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ollegr [7]
3 years ago
5

On December 30, 2019, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,2

00 in selling expenses. The buyer paid $5,000 down with the balance payable in $10,000 installments over the next eight years. In addition, the buyer assumed a $15,000 mortgage on the property. Round any division to four decimal places, and use in subsequent computations. Round your final answer to the nearest dollar.
Under the installment sales method, the total contract price is $____, the total gain on the sale is $____ and the amount of gain reported in 2018 is $____.
Business
1 answer:
vlabodo [156]3 years ago
6 0

Answer:

Under the installment sales method, the total contract price is $85,000

gain on the sale is $58,800 ( 85,000 + 15,000 - 40,000 - 1,200)

and the amount of gain reported in 2018 is $3,459.

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Which concept is NOT basic to definition of economics?
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The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates
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Answer:

Stridewell Corporation

Journal Entries:

Debit Cash $375,000

Credit Common Stock $375,000

To record issue of 75,000 shares of common stock.

Debit Office Equipment $68,750

Credit Cash Account $27,500

Credit Notes Payable $41,250

To record purchase of office equipment.

Debit Inventory $150,000

Credit Accounts Payable $150,000

To record purchase of inventory on account

Debit Accounts Receivable $255,000

Credit Sales Revenue $255,000

To record sales on account.

Debit Cost of Goods Sold $127,500

Credit Inventory $127,500

To record cost of goods under the perpetual inventory system.

Debit Rent Expense $3,250

Credit Cash Account $3,250

To record payment of rent for June.

Debit Prepaid Insurance $1,800

Credit Cash Account $1,800

To record payment for insurance.

Debit Accounts Payable $108,375

Credit Cash Account $108,375

To record payment on account.

Debit Cash Account $51,000

Credit Accounts Receivable $51,000

To record cash collection from customers.

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Credit Cash Account $3,750

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Debit Depreciation Expense $1,375

Credit Accumulated Depreciation $1,375

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Explanation:

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