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olga nikolaevna [1]
3 years ago
15

Leo Gallagher is a traveling comedian, musician, and philosopher. In September of 2019, a truck he had used for several years to

transport watermelons for his business was totally destroyed in a sudden accident. His insurance reimbursed him $6,000 for the truck, which had adjusted basis of $5,000 and FMV of $9,000. In addition, he disposed of the following assets during 2019, and they all were solely used in the trade or business:
Asset

Purchased

Sold

Cost

Accumulated Depreciation

Sale Price

Sledge Hammer

3/10/2016

06/17/2019

$3,000

$1,000

$6,000

Office Furniture

7/18/2015

02/02/2019

$20,000

$12,000

$6,000

Equipment

10/14/2017

10/30/2019

$230,000

$11,800

$250,000

For each asset/transaction, list BOTH the amount(s) and the character(s) of any gain(s) or loss(es)
Business
1 answer:
Leya [2.2K]3 years ago
4 0

Answer:

Hold on, our servers are swamped. Wait for your answer to fully load.

Explanation:

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The estimated value of an asset at the end of its useful life is called all of the following except a.residual value. b.salvage
lesantik [10]

Answer:

Correct answer is letter C, book value

Explanation:

The value of an asset at the end of its useful life is called residual value, salvage value, scrap value or break-up value. While book value on the other hand is the value of an asset after we deduct the accumulated depreciation from the cost of an asset. It is sometimes referred to us the carrying value of an asset we netting the asset against its accumulated depreciation.

3 0
2 years ago
How does the​ long-run equilibrium for a monopolistically competitive market differ from the​ long-run equilibrium for a perfect
Valentin [98]

Answer:

Following are the differences between monopolistically competetive market and perfectly competetive market.

Explanation:

Overall the profit ratio for the sellers is higher in monopolistically competitive market and low in a perfectively competitive market. In monopolistically competitive market, sellers charge a price higher than marginal cost, whereas, in a perfectly competitive market, the sellers charge a price equal to the marginal cost. In long-Run, the main difference between the competitive market and the monopolistic market is the excess capacity. It is the difference between the efficient level of output and profit-maximizing level of output.

3 0
2 years ago
Modified Accelerated Cost Recovery System (MACRS) (LO 7.4) Mike purchases a new heavy-duty truck (5-year class recovery property
posledela

Answer: See explanation

Explanation:

a. The amount of depreciation for 2017 using financial accounting straight-line depreciation will be:

= $39000 × 8months/5 years

= $39000 × 8months / 60months

= $39000 × 8/60

= $5200

b. The amount of depreciation for 2017 using the straight-line depreciation election will be:

= $39000 × 10%

= $39000 × 0.1

= $3900

c. The amount of depreciation for 2017, including bonus depreciation but no election to expense, that Mike could deduct using the MACRS tables will be:

= ($39000/2) + $3900

= $19500 + $3900

= $23400

d. If there is no income limit on the expense election, the amount of depreciation for 2017 including bonus depreciation and the election to expense that Mike can deduct will be:

= $25000 + $7000 + $1400

= $33400

4 0
3 years ago
The Blending Department for ArkYork Paints started October with 500 gallons in process and started in production 9 comma 000 gal
prisoha [69]

Answer:

<u>Production cost report for the Blending Department for the month of October</u>

Inputs

                                                                                     Units                      

Opening Work In Process                                           500

Started                                                                       9,000

Total                                                                           9,500

Outputs

                                                                                    Units                      

Completed and Transferred                                      6,500

Closing Work In Process                                            3,000

Total                                                                            9,500

Explanation:

The concept of equivalent units measures the number of units completed in terms of completion stage of the the inputs.

8 0
3 years ago
The specific techniques a hospitality and travel organization uses to divide the market is called
Alexandra [31]

Answer:

Market segmentation.

Explanation:

Been there. Done that.

8 0
2 years ago
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