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damaskus [11]
3 years ago
12

Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 sinc

e buying it. He sells it in 2019 for $290,000. His selling expenses were $12,000 for the year. What was Bob’s realized gain on the sale?
Business
1 answer:
EleoNora [17]3 years ago
4 0

Answer:

Bob’s realized gain on the sale is $55,000,

Explanation:

The first step is to find the Book Value of the Rental Property Sold.

<u>Book Value of the Rental Property Sold.</u>

Cost                                               $260,000

Less Accumulated Depreciation  ($37,000)

Book Value                                   $223,000

Gain or Loss on Sale = Selling Price - Cost of Sale (Book Value) - Other Selling Expenses

                                   = $290,000 - $223,000 - $12,000

                                   = $55,000

<u>Conclusion :</u>

Bob’s realized gain on the sale is $55,000,

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8 0
1 year ago
Joan Johnson is a paralegal for a large law firm that handles corporate and securities work. The lawyer for whom Joan works alwa
Mariulka [41]

Answer:

1. Based on her years of experience, Joan Johnson can answer the question by detailing the advantages and disadvantages of incorporating in each state for the client.

2. If Joan does not feel confident enough to address the question, then she can refer the matter to her supervisor.

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4. If Joan does not answer the client immediately, the client may feel that the firm's personnel are not well-trained and are unable to handle not-too difficult technical issues.

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8 0
3 years ago
According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.
Rainbow [258]

Answer:

a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.

  • $9,800

b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.

  • Dr FICA Social Security expense 6,600
  • Dr FICA Medicare expense 1,650
  • Dr Federal unemployment tax expense 200
  • Dr State unemployment tax expense 1,350
  •     Cr FICA Social Security payable 6,600
  •     Cr FICA Medicare payable 1,650
  •     Cr Federal unemployment tax payable 200
  •     Cr State unemployment tax payable 1,350

Explanation:

payroll taxes should be:

social security $110,000 x 6% = $6,600

Medicare $110,000 x 1.5% = $1,650

federal unemployment $25,000 x 0.8% = $200

state unemployment $25,000 x 5.4% = $1,350

total = $9,800

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8 0
3 years ago
If the contribution margin ratio for domino company is 35%, sales were $2,100,000, and fixed costs were $400,000, what was the i
agasfer [191]
Hi there

income from operations=
Sales-(fixed+variable) cost

So we need to variable cost
Variable cost=
Sales-Contribution margin

Contribution margin=
2,100,000×0.35
=735,000

Variable cost=2,100,000−735,000
=1,365,000

Income from operation
2,100,000−(400,000+1,365,000)
=335,000 ....Answer

Hope it helps
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