What is wilma basis in the new computer

Assignment Help Accounting Basics
Reference no: EM132228903

Question - Wilma trades a fully depreciated computer used in her home business for a new computer with a selling price of $3,200. Wilma pays only $2,500 for the computer because she receives a $200 discount as a favored customer and a $500 allowance for trading in the old computer.

a. Does Wilma recognize any gain or loss on the exchange?

b. What is he deferred gain or loss?

c. What is Wilma's basis in the new computer?

Reference no: EM132228903

Questions Cloud

Explain the given aspects of the drug : In your Rapid Review, analyze and explain the pharmacological aspects of the drug as they relate to the following: neurotransmitters affected receptors.
Compute the hourly billing rate for debbie and tara : The company expects to incur total overhead costs of $426,450 during the year. Compute the hourly billing rate for Debbie and Tara
Identify the null and experimental hypothesis for the study : In an experimental study of exercise on arousal, subjects are randomly assigned to either the no exercise or the exercise condition.
How you would use statistical analysis in both designs : For this task, you will prepare a tutorial on quasi-experimental and experimental designs. Your tutorial will serve as a step by step guide as to how you would.
What is wilma basis in the new computer : Wilma pays only $2,500 for the computer because she receives a $200 discount, What is Wilma's basis in the new computer
What is the premise and conclusion of the argument : What is the premise and conclusion of the argument based on statistics? Determine whether or not the argument uses any deceptive statistics.
How much is charlie current ratio : A partial list shows that Charles Corporation's adjusted trial balance. The note payable balance is due in nine months. How much is Charlie's current ratio
What in your opinion is the most important consideration : One controversy that has been "re-cycled" recently is how parents decide to immunize their children or to forgo the usual immunization schedules.
Create a partial statement of cash flows : Create a partial Statement of Cash Flows for Somerset Company. Prepare only the section related to Cash Flows from Operating Activities

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.

  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!

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