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mojhsa [17]
3 years ago
11

During the current year, Wyatt sells equipment for $150,000. The equipment cost $175,000 when placed in service two years ago, a

nd $55,000 of depreciation deductions were allowed. The results of the sale are:______
Business
1 answer:
dolphi86 [110]3 years ago
6 0

Answer:

$30,000

Explanation:

Given that,

Equipment Cost = $175,000

Allowed depreciation = $55,000

Selling price of Equipment = $150,000

Total Value of Assets:

= Equipment Cost - Allowed depreciation

= $175,000 - $55,000

= $120,000

Income from sell of Equipment:

= Selling price of Equipment - Total Value of Assets

= $150,000 - $120,000

= $30,000

So, According to Section 1245 generate ordinary income of $30,000.

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3 years ago
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On April 23, Mrs. Y purchased a taxi business from Mr. M for a $60,000 lump-sum price. The business consisted of a two-year-old
vladimir2022 [97]

Answer:

Follows are the solution to the given points:

Explanation:

In point a:

It must allocate \$19000 for both the taxicab and \$41,000 for the rest of the license, the client list, and the company name registered.

Its cost of intangible material could be amortized for 180 months starting in April. (\frac{41,000}{180}) \times 9\ \ months = \$2,050 is her amortization deduction.

She could also use Section 179 to decrease her taxable money to \$17,890 (\$36,890 - \$19,000) but include her deduction.

Her taxable annual income is \$15,840 (\$17,890 - \$2,050).

In point b:

They must allocate \$19,000 for the taxi and\$41,000 for their licenses, the customer list as well as the business by interacting with people register. Its cost of the material could be depreciated for 180 months, starting in April.

(\frac{41,000}{180}) \times 9\ \ months = \$2,050  is her amortization deduction.

The taxable income here = \$0 (from \  \$17,100 -\$19,000) = -1,900.

Section 179 could be requested if another income is earned on the tax return (such as W-2 wages).

As all Section 179 is unpaid with other earned income, it is carried forward into the next year.

3 0
3 years ago
Journalize the entries to record the following transactions for Mountain Realty Inc.:
kherson [118]

Answer and Explanation:

The journal entries are shown below"

On Aug 26

Cash Dr $768,000

         To Common stock $640,000

         To Additional paid in capital $128,000

(Being issuance of the common stock is recorded)

On Oct 1

Cash Dr $410,000

        To preferred stock $410,000

(Being the issuance of the preferred stock is recorded)

On Nov 30

Cash Dr $187,000

         To Common stock $170,000

         To Additional paid in capital $17,000

(Being issuance of the common stock is recorded)

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3 years ago
Allesandra would like to work in a school environment, and she knows that she would prefer a career in which she spends lots of
Margaret [11]
Elementary school teacher that’s the answer
8 0
3 years ago
Consider a game with two players who cannot​ communicate, and in which each player is asked a question. The players can either a
AveGali [126]

Answer:

Each player can adopt a T for T strategy or a trigg er strategy. It is important to state that these strategies were not possible in a one-time game.

The equilibrium is that both players answer honest and each makes normal profit.

Both games, the P risoners' dilemma and this game, have a cooperative equilibrium in the long term. If a player employs a trig ger strategy or a T for T strategy, they can reach the cooperative honesty/honesty outcome.

In a short term, game equilibrium is not likely due to lying is more profitable than answer honestly deploying stated strategies.

Reference: NomCab HSEONE.  “PS8- solution.” Academia , 2019.

6 0
3 years ago
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