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Serga [27]
3 years ago
8

Andrew owns land (adjusted basis of $94,400) that he uses in his business. He exchanges the land and $47,200 in cash for a diffe

rent parcel of land worth $113,280. May Andrew avoid like-kind exchange treatment to recognize his realized loss of $10,000? Explain
Business
1 answer:
Inga [223]3 years ago
7 0

Answer:

Andrew did do a proper feasibility study about the land

Explanation: Andrew lots chunk of money  because he gave out his land half of the price he bought it initially. And bought another at a higher price

which is more than the  10,000 dollars

You might be interested in
Chuck has $2,500 invested in a bank that pays 4% annually. The length of time it will take for his funds to double is closest to
Arada [10]

Answer:

The answer is 17.67 years.

Explanation:

Present value is $2,500

Future value of the money to be double of the present value. This means the future value will be $5,000($2,500 x 2)

Interest rate is 4%

Number of years or periods to reach this $5,000 is unknown. So we are looking for this.

To compute this number of periods, lets use Financial calculator.

I/Y = 4; PV= -2,500; FV= 5,000; CPT N= 17.67 years.

Therefore, the number of years to accumulate to $5,000 is 17.67 years

7 0
3 years ago
In a _______ organization lower-level managers are empowered to make decisions which can ________ motivation and job satisfactio
cupoosta [38]

Answer:

The correct answer is B

Explanation:

Decentralized is the process in which the power, functions are distributed or dispersed from the central location or authority to the lower level of the management.

So, in a organization or company which is decentralized where lower level managers are empowered for taking a decision leads to increase in the motivation as well as the job satisfaction of the employees.

3 0
3 years ago
F a taxpayer offers you a $20 bill because they were so happy about the quality service they received, what would be the appropr
BlackZzzverrR [31]
The appropriate action would be: C. <span>Thank the taxpayer, and explain that you cannot accept any payment for your services.
Government workers couldn't receive cash payment in any kind unless there is a necessary administrative purpose. 
They could on the other hand, receives Gifts that held the value less than $ 20</span>
6 0
3 years ago
Read 2 more answers
Franklin Aerospace has a quick ratio of 2.00x, $36,225 in cash, $20,125 in accounts receivable, some inventory, total current as
MrRissso [65]

Answer:

8.28 times

Explanation:

The number of times that Franklin Aerospace sell and replaces its inventory shall be determined through following mentioned formula:

Inventory turnover=sales/inventory balance

First we have to calculate the inventory balance which shall be determined as follows:

Quick ratio=current assets-inventory/current liabilities

2= $80,500-inventory/ $28,175

$56,350=$80,500-inventory

Inventory=$80,500-$56,350=$24,150

Now we will the number of times that Franklin Aerospace sell and replaces its inventory:

Inventory turnover=$200,000/$24,150=8.28 times

8 0
3 years ago
On November 1, Wright Co. borrowed $20,000 cash from Third Bank by signing a 90-day, 6% interest-bearing note.
Andrews [41]

On January 30, the due date of the note, Wright will record the payment with a debit to Interest Expense in the amount of $100.

Explanation:

  • On November 1, Wright Co. borrowed $20,000 cash from the Third Bank by signing a 90-day, and 6% of interest-bearing note.
  • On December 31, it was recorded an adjusting entry to interest expense of $200.
  • On January 30, which is the due date of the note, Wright will record the payment with a debit to Interest Expense in the amount of $100.
  • Interest expense is an expense which is known as a non-operating expense which is shown on the income statement. It also represents interest payable amount when it is borrowed. For Example,
  • bonds,convertible debt, loans or lines of credit
  • The main difference between the interest expense and the interest paid is that the discount amount and this difference changes the net amount of bond liability.
  • Interest expense is an amount determined by the interest rate on an account.

4 0
3 years ago
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