Jonathon sells the computer that he used 75 percent for business and 25 percent for personal purposes
Question:
Jonathon sells the computer that he used 75 percent for business and 25 percent for personal purposes for $1,200. The computer cost $4,000 and the allowable depreciation on the computer is $2,200. How much gain or loss does Jonathon recognize?
a. $800 gain
b. $400 gain
c. $100 gain
d. $800 loss
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (9 reviews)
c 100 gain 1200 75 4000 75 2200 1...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
4.30+
12+ Reviews
21+ Question Solved
Related Book For
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
Question Posted:
Students also viewed these Business questions
-
Mason is single and the original shareholder of 1,000 shares of Section 1244 stock in Miles Corporation acquired four years ago. He has a basis of $65,000 in the stock. The stock has significantly...
-
Taylor bought 10,000 shares of qualifying Section 1202 stock from a start-up company A on May 1, 2012 for $1,000,000 and 5,000 shares of Section 1202 stock from start-up company B on June 1, 2014 for...
-
Bill had the following gains and losses on asset sales: $500 gain on stock held 11 months; a $2,300 gain on land held two years; $1,900 loss on gold coins held two years; $1,200 gain on antique toys...
-
Let be twice-differentiable and one-to-one on an open interval I. Show that its inverse function g satisfies When is increasing and concave downward, what is the concavity of -1 = g? g"(x) =...
-
How would you explain to an athlete why damaged joint ligaments and cartilages are so slow to heal following an injury?
-
Cards are drawn at random and with replacement from an ordinary deck of 52 cards until a spade appears. (a) What is the probability that at least four draws are necessary? (b) Same as part (a),...
-
11-2. What circumstances in pricing a new product might support skimming or penetrating pricing?
-
HJ. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (1,500 pounds) has the following standards: The actual materials in a batch may vary from the standard...
-
For each of the following accounts, Indicate whether a debit or credit is used to increase (+) or decrease () the balance of the account. The solution for the first one is provided as an example
-
A piece of string is connected between two adjacent houses to form a clothesline. The houses are separated by d = 22 m, and both ends of the string are the same height off the ground. A sweater is...
-
Trendy Corporation has a net short-term capital loss of $9,000 and a net long-term capital loss of $14,000 in year 5. Trendy Corporation can a. Deduct $3,000 of the short-term capital loss from its...
-
How are assets classified to determine their tax treatment on disposition? What are other ways to classify assets?
-
Pumped Up Company purchased equipment from Switzerland for 140,000 francs on December 16, 20X7, with payment due on February 14, 20X8. On December 16, 20X7, Pumped Up also acquired a 60-day forward...
-
The answer above is NOT correct. The value of (2x + 1)(x + x)dx is
-
Review the resource on organizational theory. Explore the various theories and select one to use for this Discussion. Consider the strengths and limitations of the chosen theory. Compose an analysis...
-
How do the locations of Australian department store Myer affect the ability of the other factors of the operating model canvas (suppliers, organization, processes, and information/management systems)...
-
Critical Reading Review: The Exclusion of Latinos from American Media and History Books Read the article. After reading the article, answer the following questions: 1. What purpose do you think the...
-
1. How does the proposed market segment of residential contracts differ from Smith Electric's current market segment? 2.What does a SWOT analysis tell us about Smith Electric's ability to enter a...
-
Fantastic Foods has total assets of $150,000, current assets of $80,000 (current assets includes $30,000 of cash, $10,000 of short term investments, $20,000 of accounts receivable, and $20,000 of...
-
Compile data on consumption and expenditures for the following categories in 30 different countries: (1) food and beverages, (2) clothing and footwear, (3) housing and home operations, (4) household...
-
On March 15, 2011, James Smith formed a business to rent and service vending machines providing healthy snack alternatives and juices to the local middle and high schools. He operates the business as...
-
What do you believe led to the conclusion that a sole proprietorship should report its results on the owner's tax return?
-
Why do you think Congress passed the law that allows an LLC to elect to be treated as a corporation or a partnership?
-
ABC Company engaged in the following transaction in October 2 0 1 7 Oct 7 Sold Merchandise on credit to L Barrett $ 6 0 0 0 8 Purchased merchandise on credit from Bennett Company $ 1 2 , 0 0 0 . 9...
-
Lime Corporation, with E & P of $500,000, distributes land (worth $300,000, adjusted basis of $350,000) to Harry, its sole shareholder. The land is subject to a liability of $120,000, which Harry...
-
A comic store began operations in 2018 and, although it is incorporated as a limited liability company, it decided to be taxed as a corporation. In its first year, the comic store broke even. In...
Study smarter with the SolutionInn App