Illustrate what is amount and character of gain long

Assignment Help Financial Accounting

Reference no: EM13124883

In year 0 Longworth purchased a machine for $40,000 to use in its business. In year 3 Longworth sold the machine for $35,000. Between the purchase and sale dates, Longowrth depreciated the machine by $22,000. What is the amount and character of the gain Longworth will recognize on the sale if the sale proceeds were decreased to $15,000?

Reference no: EM13124883

Questions Cloud

Explain what amount should be reported for land on karen : At December 31, 2010, the land's value has increased to $93,000. Explain what amount should be reported for land on Karen Sommers's balance sheet at December 31, 2010?

What is the molarity of a solution prepared : What is the molarity of a solution prepared by dissolving 10.5 grams of NaF in enough water to produce 750 mL of solution

Questions regarding systems of equations : How do you interpret the solution of a system of equations by the corresponding graph? Is there a basic difference between solving a system of equations by the algebraic method and the graphical method? Why?

Compute system of equations word problem : The monthly cost in dollars of a phone plan is a linear function of the calling time in minutes. The monthly cost for 40 minutes of calls is $14.18 and the monthly cost for 96 minutes is $19.22.

Illustrate what is amount and character of gain long : Illustrate what is the amount and character of the gain Longworth will recognize on the sale if the sale proceeds were decreased to $15,000?

Test the claim that battery will last for three hours : A sample of 25 their average life from the time they are fully charges to the time they are fully discharged is 170 minutes the sample standard deviation is 30 minutes. Test the claim that battery will last for three hours.

Illustrate what are the total interest they will be charged : "The Ortegas decide to buy some furniture priced at $400 with $40 down and the balance to paid for using 10% add-on interest, to be paid in monthly installments over one year. Illustrate what are the total interest they will be charged? and what is..

Brief outline for the critical evaluation essay : In this forum, upload your thesis statement (a complete sentence) and a brief outline for the critical evaluation essay.

Systems of differential equations : Solve each of the following initial value problems: Check to see if eigenvectors are multiples of the given eigenvectors.

User Account

All Pages