Discuss what gain would be recognized from sale

Assignment Help Accounting Basics
Reference no: EM131796833

Zeke, a wealthy farmer, constructed a barn in March 1986 for $10,000. He claimed $6,500 of accelerated depreciation while straight line depreciation would have been only $5,600. He sells the barn for $8,900. If he had no other Section 1231 transactions, what gain would be recognized from this sale? Include both the amount and the nature of the gain.

Reference no: EM131796833

Questions Cloud

How much of a medical-expense deduction may mark claim : Assuming that Mark's adjusted gross income was $60,000, how much of a medical-expense deduction may Mark claim on his return?
How many times they went out to eat in the last week : Eating Out Jacqueline Loya, a statistics student, asked students with jobs how many times they went out to eat in the last week.
Prepare a horizontal analysis of comparative balance sheet : Prepare a horizontal analysis of the comparative balance sheet of Atlantis Inc. Round percentage changes to one decimal place. Upload your Excel Document.
What are costs assigned to ending work in process inventory : What are the costs assigned to the ending work in process inventory on March 31? What are costs assigned to units completed and transferred out during March?
Discuss what gain would be recognized from sale : what gain would be recognized from this sale. Include both the amount and the nature of the gain
Heart rate before and after coffee elena lucin : Heart Rate before and after Coffee Elena Lucin, a statistics student, collected the data in the table showing heart rate (beats per minute) for a random sample.
Prepare the journal on january to record payment : Prepare the journal on January 3 to record payment assuming the adjusting and reversing entires were made on December 31 and January 1
What guidelines does fraud investigator have to comply with : When seizing a computer as evidence in a cybercrime investigation, what guidelines does the fraud investigator have to comply with?
How grades differ for these two groups : The final exam grades for a sample of daytime statistics students and evening statistics students at one college are reported.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare journal entries to record the maturity of the bond

Oneil Company issues 5%, two-year bonds, on December 31, 2011, with a par value of $100,000 and semiannual interest payments.

  Revenue and expense recognition and closing entries

Two years ago, Sue Stern opened an audio book rental shop. Sue reports the following accounts on her income statement:

  He income statment must distinguish the financial results

he income statment must distinguish the financial results of the local theater companys core and perpheral activities.

  Calculate the cost of inventory as of february

Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28.

  You are a tax preparer and one of you clients comes to you

you are a tax preparer and one of you clients comes to you frustrated about why there are so many tax law changes. he

  Cross country transport companyorganizes its three

cross country transport companyorganizes its three divisions the southeast east and southregions as profit centers. the

  Journal entries to record payroll and employer expense

Robin Bradley received a paycheck from her employer in the amount of $776.35. The paycheck stub indicated that in calculating her $776.35 net pay, $139.75 had been withheld for federal income tax, $34.25 for state income tax and $74.65 had been wi..

  Research and summarize at least two 2 news events this may

research and summarize at least two 2 news events this may include mergers acquisitions or political issues that

  Prepare all the journal entries required for the year

Instructions: Assuming this purchase represents a 25% interest, prepare all the journal entries required for the year

  Discuss depreciation and use those tax savings as cash flows

Isn't depreciation taken into consideration when you figure out your tax savings on the depreciation and use those tax savings as cash flows

  What is the budgeted income statement for third quarter

Selling and administrative expenses: $74,450, What is the budgeted income statement for third quarter of the year

  Determine the maturity date interest in 2013 and 2014 and

determine the maturity date interest in 2013 and 2014 and maturity value for a 90-day 12 percent 15000 note from a

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