1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
stiks02 [169]
3 years ago
10

Bob owned a duplex used as rental property. The duplex had an adjusted basis to Bob of $86,000 and a fair market value of $300,0

00. Bob transferred the duplex to his brother, Carl, in exchange for a triplex that Carl owned. The triplex had an adjusted basis to Carl of $279,000 and a fair market value of $300,000. Two months after the exchange, Carl sold the duplex to his business associate to whom he was not related for $312,000. How much, if any, gain or loss did Carl recognize with respect to the sale by Carl to his business associate
Business
1 answer:
White raven [17]3 years ago
3 0

Answer:

$12,000

Explanation:

Gain = Sold duplex - Fair market Valve

Gain = 312,000 - 300,000

Gain = $12,000

Therefore $12,000 gain was recognized

You might be interested in
The PRIMARY function of banks in the United States is to a) print money b) make banking laws c) build homes and businesses d) pr
Jobisdone [24]
Im pretty sure its D.

it sounds right
:)


5 0
3 years ago
Read 2 more answers
Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting informa
defon

Answer:

$28,675 = direct materials used

Explanation:

<u>To calculate the direct material used, we need to use the following formula:</u>

Cost of goods manufactured= beginning WIP + direct materials used + direct labor + allocated manufacturing overhead - Ending WIP

112,450= 23,600 + direct materials used + (22,550*2.5) + 22,550 - 18,750

112,450 - 23,600 - 56,375 - 22,550 + 18,750 = direct materials used

$28,675 = direct materials used

3 0
3 years ago
Last year, Kurt invested $1,000 in ABC stock, $1,000 in long-term government bonds, and $1,000 in U.S. Treasury bills. Over the
marin [14]

Answer:

6%

Explanation:

3 0
3 years ago
You have been pricing an MP3 player in several stores. Three stores have the identical price of $300. Each store charges 24 perc
Valentin [98]

Answer:

a. $5

b. $4

c. $6

Explanation:

a. store A?

Beginning balance = $300

Ending balance = $300 - $100 = $200

Average balance = ($300 + $200) ÷ 2 = $250

Monthly APR = 24% ÷ 12 = 2%

June finance charge = Average balance × Monthly APR = $250 × 2% = $5

b. store B

June finance charge = (Beginning balance - Payments) × Monthly APR = ($300 - $100) × 2% = $4

c. store C?

June finance charge = Beginning balance × Monthly APR = $300 × 2% = $6

8 0
3 years ago
Which of the following are reported on the income statement as part of cost of goods? a.administrative expenses b.operating expe
kenny6666 [7]

Answer:

Cost of goods manufactured

Explanation:

Cost of goods manufactured are reported on the face of income statement because it's a critical factor in arriving at the profit or loss position at the end of a period. Cost of goods manufactured takes cognizance of the material costs, labour and overhead costs involved in production. This determines the overall financial status of a company, and allow a decision maker to know if the business is doing good or not.

4 0
3 years ago
Other questions:
  • Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodi
    12·1 answer
  • Two 20-year corporate bonds are issued at par, with stated interest rates of 10%. One issue is puttable at par in 5 years, while
    7·1 answer
  • Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013.
    13·1 answer
  • A group of ten UIC professors each contributed an equal amount to the purchase of a State of Illinois Lottery ticket. Two of the
    13·1 answer
  • TRUE or FALSE. A treasury bill must be 13 weeks.
    12·2 answers
  • Top Ramen is a brand of noodles that is widely considered to be an inferior good with a high salt content. What would happen to
    6·1 answer
  • According to the traditional approach to capital​ structure, the value of a firm will be maximized when​ ________. A. the financ
    6·2 answers
  • Cumberland Co. sells $1,114 of merchandise to Hancock Co. for cash. Cumberland paid $779 for the merchandise. Under a perpetual
    5·1 answer
  • During 2020, Starnes Corporation developed a patent. Starnes incurred the following costs related to the development of the pate
    11·1 answer
  • Max wants to become a dentist. He knows he needs to keep his GPA high to reach this goal. Which of the following is a mid-term g
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!