User Account

All Pages

What is the nature of the gain

Assignment Help Accounting Basics
Reference no: EM132672034

Problem - A retailer's store is destroyed by a tornado but is insured for its replacement cost. Consequently, the retailer has a $40,000 gain after receiving the insurance proceeds. The store is not replaced because the retailer spends the insurance proceeds on additional inventory. What is the nature of the gain if the building originally cost $100,000 three years ago and had an adjusted basis of $82,000 at the time of its destruction? Prepare an e-mail to your supervisor, Sharon Regan, summarizing your answer. E-mail this response to your instructor.

Reference no: EM132672034

Questions Cloud

What is the amount and character of Lena gain or loss : Lena sold another piece of equipment purchased two years ago with an adjusted basis of $8,200 for $5,500. What is the amount and character of Lena gain or loss
Record all necessary entry on december : Record all necessary entry on December 1, 2018, assuming DCI settles the call option for cash without taking delivery of the iLynes shares
Dissertation on impact of covid-19 on south island : Provide primary data from 12 interviews. it is going to be a qualitative method research. I want you to write intro, Literature and Analysis with that data
Positive or negative influence on democracy : Do you think the internet has had a positive or negative influence on democracy? Explain.
What is the nature of the gain : What is the nature of the gain if the building originally cost $100,000 three years ago and had an adjusted basis of $82,000 at the time of its destruction
How to pursue a career as an associate : How to pursue a career as an Associate. what you think in the informational interview the information the manager at PWC would give you
Project - impact of covid-19 pandemic : Need to write project Impact of COVID-19 pandemic on information management research and practice: Transforming education, work and life
What should the CPA do : No mention of this tangible personal property was made in the sale agreement, but the building and all of its contents were sold. What should the CPA do
What is the company gross profit using lifo : The company sold 349 units at $72 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company gross profit using LIFO

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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