What is joyce recognized gain or loss

Assignment Help Accounting Basics
Reference no: EM131866982

Question - Joyce's office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). Of the insurance proceeds of $360,000 she receives, Joyce uses $310,000 to purchase additional inventory and invests the remaining $50,000 in short-term certificates of deposit. She received only $360,000 because of a co-insurance clause in her insurance policy. What is Joyce's recognized gain or loss?

a. $0.

b. $10,000 loss.

c. $10,000 gain.

d. $40,000 gain.

e. None of the above

Reference no: EM131866982

Questions Cloud

Key points of the case related to target supply : Discuss the key points of the case related to Target's supply chain. What decision is Target's management facing?
Prepare the journal entries to record the sale on july : Harwell Company manufactures automobile tires. Prepare the journal entries to record the sale on July 15 and collection on August 15, 2011
Practice of public relations edition : Question: Its for my class on Public Relations. BOOK: ISBN number is 9780134170114. It's called The Practice of Public Relations edition 13.
Arguing about the recently passed texas law : Your coworkers are arguing about the recently passed Texas law that allows Texas National Guard soldiers to move into people's houses
What is joyce recognized gain or loss : She received only $360,000 because of a co-insurance clause in her insurance policy. What is Joyce's recognized gain or loss
Identify categories of influence on consumer behavior : Kotler and Keller identify three categories of influence on Consumer Behavior. Fully explain these three categories - analyze the course materials.
Value of utilizing customer-centric innovation : What do you believe are the opportunities and the risks to using 'customer-centric' brand strategies??
What is the role of information overload and automation : What is the role of Information Overload and automation in marketing strategy? Why? What role do work and leisure play in creating and executing marketing
How do the risks associated with network systems : How do the risks associated with network systems compare with the risks associated with centralized IT functions

Reviews

Write a Review

Accounting Basics Questions & Answers

  Conducting a replacement analysis at an given interest rate

A mechanical engineer designs and sells equipment that automates manual labor processes. He is offering a machine/robot combination that will significantly.

  Preparing a new proposal for consideration

The managers for divisions A and B are preparing a new proposal for consideration

  What kind of trends or metrics would you analyze over time

As a managerial accountant, what kind of trends or metrics would you analyze over time to track these costs and look for cost saving opportunities

  What is polaris comprehensive income

Refer to Polaris financial statements in Appendix A to answer the following.

  Kahn company is a merchandiser that reported net income of

kahn company is a merchandiser that reported net income of 74000. additional information followsnbspnbspdecrease in

  Calculate the book value of the mine

During the year, 315,000 tons of ore were removed from the min and sold. At year-end, calculate the book value of the mine

  Calculate the division operating income after allocation

Allocate headquarter costs to the individual divisions using the proposed allocation bases. Calculate the division operating income after allocation.

  In 1880 five aboriginal trackers were each promised the

in 1880 five aboriginal trackers were each promised the equivalent of 50 australian dollars for helping to capture the

  Briefly describe the accounting treatment for this change

The Peridot Company purchased machinery on January 2, 2009, for $800,000. A five-year life was estimated and no residual value was anticipated.

  Compute 2 breakeven point in units of product 2 even point

a company produces only one product. normal capacity is 0000 units per year and the unit sales price is rs.5 relevant

  Compute interest and find the maturity date

Compute interest and find the maturity date for the following notes.

  Taylor co bills a client 48000 for services provided and

taylor co. bills a client 48000 for services provided and agrees to accept the following three items in full payment 1

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