Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in year 0, longworth partnership purchased a machi

In year 0, Longworth Partnership purchased a machine for $43,000 to use in its business....

70.2K

Verified Solution

Question

Accounting

In year 0, Longworth Partnership purchased a machine for $43,000 to use in its business. In year 3, Longworth sold the machine for $35,900. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $28,600.
Note: Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.
Problem 11-41 Part-c (Algo)
c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $11,700?

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Advanced Time Value of Money Problems Your child was just born and you are planning for...

Finance
Q

Which of the perspectives on whether or not God exists seems the most untenable to you?...

Psychology
Q

What innovation and change can bring to the society and country?

General Management
Q

The heights of adult men in America are normally distributed, with a mean of 69.3...

Basic Math
Q

14 Simplify x 3 x 4 Type a response

Algebra
Q

3 Simplify Your answer should contain only positive exponents 11 a 4 12 12 4k...

Algebra
Q

Ray Company provided the following excerpts from its Production Department's flexible...

Accounting
Q

Buck

Accounting
Q

Pedregon Corporation has provided the following information: Cost per Unit Cost...

Accounting
Q

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash...

Accounting
Q

explain the difference in using cost driver machine hours when using ABC costing vs traditional...

Accounting
Q

Marquis owns 140 shares of stock in an S corporation which he purchased for $85...

Accounting