What is realized gain recognized gain and amount realized

Assignment Help Accounting Basics

Reference no: EM131977140

Problem

Somebody sold business property A for a total of $40,000 ($27,000 in cash and the buyer assumed the mortage of $13,000). Somebody incurred $2,100 in sales commission. Originally, Somebody purchased the property A for $18,000 and build another floor for $3,000 in the year of acquisition. Somebody did not take any depreciation, but was legally suppose to take $2,000. What is the realized gain , recognized gain, and amount realized?

Reference no: EM131977140

Questions Cloud

Sixth order for a transmission grating : What is the longest wavelength that can be observed in the sixth order for a transmission grating having 4650 slits/cm?

Calculate the speed of the water : The flow rate through the hose and nozzle is 0.679 L/s. Calculate the speed of the water (m/s) in the nozzle.

How does each part contribute to the financial plan : The four main parts of a financial plan include setup cost, cash-flow statement, record-keeping systems, and assets and liabilities statement.

How many years from the present would the final payment made : Four years ago $100,000 was borrowed at 14% per year compounded annually, to be repaid in equal annual payments over 20 years.

What is realized gain recognized gain and amount realized : Somebody did not take any depreciation, but was legally suppose to take $2,000. What is the realized gain, recognized gain, and amount realized?

Develop a portfolio of resources : Objectives - This assignment is designed to develop a portfolio of resources that you can use during your degree.

Which type of security would the firm need to sell : Fortunate Ventures, Inc.'s, common shares are currently selling for $23 a share with 7 million shares outstanding. The firm also has 12,000 bonds outstanding.

Plate and number of electrons on negative plate : Calculate the charge on each plate and the number of electrons on the negative plate if the charge on an electron is 1.6 x 10-19 C.

How much of amount should be allocated to each division : Smith and Hawk Landscaping Company uses a centralized payroll department to support. How much of the $45,000 should be allocated to each division?

User Account

All Pages