Answer:
$355,000
Explanation:
Joe's jalopies sold one of its warehouse for $300,000 and a tractor that has a fair market value of $25,000
The warehouse had a mortgage of $50,000 against it.
The adjusted basis was $130,000
Joe had to make a payment of $20,000 in sales commission to the realtor
Therefore, the amount realized by Joe's jalopies can be calculated as follows
=$300,000+$25,000+$50,000-$20,000
= $375,000-$20,000
= $355,000
Hence the amount that was realized by Joe's jalopies is $355,000
Answer: $58600
Explanation:
The net income that would have been if the allowance method had been used, and the company estimated that 2.5% of sales would be uncollectible will be calculated thus:
= Reported net income + Uncollectible - (Sales × % Uncollectible)
= $63800 + $9300 - ($580000 × 2.5%)
= $63800 + $9300 - $14500
= $58600
Answer:
option (c) depreciate by exactly 10 percent
Explanation:
Data provided in the question:
Canadian dollar = 0.75 US dollars per Canadian dollar
Canada's rate of inflation = 0 percent
US rate of inflation = 10 percent
Now,
The percentage change in real exchange rate
= percentage change in nominal exchange rate - (Domestic inflation - Foreign inflation)
= 0 - (10 percent - 0 percent )
= - 10 percent
Here,
the negative sign depicts that the exchange rate will depreciate
Hence,
the answer is option (c) depreciate by exactly 10 percent
Answer:
$1,000 gain
Explanation:
The cost basis for the vehicles was $6,000 and the carrying cost was $4,000 = $2,000 depreciation
If they sold the vehicles for $5,000, then they had a $1,000 gain (= $5,000 - $4,000). The journal entries should be as following:
Dr Cash account 5,000
Dr Accumulated Depreciation account 2,000
Cr Motor Vehicles account 6,000
Cr Gain on Motor Vehicles 1,000
Answer:
the answer is 94165
Explanation:
first let's find the amount of the down payment. It is 30% of the total.
310000 x 0.30 = 9,000
now we just need to add on all the additional costs.
93000 + 100 + 250 +190 + 275 +70 + 280 = 94165
