The correct answers are, $1200 and -$200.
Sydney has taken depreciation on the shelves of $300. The amount of basis and the amount of the gain or loss recognized on the sale of the shelves are $1200 and -$200 respectively.
Explanation:
Fair market value at the date of conversion = $1,500
Depreciation on the Shelves = $300
Basis = Fair market value - Depreciation
Basis = $1500 - $300 = $1,200
So Basis = $1,200
Now
Sale Price of Shelves = $1,000
Adjusted Basis = $1,200
Loss would be = Sale price - Adjusted Basis
Loss = $1000 - $1200
Loss = -$200
So, Loss = $200
Learn more about depreciation at:
brainly.com/question/10456007
#LearnWithBrainly
Answer:
summarizes and documents the firm's financial activities during the past year
Explanation:
A firm's annual report must include a comprehensive report about the firm's financial and operational activities throughout the year. The SEC requires public corporations to prepare and disclose quarterly reports (every 3 months) that are available to both stockholders and other people interested in them. Generally private companies are required to prepare at least one annual report.
Answer:
The term "benchmarking" as it relates to the hotel industry refers to comparing metrics for hotels of similar size or profile.
Explanation:
a) Benchmarking is a process wherein a company's products, services, business processes, or performance metrics are compared with a “best in class” competitor. The purpose of benchmarking is to enable organizations to make improvements by adapting specific best practices. A retail shop's metrics can be compared with the leading retail shop in your area. Given the deep insight gathered from benchmarking, this retail shop can decide to alter its line of products, the way it competes in the marketplace, or to undertake some improvements in her business processes.
There are four types of benchmarking, including internal, competitor, functional, and generic. Internal benchmarking is limited to internal processes. Competitor benchmarking compares one company's processes, products, or services to another. Functional benchmarking compares one function of an entity to another entity's. While generic benchmarking compares unrelated companies' processes or functions.
Answer: The machine cost 64,500 and has accumulated depreciation of 36,120 so the book value of the machine is (64,500-36,120)=28380
The book value of the machine is 28380 so if the machine is sold for 32,250 then the gain on sale is (32,250-28380)= 3,870
Debit Credit
Cash 32,250
Machine 28,380
Gain on sale 3,870
If the machine is sold for 19,350 then there will be a loss on the sale of the machine and the loss will be debited. (28380-19350)=9,030
Debit Credit
Cash 19,350
Loss on sale 9,030
Machine 28,380
Explanation:
The ideal type of business would be the sole proprietorship, as it is a structure that is easy to start and manage.
<h3 /><h3>What is the sole proprietorship?</h3>
It is a simpler business structure, which is managed by an individual, who has the responsibilities for the business, that is, in this configuration there is no legal distinction between the company and the owner.
Therefore, the sole proprietorship is less bureaucratic, being able to close the business at any time, or change type as the business grows and requires greater responsibility.
Find out more about sole proprietorship here:
brainly.com/question/4442710
