Answer:
The "Kareem" realized loss on the exchange is <u>$8000.</u>
Explanation:
The adjusted basis is = $22000
"Fair market value" is = $14000
"Kareem" exchanges the truck for another truck = worth $14000
"Realized gain" or "Realized loss = basis in the truck - exchange value
Realized gain or loss = $22000 - $14000
Realized gain or loss = $8000
Kareem's loss on the exchange is $8000.
There is no "recognized gain" or "recognized loss" because the exchange is like a kind exchange which is not documented.
Answer:
A. position power
Explanation:
The person working in the company or organisation , having high position power , plays a very important role .
As the person has got the right to recruit any employees , depending to his or her abilities ,
The person can reward as well as punish the for any good or faulty performance .
Hence , from the given scenario of the question ,
The correct option is A. position power .
This question is mainly about YOUR opinion. Many will say that it will, but some will say it shouldn't. This is based entirely on your opinion.
Answer:
Gain $72,480
Explanation:
Calculation for the amount of gain or loss that Sheffield should recognize on the exchange
Using this formula
Gain/Loss= Book value – Fair value
Let plug in the formula
Gain/Loss= $978,480 – $906,000
Gain=$72,480
Therefore the amount of gain or loss that Sheffield should recognize on the exchange will be $72,480
Answer and Explanation:
for Accounts Receivable. At year-end, the L. Cole Company has completed services of $23,500 for a client, but the client has not yet been billed for those services:
accounts receivable is debited and service revenue is credited for $23,500 because the company has provided service to customer and so company would recognize revenue by crediting service revenue for increase in revenue and since the payment is not yet made accounts receivable being asset is debited for increase in balance.
for Interest Receivable. At year-end, the company has earned, but not yet recorded, $570 of interest earned from its investments in government bonds:
interest receivable is debited and interest income is credited for $570 because the company has earned interest and so interest is income for the company and so interest income is credited for increase in revenue. The interest is yet to be received by the company and therefore interest receivable being asset is debited for increase in balance.
for Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the $1,660 of work.:
accounts receivable is debited and service revenue is credited for $1,660 because the company has provided service to customer and so company would recognize revenue by crediting service revenue for increase in revenue and since the payment is not yet made accounts receivable being asset is debited for increase in balance.
