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Ivahew [28]
3 years ago
9

Goyo Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property dispositions are as follows

:
Asset Cost Acquired Depreciation Sold For Sold On
Machine #1 $85,000 08/31/15 $32,000 $60,000 12/04/19
Machine #2 $30,000 11/17/16 $12,000 $15,000 12/04/19
Machine #3 $77,000 02/28/18 $28,000 $51,000 12/04/19
1. Determine the amount and the character of the recognized gain or loss from the disposition of each asset.
Business
1 answer:
loris [4]3 years ago
4 0

Answer:

Machine #1 - $7,000, gain

Machine #2 - $3,000, loss

Machine #3 - $2,000, gain

Explanation:

Given;

<u>Machine #1</u>

Asset Cost = $85,000

Acquired Depreciation = $32,000

Sales price = $60,000

From the above information, the book value of machine #1

= $85,000 - $32,000

= $53,000

Gain/(loss) on disposal = $60,000 - $53,000

                                      = $7,000

A gain of $7,000 on disposal.

<u>Machine #2</u>

Asset Cost = $30,000

Acquired Depreciation = $12,000

Sales price = $15,000

From the above information, the book value of machine #2

= $30,000 - $12,000

= $18,000

Gain/(loss) on disposal = $15,000 - $18,000

                                      = ($3,000)

A loss of $3,000 on disposal

<u>Machine #3</u>

Asset Cost = $77,000

Acquired Depreciation = $28,000

Sales price = $51,000

From the above information, the book value of machine #1

= $77,000 - $28,000

= $49,000

Gain/(loss) on disposal = $51,000 - $49,000

                                      = $2,000

A gain of $2,000 on disposal.

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The percentage that should be assigned to Gross Profit, using trend analysis, is:

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Explanation:

a) Data and Calculations:

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Sales Revenue                  $598,000          $724,000

Cost of Goods Sold             337,000            427,000

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Other Income (Expense)      60,000              23,000

Income before Tax              184,000             174,000

Income Tax Expense             71,000              76,000

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Income Statements           12/31/2017         12/31/2016

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Cost of Goods Sold             337,000            427,000

Gross Profit                          261,000            297,000

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2017 = $261,000/$598,000 * 100 = 43.65% =  44%

2016 = $297,000/$724,000 * 100 = 41%

Average Gross profit ratio for the two years = 42.5% (44 + 41)/2.

b) Huffman's trend analysis is the use of its past financial performance indices to predict its future financial performances.  Past performances are expressed in percentages, forming the basis for predicting and comparing future performances of an entity.

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