Renata Corporation purchased equipment in 2019 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata
Question:
Renata Corporation purchased equipment in 2019 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata Corporation sells the equipment in 2021 for $110,000. What is the amount and character of Renata’s gain or loss?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Answer Gain on sale if Equipment 13000 It is Short term Capital G...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
Question Posted:
Students also viewed these Business questions
-
Renata Corporation purchased equipment in 2017 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata Corporation sells the equipment in 2019 for $110,000. What is the amount and...
-
Jacob purchased business equipment for $56,000 in 2016 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2019 for $26,000. What is the amount and character of Jacobs...
-
Mercury Inc. purchased equipment in 2019 at a cost of $400,000. The equipment was expected to produce 700,000 units over the next five years and have a residual value of $50,000. The equipment was...
-
A UK company has a trading loss of 50,000 for the year to 31 March 2021. During the year, the company receives overseas property income (net of 40% withholding tax) of 12,000. Show the corporation...
-
T-bone Pickens is a corporate raider. This means that he looks for companies that are not maximizing profits, buys them, and then tries to operate them at higher profits. T-bone is examining the...
-
Nitrogen, N2, is soluble in blood and can cause intoxication at sufficient concentration. For this reason, the U.S. Navy advises divers using compressed air not to go below 125 feet. The total...
-
The difference between net sales and cost of goods sold is called (a) gross profit. (c) goods available for sale. (b) net purchases. (d) the bottom line.
-
The marketing department of Metroline Manufacturing estimates that its sales in 2013 will be $1.5 million. Interest expense is expected to remain unchanged at $35,000, and the firm plans to pay...
-
Explain why preferred stock is considered to be a hybrid ofequity and debt securities? (2.5 Marks)PLZ I NEED TO SUMMARIZE THE ANSWER IN POINTS> 2 answers
-
Your small company produces and sells holsters for cell phones. During the past year, monthly inventory counts have shown about 100 holsters missing. Furthermore, a customer report gives you reason...
-
Jacob purchased business equipment for $56,000 in 2018 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2021 for $26,000. What is the amount and character of Jacobs...
-
Several years ago Nicolas, a timber dealer, purchased a tract of land with a substantial stand of trees on it. The land cost $8,000, and the timber cost $250,000. On the first day of 2021, the timber...
-
Data were gathered on 106 statistics students from a Midwestern college on variables including the sex of the respondent and whether they had eaten breakfast that morning. Which segmented bar graph...
-
Suppose you are thinking about buying a car and have narrowed down your choices to two options: The new-car option: The new car costs $21,000 and can be financed with a four-year loan at 6.15%. The...
-
Amount of Wages Subject to Payroll Taxes Department Payroll Total Wages Federal Income Tax Withheld F.I.C.A. Unemployment Factory $77000 $8000 $71000 $31000 Sales 23000 4000 16000 2000 Office 17000...
-
An analyst is evaluating securities in a developing nation where the inflation rate is very high. As a result, the analyst has been warned not to ignore the cross- product between the real rate and...
-
You are a manager in a consulting and accounting firm, King Business Services(KBS), located at King Centre Building, 1 Queen Street, 4000, Brisbane. Among other things, your firm provides its clients...
-
solving for the licensing fees as a percentage of sales revenue 1. return on invested capital is equal to profit/ assets= 2. The Profit made purely because of licenses technology 3. The margin of...
-
On October 1, 2017, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey...
-
QUESTION 9 HC-O-C-R R-C-O-CH HC-O-P-O-CH-CH-NH3* O || O a. Phosphatidic acid, Serine O b. Lysophosphatidic acid, Serine, Free FA O c. Lysophosphatidylserine, Free FA O d. 2 Free FAs, Serine, Glycerol...
-
self-employed. Her gross business income was $49,000 and her business expenses totaled $24,000. Each contributed $5,500 to a deductible IRA. Their itemized deductions total $13,000. Compute Parts a,...
-
Jan, a single taxpayer, has adjusted gross income of $250,000, medical expenses of $10,000, home mortgage interest of $3,000, property taxes of $2,000. and miscellaneous itemized deductions of...
-
Debbie is 23 years old, a full-time student and a dependent of her parents. She earns $4,200 working part-time and receives $2,200 interest on savings. She saves both the salary and interest. What is...
-
. Exercise 7.1: Unfiltered performance of range sensor Connect the Arduino to the HC-SR04 ultrasonic range sensor. The Vec pin on the sensor is connected to the SV pin on the Arduino, the ground...
-
from the code I have already existing code, with this new assignment I need the String values to be changed in this code down below , you can take a look at the screenshot for question #7 , Your...
-
in java with complete explanation. Triponacci is a series where the nth value is equal to the sum of the previous 3 values. The initial 3 values (base values) of our series are {0, 1, 2} Note that...
Study smarter with the SolutionInn App