1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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!
You might be interested in
i have a kid named aj he is talking to himself and he is allways yelling can you have me evidence he is from windy hill middle s
Diano4ka-milaya [45]

Answer: puberty.

Explanation: Kids go through puberty :)

4 0
3 years ago
Read 2 more answers
Should underperforming restaurants be closed or sold?
crimeas [40]

Answer:

sold

Explanation:

Underperforming restaurants are those restaurants  which does not perform well. The restaurant does not run properly and no people or less people visits the restaurant for eating.

This can be due to several factors. The restaurant's location may not be good, the restaurant may not provide good quality and tasty food, or people might not find their required menu in that restaurant. All these factors leads to less people visiting the restaurant and less revenue generation.

In such a case, the owner of the restaurant must sell the restaurant to some other party so that he does not undergo any losses. By selling the property he will get some amount of his investment which he could utilize in his further projects.

Also by selling the restaurant, the employees of that restaurant will not go out of job and can feed their family.

So, the restaurant should be sold.

7 0
3 years ago
A(n) __________ is a set of guidelines for a business to follow when recruiting prospective employees.
Nezavi [6.7K]

Answer:

recruitment policy

Explanation:

A recruitment policy is a statement on how you hire. It outlines your company's preferred hiring practices and promotes consistency within your employee recruiting process

3 0
3 years ago
____ act as the export sales department for a manufacturer. Group of answer choices International freight forwarders Shippers as
Tomtit [17]

Answer:

Export management companies

Explanation:

Export management companies acst as the export sales department for a manufacturer.

Export management companies refers to firms that helps in the distribution of goods produced by other firm's in the international market. They export goods on behalf of other firm's.

Export management companies are independent companies that provides support services for other firms engaged in exporting. Services rendered by export management companies includes: insuring, billing, shipping, warehousing among others.

They also help to provide important information that will improve the quality of product to firms who hire them.

3 0
3 years ago
Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for
AfilCa [17]

Answer:

Explanation:

The preparation of the statement of stockholders' equity at the end of the year is presented below:

                                          Apex Systems Co.

                             Statement of stockholders' equity  

                            For the fiscal year ended December 31, 2016

Particulars                  Common Stock          

Beginning

Balance                      $1,340,000

Add: Net income       $356,000    

Less:

Bart Nesbit, Drawing  -$91,200

Ending balance          $1,604,800                

                       

6 0
3 years ago
Other questions:
  • What is a lessee? <br> what is a renter
    12·1 answer
  • Fois Company has two divisions, Division X and Division Y. Division X has a production capacity of 5,000 units of a particular p
    6·1 answer
  • Meena Chavan​ Corp.'s computer chip production process yields DRAM chips with an average life of 1,600 hours and sigma ​= 80 hou
    14·1 answer
  • When a seller breaches a sales contract, the Uniform Commercial Code (UCC) provides the buyer with an option to take immediate s
    11·1 answer
  • Makers Corp. had additions to retained earnings for the year just ended of $415,000. The firm paid out $220,000 in cash dividend
    13·1 answer
  • Draw an average fixed cost curve. Label it. The AFC curve has this shape because​ _______.
    8·1 answer
  • Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a
    14·1 answer
  • Juan transferred 100 percent of his stock in Rosa Company to Azul Corporation in a Type B stock-for-stock exchange. In exchange,
    11·1 answer
  • Yolo I'm alone. And need help. Cuz I'm broke.
    6·1 answer
  • Darius, Inc. has the following income statement (in millions): DARIUS, INC. Income Statement For the Year Ended December 31, 201
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!