In 2012 helen sold property and reported her gain by the

Assignment Help Accounting Basics
Reference no: EM13585890

In 2012, Helen sold property and reported her gain by the installment method. Her basis in the property was $150,000, and it was subject to $30,000 of depreciation recapture. Helen sold the property for $225,000, with $75,000 due on the date of the sale and $150,000 (plus interest at the federal rate) due in two years. The recognized gain Helen should report in 2012 is?

Reference no: EM13585890

Questions Cloud

The beginning work in process inventory was 90 complete : pureform inc. manufactures a product that passes through two departments. data for a recent month for the first
Last year the return on total assets in jeffrey company was : last year the return on total assets in jeffrey company was 8.5. the total assets were 2.9 million at the beginning of
What is the average value of the orbital angular momentum l : what is the average value of the orbital angular momentum l for the hydrogen atom if the electron is in the 3d orbital?
Bernard creighton is the controller for creighton hardware : bernard creighton is the controller for creighton hardware store. inputting together the cash budget for thr fourth
In 2012 helen sold property and reported her gain by the : in 2012 helen sold property and reported her gain by the installment method. her basis in the property was 150000 and
Which of the following is most likely section 1231 property : 1. in 2014 james invested 30000 in a cattle-feeding partnership that used nonrecourse notes to purchase 70000 of feed
Buld a spreadsheet contruct an excel spreadsheet and use : buld a spreadsheet contruct an excel spreadsheet and use the excel commands to perform a least-squares regression annd
Describe the difference between local climate and global : 1. describe the difference between local climate and global climate2. survey the current evidence that global warming
From the following accounts and amounts prepare a balance : from the following accounts and amounts prepare a balance sheet for the swell company for december 31 2010. you must

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a partial balance sheet showing the

entries for held-to-maturity securities on july 1 2014 salt mine corporation purchased at par 8 bonds having a maturity

  Flint hill inc has prepared a trial balance of its general

flint hill inc has prepared a trial balance of its general ledger as of december 31 2013. certain accounts in the

  Problem related to break-even price

What factors might occur during the season that would alter the volume sold and thus the break-even price Annie might charge?

  Determining arying and fixed costs

What issues will create variances within a company? What other information can we derive from our variance analysis? What expenses would you imagine to be fixed in nature?

  Income tax and earnings per share

On February 28, 2009, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2009, was $2,100,000. The income tax rate is 40%.

  Types of collection practices

The Fair Debt Collection Practices Act has four different types of collection practices. Explain who the legislation applies to and explain the four different collection methods.

  Why are audit objectives important in planning and

why are audit objectives important in planning and performing an audit? explain the differences between transaction

  An election to have the net capital gain taxed

1. On January 1 of the current year, Scott borrows $80,000, pledging the assets of his business as collateral. He immediately deposits the money in an interest-bearing checking account.

  What is the equity of each of the remaining partners

Prepare a journal entry to account for the payment to the retiring partner including bonus to or from the remaining partners. Include a narration.

  Writenbspa paper of no more than 750 words in which you

writenbspa paper of no more than 750 words in which you respond to the broadening your perspective 18-1 activity titled

  They begin by offering clinics for basic outdoor activities

tony and suzie graduate from college in may 2012 and begin developing their new business. they begin by offering

  Problem on retirement regarding debt

Dubois inc wishes to accumulate $1,300,000 by dec 31, 2020 to retire bonds outstanding. the company deposits $200,000 on december 31, 2010, which will earn interest 10% compounded quarterly, to help in the retirement of this debt.

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!

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