User Account

All Pages

What is the amount of gain

Assignment Help Accounting Basics
Reference no: EM131754724

Question - Brian Brewster sold property to a buyer who paid him $400,000 cash and assumed an existing mortgage of $120,000. The property had cost $300,000 and he had made improvements of $50,000. Depreciation of $100,000 has been claimed and selling expenses were $20,000. What is the amount of gain?

a. $100,000

b. $200,000

c. $250,000

d. $280,000

e. $330,000

Reference no: EM131754724

Questions Cloud

What is the probability that coin landed on head : Given that you believe each coin's probability of landing heads is irrelevant to how the other coins land, what is the probability that coin #1 landed on Head?
Fuel consumption and cars : A sample of automobiles entering a parking garage in Monterey before 6:00 a.m. on a Monday morning was obtained, and each was classified
Public health and nutrition : The Mayflower Health Insurance Company is conducting a survey of customers to estimate the number who have received a routine physical exam
Probability of getting chance to chose the two-headed coin : Your friend takes a coin out of his pocket and tosses it three times. You know that he had a two-headed coin and a regular coin in is pocket.
What is the amount of gain : Depreciation of $100,000 has been claimed and selling expenses were $20,000. What is the amount of gain
Post-production activities are having a negative impact : Post-production activities are having a negative impact on your products. What corrective action would you take to resolve this issue?
Discuss employees and employers on the total wages paid : employees and employers on the total wages paid
Find the p value associated with this test : Use the runs test with the normal approximation and a = 0.05. Find the p value associated with this test.
Who will be the guest speaker at the festival : Do you know what to expect from the festival based on the flier? Why or why not? Who will be the guest speaker at the festival?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Record the acceptance of the note receivable on april

On April 1, a company provides services to one of its customers for $13,000. Record the acceptance of the note receivable on April 1

  Division p of turbo corporation has the capacity for making

division p of turbo corporation has the capacity for making 75000 wheel sets per year and regularly sells 60000 each

  What effect do the expenses associated with the property

Alexa's AGI from all sources other than the rental property is $200,000. What effect do the expenses associated with the property have on her AGI

  Discuss traditional costing and the manufacturing overhead

Traditional costing and the manufacturing overhead, product margin, per unit. I'm also unsure if my predetermined overhead

  Determining the effect of errors on the trial balance

Explain how each of the following posting errors affects a trial balance. State whether the trial balance will be out of balance because of the posting error, and indicate which side of the trial balance will have a higher amount after each independe..

  Which of the technologies and strategies discussed

Which of the technologies and strategies discussed in this case might be of practical value to you? Why? Both SAN and NAS systems can use RAID internally (see discussion earlier in this chapter). Why might this be a good idea?

  Memo to the budget managers in an organization

Write a memo to the budget managers in an organization, assuming you are the CEO. Your memo should direct budget managers not to utilize this approach, but also offer a logical rationale, and perhaps an alternative solution.

  Black amp decker bampd manufactures a wide variety of tools

black amp decker bampd manufactures a wide variety of tools and accessories. one of its more popular items is a

  Elements of editing

Choose one of your favorite movies. What elements of editing were used? How do you think those elements influence viewer response or affect the rhythm and pacing of the film?

  Calculate number of shares outstanding after stock dividends

Calculate the number of shares outstanding after the stock dividends are issued. What is the maximum amount that the corporation could use for cash dividends on that date?

  Calculate the annual depreciation for the first two years

twin-cities inc. purchased a building for 400000. straight-line depreciation was used for each of the first two years

  Marios nursery uses a perpetual inventory system at

marios nursery uses a perpetual inventory system. at december 31 the perpetual inventory records indicate the

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