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stich3 [128]
3 years ago
9

Sumner sold equipment that it uses in its business for $30,000. Sumner bought the equipment a few years ago for $80,000 and has

claimed $40,000 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss?
Business
1 answer:
Solnce55 [7]3 years ago
6 0

Answer:

long-term capital loss 10,000

Explanation:

80,000 purchase

(40,000) accumulate depreciation

40,000 net book value

30,000 sales price

-10,000 loss

This is a long-term capital loss because the assets was in the company possesions for a longer time than 12 months.

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some of the ways that unfair and fraudulent practices can arise in financial transactions include ______________________________
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The following transactions are for Kingbird Company.1. On December 3, Kingbird Company sold $450,000 of merchandise to Blossom C
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Answer:

Kingbird Company or Mack Company

Journal Entries:

Dec. 3:

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Credit Sales Revenue $450,000

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To record the cost of goods sold.

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Suppose an economist tests the theory that when the price of leather increases, fewer pairs of shoes are produced. He observes m
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