000. The property had a useful life of 35 years and on December 31, 2021 had a fair valye of P3,000,000. On December 31, 2021, the property was sold for net proceeds of P3,100,000. The entity used the cost model to account for the investment property. How much is the gain (loss) to be recognized for the year ended December 31, 2021 regarding the disposal of the property. a. (540,000) b. 440,000 c. (100,000) d. (440,000)1
- Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $102,000, and it has claimed $ 33,800 of depreciation expense against the building. Required Assuming that Hauswirth receives $80, 500 in cash for the warehouse, compute the amount and character of Hauswirth's recognized gain or loss on the sale. Assuming that Hauswirth exchanges the warehouse in a like kind exchange for some land with a fair market value of $80, 500, compute Hauswirth's realized gain or loss, recognized gain or loss, deferred gain or loss, and basis in the new land. Assuming that Hauswirth receives $27,500 in cash in year 0 and a S 88,500 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.Eleven years ago, Lynn, Incorporated purchased a warehouse for $315,000. This year,the corporation sold the warehouse to Firm D for $80,000 cash and D’s assumption ofa $225,000 mortgage. Through date of sale, Lynn deducted $92,300 straight-linedepreciation on the warehouse.Required:.b. What is the character of this gain capital gain and ordiary gain?Asap
- 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.Lowes Corporation sold its storage building for $86,000 cash. Lowes originally purchased the building for $200,000, and depreciation through the date of sale totaled $120,000. Required:Prepare the journal entry to record the sale of this building. (A separate calculation of any gain or loss is recommended.)Chaz Corporation has taxable income in 2023 of $1,312,000 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Basis Office furniture September 12 $780,000 Computer equipment February 10 930,000 Delivery truck August 21 68,000 Qualified real property (MACRS, 15 year, 150% DB) September 30 1,500,000 Total $ 3,278,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023?