On December 30, 2023, Whitney sold a piece of property for $157,600. Her basis in the...
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On December 30, 2023, Whitney sold a piece of property for $157,600. Her basis in the property was $70,920, and she incurred $1,576 in selling expenses. The buyer paid $7,880 down with the balance payable in $14,972 installments over the next ten years. In addition, the buyer assumed a $23,640 mortgage on the property. Under the installment sales method, what is the total contract price, the total gain on the sale, and the amount of gain reported in 2023? Round any division to two decimal places, and use that amount in subsequent computations. If required, round your final answer to the nearest dollar. Under the installment sales method, the total contract price is $ amount of gain reported in 2023 is $ , the total gain on the sale is $ and the Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $1,268,800. The contract price was $1,776,320. Costs of the contract for 2022, the first year, totaled $951,600. If required, round any division to two decimal places and round your final answers to the nearest dollar. a. What was the gross profit reported by the percentage of completion method for 2022? b. After the contract was completed at the end of 2023 at a total cost of $1,332,240, what was the gross profit reported by the percentage of completion method for 2023? On December 30, 2023, Whitney sold a piece of property for $157,600. Her basis in the property was $70,920, and she incurred $1,576 in selling expenses. The buyer paid $7,880 down with the balance payable in $14,972 installments over the next ten years. In addition, the buyer assumed a $23,640 mortgage on the property. Under the installment sales method, what is the total contract price, the total gain on the sale, and the amount of gain reported in 2023? Round any division to two decimal places, and use that amount in subsequent computations. If required, round your final answer to the nearest dollar. Under the installment sales method, the total contract price is $ amount of gain reported in 2023 is $ , the total gain on the sale is $ and the Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $1,268,800. The contract price was $1,776,320. Costs of the contract for 2022, the first year, totaled $951,600. If required, round any division to two decimal places and round your final answers to the nearest dollar. a. What was the gross profit reported by the percentage of completion method for 2022? b. After the contract was completed at the end of 2023 at a total cost of $1,332,240, what was the gross profit reported by the percentage of completion method for 2023?
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Whitneys Property Sale Total Contract Price Down payment Installments Assumed Mortgage 7880 14972 x ... View the full answer
Related Book For
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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