Extremely powerful thunderstorms that develop intense rotating updrafts are

mike has $200 in his wallet. He pays a cell phone bill of $89.50. Then he earns $125 shoveling driveways. From mike lends $15 to

denis23 [38]

Answer:

$240.50

Explanation:

200-89.50 = 110.50

110.50+125 = 235.50

235.50-15 = 220.50

220.50 + 20 = 240.50

8 0

3 years ago

During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the compan

Mice21 [21]

Answer:

Part 1

Cost of Equipment Sold = $9300

Accumulated Depreciation of Equipment Sold = $ 1100

Cash received from Sale = $5300

Part 2

Net Cash Flows from Operating Activities

Add Back (Positive) to Operating Profit for the year : Loss on sale of equipment $ 2900

Part 3

Net Cash flows from Investing Activities

Add (Positive) Proceeds from Sale of Equipment $ 5300

Explanation:

Part 1

Cost of Equipment Sold:

The figure is obtained from Equipment At Cost Account.

Open the Account as follows:

Beginning Balance $ 20300 (debit), Ending Equipment $ 11000, Balancing figure $ 9300 (20300-11000) is the cost of equipment sold.

Accumulated Depreciation of Equipment Sold

The figure is obtained from Accumulated Depreciation.

Open the Account as follows:

Beginning Balance $ 1980 (credit), Profit and loss - Depreciation $ 870 (credit), Ending Balance $ 1750 (debit), Balancing figure $ 1100 (1980+870-1750) is the Accumulated Depreciation on Equipment Sold

Cash Received on Sale

This figure is figure is obtained from Equipment Disposal Account.

Open the Account as follows:

Cost of Equipment Sold $ 9300 (debit), Accumulated depreciation on equipment sold $1100(credit),Loss on Sale of Equipment $2900(credit),the Balancing figure $5300 (9300-1100-2900)

Part 2

Loss on sale of Equipment is the only Income Statement Item affecting the Operating Activity of the Cash Flow Statement.

Add back to Operating profit since this is a non-cash item and was initially deducted in the calculation of Operating Profit.

Part 3

Sale of Equipment results in Cash Inflow and affects the Cash Flows from Investing Activities Section of Cash Flow Statement.

Hence a positive amount should be added to reflect this inflow.

4 0

3 years ago

What is the text that is entered into a cell used to identify the purpose of the worksheet, columns, and rows

algol [13]

The text that is entered into a cell used to identify the purpose of the worksheet, columns, and rows is the column header. The column header is useful as it allows you to name a range which makes your worksheet much easier to read.

7 0

3 years ago

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Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many busine

GuDViN [60]

Answer:

Explanation:

Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington, DC. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse, from which she runs her business, to buy a place somewhere sunny and warm. Tonya's townhouse is worth $1,000,000 and the land is worth another $1,000,000. The original basis in the townhouse was $600,000, and she has claimed $250,000 of depreciation deductions against the asset over the years. The original basis in the land was $500,000. Tonya has located a buyer that would like to finalize the transaction in December of the current year. Tonya's marginal ordinary income tax rate is 35 percent, and her capital gains tax rate is 20 percent.

Required:

a. What amount of gain or loss does Tonya recognize on the sale? What is the character of the gain or loss? What effect does the gain and loss have on her tax liability?

b. In additional to the original facts, assume that Tonya reports the following nonrecaptured 1231 loss:

Year Net §1231 Gains/(Losses)

Year 1 ($200,000)

Year 2 0

Year 3 0

Year 4 0

Year 5 0

Year 6 (current year) ?

c. What amount of gain or loss does Tonya recognize on the sale? What is the character of the gain or loss? What effect does the gain or loss have on her year 6 (the current year) tax liability?

d. Assuming the unrecaptured 1231 loss in part (b), as Tonya's tax advisorcould you make a suggestion as to when Tonya should sell the townhouse inorder to reduce her taxes? What would Tonya?s tax liability be if she adoptsyour recommendation??

7 0

2 years ago

For all the_____the new CEO has received from the press recently, her staff have a decidedly less rosy view of her.

Nookie1986 [14]

Answer: encomium/tribute

Explanation:

For all the encomium the new CEO has received from the press recently, her staff have a decidedly less rosy view of her.

One who is showered with encomium or tribute or praise simply means that the boss had been spoken of in high regards and acknowledged for doing something great.

8 0

3 years ago

Read 2 more answers