What is Franco recognized gain or loss on the sale

Assignment Help Accounting Basics
Reference no: EM132428802

Question - Franco converted a building from personal to business use in May 2015 when the fair market value was $42,500. He purchased the building in July 2012 for $68,000. On December 15 of this year, Franco sells the building for $34,000. On the date of the sale, the accumulated depreciation on the building was $4,315. What is Franco's recognized gain or loss on the sale?

Reference no: EM132428802

Questions Cloud

Identify the illegal practice in which the agent engaged : Based on the above facts, identify the illegal practice in which the agent engaged. What action can the state insurance department take against the dishonest ag
What is the amount and character of the gain : What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations
Identify the two broad approaches to dealing with risk : Identify the two broad approaches to dealing with risk recognized by modern risk management theory.
Calculate the project cash flow generated : Calculate the project cash flow generated for Project A and Project B using the NPV method.
What is Franco recognized gain or loss on the sale : On December 15 of this year, Franco sells the building for $34,000. What is Franco's recognized gain or loss on the sale
Financial sponsorsrole in lbos : Financial Sponsorsrole in LBOs. Bank and Institutional Lendersrole in LBOs. Characteristics of a Strong LBO. LBO Financing: Determining Financing Structure
Examining World Population Growth Assignment : Examining World Population Growth Assignment help and solutions:-What strategies will be most successful in addressing population growth in developing countries
Compute the weighted-average number of common shares : Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement
Calculate ergons stock price : Ergon's cost of equity is 15% and it has 25 million shares outstanding. Calculate Ergon's stock price.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Red runners work in process inventory account has a

red runners work in process inventory account has a beginning balance of 50000 and an ending balance of 40000. direct

  Find budgeted variable overhead rate per direct labor hour

Budgeted volume for the year was 30,000 direct labor hours. Calculate Budgeted variable overhead rate per direct labor hour

  In its 2010 annual report xyz co reported beginning total

in its 2010 annual report xyz co. reported beginning total assets of 32.0 billion ending total assets of 49.2 billion

  How much more would pete have

How much more would Pete have if he were to keep his business for 5 more years then he would if he were to sell & invest that money for 5 years

  Journal entries that amalgamated textiles would record

Which of the above items are likely to be reported on Amalgamated's external financial statements, and which items will be combined behind the scenes? Prepare the journal entries that Amalgamated Textiles would record, and show any computations.

  Analyse the assumptions behind public and private interest

Analyse the assumptions behind public interest, private interest and capture theories and evaluate which one best explains each of the comment letters

  Understandability and comparability when evaluating a cost

What should be included in a management report to further understandability and comparability when evaluating a cost center?

  Sales revenue approach for estimating bad debt expense

If Edsel uses the sales revenue approach for estimating bad debt expense, the income statement should show an expense of??

  Calculate price of put option on the same underlying stock

A call option on a bank with a strike price of €16 (Euro) expires in one year and has a current price of €2.5. The market price of the underlying stock.

  Investigating the purchase of atm machines

Prepare the cost of goods sold budget, you must calculate a unit cost for each month. You must also calculate cost of goods manufactured. Remember, there is no Work in Process inventory but you must calculate direct materials used.

  Calculate the amount of prepaid rent that should be reported

Calculate the amount of prepaid rent that should be reported on the December 31, 2016, balance sheet with respect to this lease.

  Disregard any estimated tax penalties

Cost of Goods Sold $400,000 assume no beginning and ending inventory and purchases

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