User Account

All Pages

What is Tom recognized gain

Assignment Help Financial Accounting
Reference no: EM132766733

Question - Tom Tanner traded in a business building with an adjusted basis of $200,000 for a smaller building valued at $120,000. In addition to the smaller building, Tom received $30,000 in cash and was relieved of the existing liability on the old building of $50,000. What is Tom's recognized gain?

a. $48,000

b. $80,000

c. $30,000

d. $50,000

e. $0

Reference no: EM132766733

Questions Cloud

Calculate the cash conversion cycle for Fine Fashions : The business has annual sales of R9 million and its cost of goods sold is 70% of sales. Calculate the cash conversion cycle for Fine Fashions
Public key infrastructure is combination of software : Public Key Infrastructure (PKI) is a combination of software, hardware, and policies used to secure communications over an insecure medium.
What the balance of arndt retained earnings as of march : For the three months ended March 31, 2020, Arndt sustained a net loss of P32,000. The balance of Arndt's retained earnings as of March 31, 2020, should be
Advantages of etfs over conventional mutual funds : Discuss at least two advantages of ETFs over conventional mutual funds. Please provide an example of either a broad index or industry index.
What is Tom recognized gain : Tom received $30,000 in cash and was relieved of the existing liability on the old building of $50,000. What is Tom's recognized gain
What balances of share premium and retained earnings account : Immediately after retirement of these 100,000 shares, balances of the share premium and retained earnings account respectively should be
Federal rules of civil procedures amendments : When we take a close look at the author's point of view, under the Federal Rules of Civil Procedures (FRCP) amendments
Compute how much will the preferred stockholders receive : Assuming that P105,000 will be distributed as a dividend in the current year, how much will the preferred stockholders receive?
Find how much will the ordinary shareholders receive : Every year except the past two years and the current year. Assuming that P305,000 will be distributed, , how much will the ordinary shareholders receive?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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