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mr_godi [17]
3 years ago
5

On january 1, 2017, fishbone corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on

the date of sale. fishbone received as consideration a $240,000 non-interest-bearing note due on january 1, 2020. there was no established exchange price for the building, and the note had no ready market. the prevailing rate of interest for a note of this type on january 1, 2017, was 9%. at what amount should the gain from the sale of the building be reported? (round factor values to 5 decimal places,
e.g. 1.25124 and final answer to 0 decimal places,
e.g. 458,581.)
Business
2 answers:
kiruha [24]3 years ago
8 0

Answer: Gain = 21600

Explanation:

The Book Value = cost - accumulated depreciation

The Book Value = 250 000 - 100 000 = 240 000

The Book Value or Carrying Value = $ 240 000

Consideration received is a non interest bearing note of $240 000  to calculate the Gain on the sale of land should be calculated using the Fair Value of the note because there is prevailing market rate of 9% which means there is an active market for the considering therefore we can calculate the Fair Value/Market value of the consideration

The exchange Price for the sale of land = 240000 x 1.09 = 261600

Gain = 261600 - 240000

Gain = 21600

polet [3.4K]3 years ago
7 0
I am quite having trouble with this one too!
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During 2017 sales on account were $390,000 and collections on account were $230,000. also, during 2017 the company wrote off $22
Scilla [17]

Answer:

[(Accounts receivable at the beginning of the year + $138,000) - $144,000] - cash realizable value at the beginning of the year

Explanation: The question is incomplete but just apply the missing figures: [(Accounts receivable at the beginning of the year + Sales on account - Collections on account - write off) - bad debt] - cash realizable value at the beginning of the year

[(Accounts receivable at the beginning of the year + $390,000 - $230,000 - $22,000) - $144,000] - cash realizable value at the beginning of the year

5 0
3 years ago
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Answer:

12

Explanation:

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2 years ago
Which dimension of empowerment would most likely be experienced by people who feel they have some active control over the enviro
Sindrei [870]

Dimension of employee empowerment experienced by people who feel they have some active control over the environment is Feeling of impact.

The process of giving employees in an organization the power, authority, responsibility, resources, and freedom to make decisions and solve work-related problems is known as empowerment. They are given sufficient authority and resources to take such initiatives and decisions.

Employee empowerment encourages them to reach their full potential. On the other hand, empowerment entails relinquishing control over employees and allowing each employee to make decisions, set goals, achieve results, and receive rewards. It entails preparing a person to manage on his or her own. It is a process that assists the right people at the right levels in making the right decision for the right reasons.

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8 0
2 years ago
If Shawn can produce donuts at a lower opportunity cost than Sue, then ____
Archy [21]

Answer:

(A) Shawn has a comparative advantage in the production of donuts.

Explanation:

Shawn renounce to less goods than Sue when producing donuts.

This meas, Shawn has a comparative advantage in the production of donuts as their cost from the economic point of view are lower.

This do not imply that Sue cannot outproduce Shawn, it means it cost her more than Shawn

For example, if Sue produce 10 Donuts, but to produce donuts resing to produce 20 of other goods, each donut has an opportunity cost of 2

While Shawn can produce 8 donuts and resing to produce 8 of other goods:

each donut has an opportunity cost of 1

Therefore, is better for the overall economy to Shawn produce donuts and trade with Sue for the other good.

4 0
3 years ago
An American executive is going on a business trip to Japan and England. Before she departs, she purchases $10,000 worth of Japan
Sedbober [7]

Answer:

The correct answer is $907.76.

Explanation:

According to the scenario, computation of the given data are as follow:-

1¥ = 82.54$

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= $907.76

Hence, she receive $907.76 if she sells the pounds.

3 0
3 years ago
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