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oksano4ka [1.4K]
2 years ago
14

Kuong Inc. sold a commercial office building used in the corporate business for $1.5 million. Kuong purchased the building in 20

00 for a cost of $1.4 million and had deducted $538,000 MACRS depreciation through date of sale. Kuong should characterize the $638,000 gain recognized on sale as: ___________
a. $127,600 ordinary gain and $510,400 Section
b. 1231 gain $538,000 ordinary gain and $100,000 Section 1231 gain
c. $107,600 ordinary gain and $530,400 Section 1231 gain
d. Section 1231 gain
Business
1 answer:
mars1129 [50]2 years ago
7 0

Answer: $107,600 ordinary gain and $530,400 Section 1231 gain

Explanation:

Section 1231 property is when a business property that's either real or depreciable is held for more than one year. It should be noted that section 1231 gain which arises when the property is sold will be taxed at lower capital gains tax rate which is versus the ordinary income rate.

Therefore, Kuong should characterize the $638,000 gain recognized on sale as $107,600 ordinary gain and $530,400 Section 1231 gain.

The correct option is C.

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To record a customer's check in full payment for a sale that was made the prior month, the company should debit the payable cash account.

<h3>Payable cash account</h3>

Based on the information given the appropriate journal entry to record a customer's check in full payment for a sale is:

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(To record customer's check in full payment)

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Dave Bowers collects U.S. gold coins. He has a collection of 41 coins. Some are​ $10 coins, and the rest are​ $20 coins. If the
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Answer:

1. Dave has 23 ($10 coins) and 18 ($20) coins.

2. Dave has 18 ($10 coins) and 16 ($20) coins.

Explanation:

1.

Let x be the number of $10 coins.

Then, the number of $20 coins will be 41-x.

The equation for the sum of money can be written as:

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590 = 10x + 820 - 20x

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This means that Dave has 23 $10 coins and (41-23 = 18) 18 $20 coins that sum up to a face value of $590.

2.

Using the same priciple,

let x be the number of $10 coins

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Sum of money equation:

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So, Dave has 18 $10 coins and (34-18 = 16)  16 $20 coins that add up to a face value of $500.

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3 years ago
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Answer:

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<em>Lean production aims to boost employees' efficiency not necessarily automating their duties.</em>

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