Which of the following statements regarding the instalment sale of an entire bussiness is false?...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Which of the following statements regarding the instalment sale of an entire bussiness is false? the sale price and expense of sale of an entire bussiness must be allocated because
1.Real and personal property can be reported on the instalment method but inventory can not.
2. any depreciation recaptureincome from the sale of depreciable property cannot be reported on the instalment method.
3.asset sold at a loss cannot be reported usins the instalment methord
4. intangable properyty cannot be reported using the instalment method.
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!
