Solution-Question- a parcel of land that was originally

Question- a parcel of land that was originally purchased

Assignment Help Accounting Basics

Reference no: EM13373291

Question:- A parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. At the time of the sale, assume that the seller still owed $30,000 to the bank on the land that was purchased for $85,000. Immediately after the sale, the seller paid off the loan to the bank.

What are the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the increases and/or decreases in assets, liabilities, and owners' equity?

Reference no: EM13373291

Questions Cloud

Questions1 estimate the regression model e using the ols : questions1 estimate the regression model e using the ols estimator and provide a summary report of the result i.e. the

Question original question the net income for the year : question original question the net income for the year ended december 31 2011 for tax consultants inc. was 720000.

Question-if the market rate of interest is 10 a rational : question-if the market rate of interest is 10 a rational person would just as soon receive 1100 three years from now as

1 why does rent control result in a shortage of rental : 1. why does rent control result in a shortage of rental units?2. any time there is a shortage of a good it means that

Question- a parcel of land that was originally purchased : question- a parcel of land that was originally purchased for 85000 is offered for sale at 150000 is assessed for tax

1 suppose the price of a unit of medical care is 100 and : 1. suppose the price of a unit of medical care is 100 and the persons insurance policy covers up to 100000 in

Question-a master budget is a detailed and comprehensive : question-a master budget is a detailed and comprehensive analysis of organizations long- and short-term goals.1.

Let a countrys stochastic sas curve be given by y y nbsppi : let a countrys stochastic sas curve be given by y y nbsppi - pie sigma where sigma equals 5 in 50 of the cases and -5

Consider the following information pertaining to a years : consider the following information pertaining to a years operations of youngstown manufacturingunits sold 1400 units

User Account

All Pages

Question- a parcel of land that was originally purchased

Reference no: EM13373291

Reference no: EM13373291

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT