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Daniel [21]
3 years ago
6

Marker Corp. exchanged an old truck for a piece of equipment and cash on January 1st 2019. The truck was purchased at a cost of

$24,000 and accumulated depreciation at the time of the exchange is $17,000. As compensation for the truck, Marker received a piece of equipment with a fair value of $8,000 and $500 cash. How much gain would be recognized assuming this transaction DOES have commercial substance? Do not use dollar signs or decimals when inputting your answer.
Business
1 answer:
LiRa [457]3 years ago
3 0

Answer:

There is a 1,500 gain

Explanation:

we have commercial subtance so we can recognize gain/loss

these will be the numebrs of the transaction:

truck

purchase             24,000

acc depreciation 17, 000

book value            7, 000

equipment 8,000

cash               500

total            8,500

received - given up = gain/loss

8,500      -    7,000  = 1,500 gain

the journal entry would be

Equipment      8,000 debit

cash                    500 debit

acc dep truck 17,000 debit

           Truck              24,000 credit

          gain on disposal 1,500 credit

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Explain. Brainliest.
Rus_ich [418]
Alright, well look like this:

Public goods are goods that are open to anyone. They can’t turn down customers, and they can’t turn down even people who don’t pay.

Excludable goods means the people CAN turn away those who don’t pay. So, this is wrong.

Goods for a profit means that no matter what, they make money. Meaning those who can’t pay can still be turned away.

Privately owned goods can be turned away to and from anyone. This is also wrong.

Nonexcludable goods means that ANYONE can use this good or service, they aren’t for profit, they are non-rivalrous, etc. This is your answer.

<span>~Hope this helps!</span>

7 0
3 years ago
The brooks' paid-off property sold for $247,600. what will they net after paying a 7.5ommission to their broker?
Ronch [10]

They will pay net $229,030 after paying a 7.5% commission to their broker.

<h3>What is commission?</h3>
  • Commissions are a type of variable-pay compensation for provided services or sold goods.
  • Commissions are a typical method of encouraging and rewarding salespeople. It is also possible to create commissions to promote particular sales behaviors.
  • For instance, when offering significant discounts, commissions might be decreased.
  • When you buy, you normally pay a commission, and when you sell, you typically pay another commission. Investment commissions are not regarded by the IRS as a tax-deductible item.
  • Instead, the commission is included in the cost basis of the investment, giving you a small tax break.
<h3>Calculation of net payment:</h3>

= 100% - 7.5%

= 92.5%

= $247,600 x 92.5%

= $229,030

Hence, they will pay net $229,030 after paying a 7.5% commission to their broker.

Learn more about commision here:

brainly.com/question/20987196

#SPJ4

3 0
1 year ago
Tanya Williams, the chief executive officer of Willister Computers, believes that the firm is currently best equipped to enter t
stira [4]

Answer:

foreign franchising

Explanation:

A system based on selling the right to replicate in overseas markets a profitable business format. The franchisor gives the franchisee exclusive rights to sell its goods or services in installed and fitted establishments as well as the right to use copyrights.

For international markets, the two main types of franchise agreements are:

1) Direct franchise agreement,

2) Master franchise agreement

4 0
3 years ago
Check Laura won $5,000,000 in the state lottery, which she has elected to receive at the end of each month over the next 30 year
Svetllana [295]

Option 'C' is correct  

<u>Explanation:</u>

Present value of an ordinary annuity of $1

The present value of an annuity is the current value of future payments from an annuity, given a specified rate of return or discount rate.

\text { Annuity amount }=\$ 5,000,000 / \mathrm{PVAF}(7 \% / 12,360 \text { periods })

The future estimation of cash is determined by utilizing a rebate rate. The markdown rate alludes to a financing cost or an accepted pace of profit for different speculations. The littlest markdown rate utilized in these figurings is the hazard free pace of return. U.S. Treasury bonds are commonly viewed as the nearest thing to a hazard-free venture, so their arrival is regularly utilized for this reason.

6 0
3 years ago
Flo enters into a contract with Global Shipping Ltd. to insure and ship a painting from France to the United States for a certai
Colt1911 [192]

Answer:

b. Allow the parties to rescind the contract

Explanation:

Flo enters into a contract with Global Shipping Ltd. to insure and ship a painting from France to the United States at a certain amount mentioned in the contract. However, Global Shipping Ltd. makes a mistake in calculating the costs. As a result, a contract price is equal to the amount that is $1,000 less than the true cost. Most likely, a court would allow the parties to rescind the contract.

Option b. is correct.

7 0
3 years ago
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