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Question - GolfTime LLC sold a piece of land that it uses in its business for $52,000. GolfTime bought the land two years ago for $42,500. What is the amount and character of GolfTime's gain?
A) $9,500 §1221.
B) $9,500 §1231.
C) $9,500 §1245.
D) $9,500 §1250.
E) None of the choices are correct.
Winfrey Co.'s March 31 inventory of raw materials is $150,000. Raw materials purchases in April are $400,000, and factory payroll cost in April is $220,000.
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Scandia Knitting Co. makes sweaters. In any one month, they can produce 25,000 sweaters which they have no problem selling.
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what is the effect of the adjusting entry for depreciation expense?the entry increases total liabilities and increases
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