User Account

All Pages

What is amount of gain realized

Assignment Help Accounting Basics
Reference no: EM133131841

Questions -

Q1. A sold property for 400000 cash. The buyer assumed A's existing mortgage of 90000 on top of cash paid. A paid 20000 real estate. Before, A paid 250000 for property and made improvements 50000. By the time he sold property, he had claimed depreciation 100000. What's amount of gain realized?

A. 190000

B. 240000

C. 270000

D. 320000

Q2. A gifted B property that A bought 5 years ago . At the time of gift, the property FMV was 30000. B subsequently sold property for 35000. What amount of gain did B realize?

a. No gain no loss

b. 5000

c. 20000

d. 25000

Reference no: EM133131841

Questions Cloud

Why is india considered a developing country : Introduction: India where is it located? Developing: Why is India considered a developing country?
Assignment on labor economics : Assume that leisure(L) is a normal good. Show that if a worker's non-labor income decreases, his reservation wage decreases as well.
Phase in for medicare physician payment : In the private market, the hospital will set a price at that point on its demand curve where marginal revenue (MR) equals what?
Thoughts about transition process : 1) We'll continue to talk about emerging adulthood next week, but based on the material in the lecture this week, what are your thoughts about this transition
What is amount of gain realized : A sold property for 400000 cash. The buyer assumed A's existing mortgage of 90000 on top of cash paid. What is amount of gain realized
Criminal justice system : What is being done by the criminal justice system in regard to combating unethical pharmaceutical practices in the United States?
Explain generic data problems and how to identify them : List and explain generic data problems and how to identify them. What are the different options for resolving these generic issues
Role of the caribbean court of justice : Provide an overview of the creation and the role of the Caribbean Court of Justice (CCJ) across the Caribbean. Present and evaluate three negatives and three po
Different forms of excessive medical billing : Explain the different forms of excessive medical billing. What are some of the criticisms of Health Maintenance Organizations

Reviews

Write a Review

Accounting Basics Questions & Answers

  Fionnula co uses a periodic inventory system its records

fionnula co. uses a periodic inventory system. its records show the following for the month of may in which 65 units

  What is the market price of a face value bond

Malta Inc. offers a bond with an annual coupon rate of 4.5 percent, semiannual payments, What is the market price of a $1,000 face value bond

  The company would be chipotle mexican grill

3 page paper on analysing a company and the company would be Chipotle Mexican Grill.

  Give the amounts for Work-in-Process account

Give the amounts for the following items in the Work-in-Process account: a. Transfers-in (TI). b. Transfers-out (TO). c. Ending balance (EB)

  Prepare a retained earnings statement for the fiscal year

Retained earnings, November 1, 20Y8 $1,937,000. Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9

  Why skills are deemed crucial for proper execution of sdlc

Both oral and written, into accounting information systems courses. Why do you think these skills are deemed crucial for proper execution of SDLC?

  Dowen corporation applies manufacturing overhead to

dowen corporation applies manufacturing overhead to products on the basis of standard machine-hours. for the most

  Discuss the home for its appraised fair market value

Under the plan, the company would make up to six monthly mortgage payments of up to $2,000 per month while the home was listed for sale

  The bureau of economic analysis

The market where business sell goods and services to households and the government is called the

  Do the tax consequences change if marilyns assignment is

marilyn a business executive who lives and works in cleveland accepts a temporary out-of-town assignment in atlanta for

  Forecasting recurring revenue

I understand that non-recurring items such as adjustments for changes in accounting methods, extraordinary gains/losses, income from discontinued operations, etc. must not be included. However, what items should I address?

  What amount of loss on impairment

Cullumber Corporation acquired Linebrink Products on January 1, 2021 for $10,050,000, What amount of loss on impairment

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