Chapter 5, Problem 5.2EYCT

Accounting questions what is the net income of this firm?

Cost of goods sold ? Financial accounting

What is the target cost per bread slicer on these financial accounting question?

During the current year, a business sells equipment for $440,000. The equipment cost $290,000 when purchased and placed in service two years ago and $85,000 of depreciation deductions were allowed. The results of the sale are ____. OPTIONS: A) Ordinary income of $85,000 and Sec. 1231 gain of $150,000. B) Sec. 1231 gain of $120,000. C) Ordinary income of $90,000 and LTCL of $30,000. D) Ordinary income of $120,000. Select the correct answer✅

Net income using accural accounting?

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During the current year, a business sells equipment for $440,000. The equipment cost $290,000 when purchased and placed in service two years ago and $85,000 of depreciation deductions were allowed. The results of the sale are ____. OPTIONS: A) Ordinary income of $85,000 and Sec. 1231 gain of $150,000. B) Sec. 1231 gain of $120,000. C) Ordinary income of $90,000 and LTCL of $30,000. D) Ordinary income of $120,000.

Please give me true answer this financial accounting question