What is the disposal price to mickey in relation to the sale

Assignment Help Accounting Basics
Reference no: EM132944833

Mickey sold a shophouse in Malaysia on 3 November 2020 for RM800,000. He bought the shophouse in 2014 and has undertaken renovation which cost RM50,000. Mickey also incurred interest expense of RM30,000 in relation to a loan taken out to finance the purchase of the shophouse. He attempted to sell the shophouse in 2019 but the prospective buyer aborted the sale. He forfeited a deposit of RM10,000.

Problem 1:
What is the disposal price to Mickey in relation to the sale of the shophouse on 3 November 2020?

A. RM800,000
B. RM750,000
C. RM710,000
D. RM760,000

Reference no: EM132944833

Questions Cloud

What is enhanced by skillful organization : Q 1) What is enhanced by skillful organization of the information presented in a report?Transfer and affectation
Identify ten factor that causes of port congestion : Identify TEN factor that causes of port congestion scenario occurred.
Describe the potential advantages to the economy : i. Evaluate the effects of an import tariff by the government of a small country. Explain in detail the effects of an import tariff on the economic welfare of
Assess progress in achieving profit : Develop and implement methods/ strategies to review performance systems and assess progress in achieving profit and productivity plans and targets. Use these to
What is the disposal price to mickey in relation to the sale : Mickey sold a shophouse in Malaysia on 3 November 2020, What is the disposal price to Mickey in relation to the sale of the shophouse on 3 November 2020?
What is zizan date of property disposal for purposes of real : Zizan acquired a property four years ago, and in 2019 entered, What is Zizan's date of property disposal for the purposes of real property gains tax?
What is yen sdn bhd acquisition price of the property : What is Yen Sdn Bhd's acquisition price of the property for real property gains tax (RPGT) purposes? On 28 August 2019 Yen Sdn Bhd (YSB) disposed of a building
Difference between hard power and soft power : 1.Explain the five steps of the ILETS model for conducting difficult conversations and why they're each important.
Explain disaster recovery plan : Imagine you are the Chief Information Officer in your organization. You have been tasked with identifying the potential threats to your organization.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much is the revaluation surplus on December

On June 30, 20x9, Machine A and Machine B have fair values of P163,000 and P136,500, How much is the revaluation surplus on December 31, 20x8

  Harris fabrics computes its predetermined overhead rate

Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor- hours

  The cash paid by the partnership to durham

Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Durham's ownership equity. Each receives 50% of Durham's equity.

  Calculate the total amount reported for plant assets

Calculate the total amount reported for plant assets on the balance sheet. Identify the company's current assets and their amounts.

  Examine the impact of channel stuffing on financial reports

From the e-Activity, examine the impact of channel stuffing on financial reports used for internal decision making

  A company that has a fiscal year-end of december 31 1 on

a company that has a fiscal year-end of december 31 1 on october 1 30000 was paid for a one-year fire insurance policy

  Review the case of conway and bangor ltd

Conway and Bangor Ltd. has an authorised capital of £30,000 divided into 20,000 ordmary shares of £1 each and 10,000 6 per cent preference shares of £1 each.

  What was the effective yield on the bonds

What was the effective yield on these bonds? On January 1, 2017, Hoist Up Company (HUC), purchased bonds of Southern Inc.

  Prepare the journal entry to record revenue and cost

Prepare the journal entry to record revenue and cost of construction on completion of the project, assuming all billings are completed

  Why are revenue recognition methods so subjective

Why are revenue recognition methods so subjective and what are the implications to the quality of the income statement?

  Write the journal entry to record carbae ltd share buyback

As of 30 June 2019,Carbae Ltd buys back the shares for a price of $0.75 per share. Write the journal entry to record Carbae Ltd's share buyback

  What basis will she take in the property received

Jonna is a one-fourth partner in Andersen Partners. At the end of the year, her tax basis in her tax basis in her partnership interest was $25,000.

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