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tresset_1 [31]
3 years ago
7

Moss exchanges a warehouse for a building he will use as an office building. The adjusted basis of the warehouse is $600,000 and

the fair market value of the office building is $350,000. In addition, Moss receives cash of $150,000. What is the recognized gain or loss and the basis of the office building?
Business
1 answer:
Radda [10]3 years ago
6 0

Answer:

$0 and $450,000.

Explanation:

Calculation for What is the recognized gain or loss and the basis of the office building

Calculation for the recognized gain or loss

Using this formula

Recognized gain or loss =Amount realized -(Adjusted basis-Realized loss)

Let plug in the formula

Recognized gain or loss= ($350,000 + $150,000) -( $600,000-$100,000)

Recognized loss =($500,000-$500,000)

Recognized loss =$0

Therefore the Recognized loss  will be $0

Calculation for the basis of the office building

Using this formula

Basis of the office building=FMV+Postponed loss

Let plug in the formula

Basis of the office building= $350,000+$100,000

Basis of the office building= $450,000

Therefore the Basis of the office building will be $450,000

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8 0
9 months ago
Which of the following typically happens as prices for a good or service rises?a. suppliers leave the marketb. consumers seek mo
Luba_88 [7]

Answer:

The correct answer is option D.

Explanation:

As the price of product increases the consumers will demand less because they now have to pay more than earlier.

The supply however is directly related to price level and will increase with the increase in price. The producers will produce more in order to enjoy higher revenue and profit.

This would encourage the other potential firms to enter the market, to earn higher profits.So more suppliers will enter the market.

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5 0
3 years ago
Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal, indicate the jou
Mnenie [13.5K]

To pick the correct journal from the list we should be sure that we will record some transactions in more than one journal.

Explanation:

The combinations are below:

A. Receipt of <em>cash</em> refund from over payment of taxes. (Cash Journal)

B. Adjustment to record <em>accrued salaries</em> at the end of the year (General journal)

C. Providing <em>services</em> on account (Revenue Journal)

D. Investment of additional cash in business by the owner (Cash, General Journal)  (<em>The transaction will be recorded in both cash and capital accounts but instead of the capital, we put it in the General Journal to be transferred later</em>)

E. Receipt of cash on account from customer (Cash Journal)

F. Receipt of cash for rent ( Cash, General Journal)  (<em>The transaction will be recorded in both cash and rent account but for the journal we put the rent part in the General journal</em>)

G. Receipt of cash from sale of office equipment (Cash, General Journal)  (<em>An office equipment is assumed to be a fixed asset, thus its sale will not go into the revenue journal but the General Journal whiles the cash receipt is treated in the Cash Receipts Journal</em>)

H. Sale of used office equipment on account, at cost to a neighbor (General Journal)

I. Closing of drawing account at the end of the year (General Journal)  (<em>The question did not specify whether is was goods withdrawn or cash withdrawn so we assume it to be goods withdrawn</em>)

J. Providing services for cash (Revenue, Cash Receipts Journal)

7 0
2 years ago
The following schedule shows the technology of production at Mahalo Macadamia Nut Farm for​ 2015: Workers Total Pounds of Macada
faltersainse [42]

Answer:

MRPL= $200 = wage rate when there are 5 workers

and MRPL = $1,200 = wage rate when there are 2 workers.

Explanation:

The computation of unionized is shown below:-

Marginal revenue product of labor = Marginal product × Price per unit

Workers   Total Production    Marginal Product     MRPL

                   (per day)

a                    b                        b × $8

0                   0

1                   200                         200                      $1,600

2                   350                          150                      $1,200

                                               (350 - 200)

3                   450                           100                    $800

                                               (450 - 350)

4                   500                          50                        $40

                                               (500 - 450)

5                   525                           25                       $200

                                               (525 - 500)

6                    510                         -15                        -$120

                                               (510 - 525)

From the above table MRPL = $200 = wage rate when there are 5 workers

and MRPL = $1,200 = wage rate when there are 2 workers.

4 0
3 years ago
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