User Account

All Pages

What is kevin gross profit or loss on the sale

Assignment Help Accounting Basics
Reference no: EM131624016

Question - In May 2016, Kevin McElwainee sells property with an adjusted basis of $75,000 for $125,000 to Josh Amico. Josh pays Kevin $12,000 cash at closing and the remaining to be paid in 5 annual installments of $22,600 beginning in May 2017. Ignore the impact of interest for this exercise.

(a) What is Kevin's gross profit or loss on the sale?

(b) What is Kevin's gross profit percentage?

(c) How much profit will Kevin recognize in 2016?

(d) How much profit will he recognize in the later years?

Reference no: EM131624016

Questions Cloud

Research the operational components of exit interviews : Research the operational components of exit interviews.Draft the key employee policies and a code of ethics.
Defining capital structure? weights : In August 2015 the capital structure of the Emerson Electric Corporation? (EMR) (measured in book and market? values) was as? follows: ?
Rank these stock from the riskiest to the least risky : Rank these stock from the riskiest to the least risky. Explain your reasoning and back up your explanation with research.
What inspired me to pursue a career in hospitality industry : You will be applying for the Hotel and Restaurant Foundation (HARF). What inspired me to pursue a career in the hospitality industry?
What is kevin gross profit or loss on the sale : In May 2016, Kevin McElwainee sells property with an adjusted basis of $75,000 for $125,000 to Josh Amico. What is Kevin's gross profit or loss on the sale
What would the exchange rate be at the end of the year : what would the exchange rate be at the end of the year using the relative form of the PPP equation?
What is the current margin percentage based on item c : You are informed that if the value of your account falls below the maintenance margin, your account will be subject to a margin call.
Computing interest tax? savings : Dharma Supply has earnings before interest and taxes? (EBIT) of ?$573,000?, interest expenses of ?$278,000?, and faces a corporate tax rate of 36 percent.
Create graphic organizer that includes definition for trait : Assignment: The writing process. Create a graphic organizer that includes a definition for each trait, as well as an activity that supports learning.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Options for answer contribution margin per unit fixed costs

adria lopez has found that her line of computer desks and chairs has become very popular and she is finding it hard to

  After the accounts are adjusted and closed at the end of

after the accounts are adjusted and closed at the end of the fiscal year accounts receivable has a balance of 430000

  Major sections of the classified balance sheet

Name and describe the major sections of the classified balance sheet. How is the classified balance sheet different than the balance sheet discussed in week one? What are some of the benefits in using a classified balance sheet?

  Show the investment account.- parent company

Parent has "significant influence" over Subsidiary. Prepare the necessary journal entries and show the investment account.

  Explain how business process reengineering occurs

Explain how business process reengineering occurs. Also, explain how it differs from the typical changes in company policies.

  Heritage insurance co is a regional insurance company that

heritage insurance co. is a regional insurance company that began operations on january 1 2012. the following

  What is the incremental monthly revenue for staples

What is the incremental monthly revenue (loss) for staples and paperclips? What recommendation would you make to Walters Company

  Ethics in financial reporting is critical to the reliability

Ethics in financial reporting is critical to the reliability of financial statements. Corporate Managers are under enormous pressure to provide high earnings and dividend amounts.

  From these data compute the ending inventory on each

If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in 1, 2, and 3 above be the same? Explain and compute.

  Non-blocking synchronization algorithms

What is an implicit ack, how is it used, and what benet does it provide? What is non-blocking synchronization? What is Type-Stable Memory Management (TSM),

  Accounting for pensions under us and japanese standards

Discount rate Expected rate of return 2.5% 2.8% Thousands of U.S. Instructions Use the information on Kyowa to respond to the following requirements. (a) What are the key differences in accounting for pensions under U.S. And Japanese standards?

  Prepare the necessary closingentries

Prepare the necessary adjusting entry for inventory and prepare the necessary closingentries.

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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