Ask Question
BusinessBusiness
11 September, 05:47

Sunshine LLC sold furniture for $75,650. Sunshine bought the furniture for $89,870 several years ago and has claimed $24,935 of depreciation expense on the machine. What is the amount and character of Sunshine's gain or loss

+5
Answers (1)
  1. 11 September, 07:10
    0
    The gain is $10,715

    Explanation:

    Solution

    Given that:

    The cost of furniture = $89,870

    Accumulation of depreciation = $24,935

    Thus

    The book value of furniture = $89,870 - $24,935

    =$64,935

    The sale value of the furniture = $75,650

    Now,'

    The gain on sale of the furniture is given below:

    Gain on sale of furniture = sale price - book value

    = $75,650 - $64,935

    =$10,715

    The gain is The long term capital gain on sale of furniture is $10,715
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Sunshine LLC sold furniture for $75,650. Sunshine bought the furniture for $89,870 several years ago and has claimed $24,935 of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Oscar has negotiated a lease for his sporting goods store in which he is required to pay $3,000 per month in rent. oscar pays his staff $12 per hour to sell sporting goods, depending on his total hours of operation.
Answers (1)
In a single writing, a painter contracted with a farmer to paint three identical barns on her rural estate for $2,000 each. the contract provided for the farmer's payment of $6,000 upon the painter's completion of the work on all three barns.
Answers (1)
The internal rate of return is the: discount rate that causes a project's aftertax income to equal zero. discount rate that results in a zero net present value for the project.
Answers (1)
The average cost per seat on the 50-passenger Floating-On-Air Bus company's trip from Kansas City to St. Louis, on which no refreshments are served, is $45. In advance of a particular trip, three seats remain unsold.
Answers (1)
State whether each situation is a prepaid expense (PE), unearned revenue (UR), accrued revenue (AR) or an accrued expense (AE). 1. Unrecorded interest on savings bonds is $245. 2.
Answers (1)
New Questions in Business
Which of the following consists of wages earned from work, plus dividends and interest on investments along with rents and royalties?
Answers (1)
According to cox and demmitt, the single largest expense for wives who return to work is:
Answers (1)
The local government relies mostly on revenue from -Medicare taxes -property taxes -income taxes -interest from savings accounts
Answers (1)
Richard hires Paul to paint his kitchen in two eight-hour days of work for $500. At the end of the first day, the kitchen is 85 percent complete. Richard asks Paul to stay late and finish.
Answers (1)
A manager demonstrates when he listens carefully to his subordinates and works to build trusting relationships.
Answers (1)
Home » Business » Sunshine LLC sold furniture for $75,650. Sunshine bought the furniture for $89,870 several years ago and has claimed $24,935 of depreciation expense on the machine. What is the amount and character of Sunshine's gain or loss
Sign Up Forgot Password?