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2 years ago

8

A company discarded a display case it had originally purchased for $8,000. the case had $7,200 worth of accumulated depreciation

. the company should recognize a (an):_______.

1 answer:

quester [9]2 years ago

3 0

8000-7200=800

800 gain

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Cement Company, Inc. began the first quarter with 1,000 units of inventory costing $25 per unit. During the first quarter, 3,000

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Answer:

Calculation of Cost of Goods sold under LIFO:

For 3,000 units (3000*40) $120,000

For 400 units (400*25) $10,000

Add: Excess of replacement cost over historical $8,000

cost of LIFO liquidation (400*(45-25))

Cost of Goods sold under LIFO $138,000

Journal entry

Date Account Titles and Explanation Debit Credit

Cost of Goods sold $138,000

Inventory (120000+10000) $130,000

Excess of replacement cost over $8,000

historical cost of LIFO liquidation

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3 years ago

Which of the following cosmetology careers would provide services to permanently remove unwanted hair on the face or body?

nydimaria [60]

Answer:

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Explanation:

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4 years ago

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Sanders, a 62-year-old single individual, sold his principal residence for the net amount of $500,000 after all selling expenses

grin007 [14]

Answer:

$50,000

Explanation:

Recognized gain can be calculated by deducting the exclusion available from the realized gain. To qualify for exclusion from the realized gain Sanders has met all the requirements of exclusion.

NOTE: Requirments for exclusion are given at the end of solution

DATA

Sale proceeds = $500,000

Cost basis = $200,000

exclusion available for single person = $250,000

Gain =?

Calculation

Realized gain on sale of home = Sale proceeds – Cost basis

Realized gain on sale of home = $500,000 - $200,000

Realized gain on sale of home = $300,000

Recognized gain = Realized gain - exclusion available

Recognized gain = $300,000 - $250,000

Recognized gain = $50,000

Requirements for exclusion

1. You've owned the home for two of the last five years.

2. You used the home as your principal residence for two of the last five years.

3. You haven't used the exclusion on another property sale within the last two years.

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3 years ago

Journalize the following transactions for Henderson Company. Assume a perpetual inventory system. Also, assume a constant gross

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Answer: See explanation

Explanation:

Merchandise inventory are goods which a wholesaler or distributor has gotten from the suppliers in order to sell to third parties.

On May 9, merchandise inventory was calculated as:

= 960 ÷ 13000 × 7800

= 576

Check the attached file for further explanation

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3 years ago

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I think he should use crop

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4 years ago

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