User Account

All Pages

At what amount should the gain from the sale

Assignment Help Accounting Basics
Reference no: EM131792733

Question - On January 1, 2010, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 noninterest-bearing note due on January 1, 2013. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the building be reported?

Reference no: EM131792733

Questions Cloud

What is the most common type of garch model used : Explain what is meant, by an Ito process. Explain why an ho process is more applicable to describing stochastic processes underlying asset prices as compared.
How many bicycles should the company purchase in may : On the basis of the information presented, how many bicycles should the company purchase in May
Find the point of inflection of the graph of this function : The numbers of millions of Social Security beneficiaries for selected years and projected into the future are given in the table.
Calculate current stock price : Ezdan Company Just paid a dividend of $12.50 per share on its stock. The dividends are expected to grow at a constant rate of 5% per year, indefinitely.
At what amount should the gain from the sale : The prevailing rate of interest for a note of this type on January 1, 2010, was 9%. At what amount should the gain from the sale of the building be reported
Find the absolute maximum and absolute minimum for the data : For the years from 1990 to 2009, use the model to determine the absolute maximum and absolute minimum points. Interpret the coordinates of each point.
How much new financing will ttc need next year : (Financial forecasting)The balance sheet of the Thompson Trucking Company (TTC) follows: Thompson Trucking Company Balance Sheet, December 31, 2010 ($ millions)
How much is sparrow tax liability : During 2008, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, How much is Sparrow's tax liability for 2008
When do you think the dow reached its absolute minimum : The figure shows the Dow Jones Industrial Average for all of 2001, the year of the terrorist attacks on New York City and Washington, D.C.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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