Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 7. suppose ms. smith sells her 2018 honda fit next

7. Suppose Ms. Smith sells her 2018 Honda Fit next year. The original cost of...

50.1K

Verified Solution

Question

Accounting

7. Suppose Ms. Smith sells her 2018 Honda Fit next year. The original cost of the vehicle was $10,000. During the time she has owned the car she has taken $3,000 dollars of deprecation on it. Ms. Williams sells the car for $9,000. What is result of the transaction?

A. An ordinary loss of $1,000

B. Long-term capital gain of $2,000

C. An ordinary gain of $2,000

D. An ordinary gain of $6,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Does harm reduction make it easier for people to use substances and stop them from quitting?...

Medical Sciences
Q

You might be surprised to know that each year vending machines kill more people in the...

Mechanical Engineering
Q

Why are populations with high levels of genetic diversity more stable than populations with low...

Biology
Q

Two wires of the same material and length are stretched by the same force Their...

Physics
Q

The dot product of two vectors is NEVER Select one or more O a a...

Geometry
Q

Find the solution to the equation given below Exact values only Try again 4x 5...

Calculus
Q

A bacteria culture initially contains 3000 bacteria and doubles every half hour.Find the size of...

Algebra
Q

melanie rutland is the proprietor of a career counselling and employee search business, personnel services....

Accounting
Q

X Company is considering conducting an immediate advertising campaign in order to increase...

Accounting
Q

Instructions Enter your name and Access ID (aa1234' format) in the cells above. The data...

Accounting
Q

What is the present value ofthe future growth opportunity represented by the 5% growth rate,...

Finance
Q

Elvin Hospital bases its budgets on patient-visits. The hospital's static planning budget for May appears...

Accounting