User Account

All Pages

Discuss how should this gain be treated

Assignment Help Accounting Basics
Reference no: EM131774955

On December 31, 2015, Henry, a sole proprietor, sold for $70,000 a machine that was used in his business. The machine had been purchased in a few years ago for $50,000, and when it was sold, it had accumulated depreciation of $15,000 and an adjusted basis of $35,000. For the year 2015, how should this gain be treated?

Reference no: EM131774955

Questions Cloud

Define transactions in the economy for quarter : Consider the following transactions in the economy for one quarter. For simplicity, that unless otherwise indicated, all are located within the U.S.
What is the amount of the depreciation on the building : What is the amount of the depreciation on the building for 2015 for tax purposes
Applied overhead to the work in process inventory : Devlin prorates any over/under applied overhead to the Work in Process Inventory, Cost of Goods Sold and Finished Goods Inventory accounts.
Discuss what was the total direct labor budget variance : Actual production was only 8,900 until and actual direct labor cost was $45,000. What was the total direct labor budget variance for the year
Discuss how should this gain be treated : it had accumulated depreciation of $15,000 and an adjusted basis of $35,000. For the year 2015, how should this gain be treated
Find the marginal rate of transformation : Consider the following utility function and corresponding marginal rate of substitution for consumption, C and leisure, and L: U = and MRS =
Prepare journal entries to record the transactions : Prepare journal entries to record the transactions for the current month
Identify the nash equilibria strategies and payoffs : Consider the game depicted below. Player 1 decides between A or B in stage 1 of the game, and between G or H in stage 3 (if it is reached).
How can be path variable be used to trick user : How can be PATH variable be used to trick user to execute viral program that has the same name as the commonly used application/utility program?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd