subject
Business, 17.07.2019 18:30 cairolove228

Four years ago, mr. b sold his personal property on contract for $200,000, which resulted in a capital gain of $100,000. mr. b properly elected to use the installment method of reporting and through last year had collected $40,000 on the contract. at the start of this year, the buyer defaulted on the contract, and mr. b repossessed the property. at the time of repossession, the property had a fair market value of $160,000. what is the gain or loss to be reported on the repossession?

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 11:00, aiueo946
Aprofessional does specialized work that's primarily: degree based. medical or legal. well paying. intellectual and creative
Answers: 2
image
Business, 22.06.2019 19:40, izzyisawesome5232
The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.
Answers: 3
image
Business, 22.06.2019 19:50, kipper5760
Bulldog holdings is a u. s.-based consumer electronics company. it owns smaller firms in japan and taiwan where most of its cell phone technology is developed and manufactured before being released worldwide. which of the following alternatives to integration does this best illustrate? a. venture capitalism b. franchising c. joint venture d. parent-subsidiary relationship
Answers: 2
image
Business, 22.06.2019 23:50, Izzyfizzy
Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $360,000; cash paid for rent, $44,000; cash paid to employees for services rendered during the year, $124,000; cash paid for utilities, $54,000.in addition, you determine that customers owed the company $64,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,400 at year-end, and the rent payment was for a two-year period. calculate accrual net income for the year.
Answers: 2
You know the right answer?
Four years ago, mr. b sold his personal property on contract for $200,000, which resulted in a capit...

Questions in other subjects:

Konu
Biology, 22.02.2021 06:10
Konu
Mathematics, 22.02.2021 06:10