Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information problem 11-41(lo 11-3, lo 11

Required information Problem 11-41(LO 11-3, LO 11-4)(Algo) [The following information applies to...

50.1K

Verified Solution

Question

Accounting

Required information
Problem 11-41(LO 11-3, LO 11-4)(Algo)
[The following information applies to the questions displayed below.]
In year 0, Longworth Partnership purchased a machine for $56,250 to use in its business. In year 3, Longworth sold the machine for $43,300. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,700.
Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable.
Problem 11-41 Part-a (Algo)
a. What are the amount and character of the gain or loss Longworth will recognize on the sale?
\table[[Description,Amount],[Total Gain or (Loss) Recognized,$11,750
image

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

Accounting
1.2K views

Smoky Mountain Corporation makes two types of hiking boots—theXtreme and the Pathfinder. Data concerning...

Accounting
1.2K views

how do i find the percentage of total value

Chemistry
1.2K views

Consider the titratkon of 50.0 mL of 0.200 M HC2H3O2 (Ka = 1.8 x 10-5) with 0.100...

Electrical Engineering
1.2K views

Design and implementation 4-bit binary full adder with fast carry using behavioral and structural style of modelling. (LS...

Accounting
1.2K views

Home Hardware reported beginning inventory of 20 shovels, for a total cost of $100. The company...

Physics
1.2K views

A mixture of gases contains 3 moles of oxygen and 2 moles of hydrogen at...

Basic Math
1.2K views

Given the polynomial functions j(x) and k(x), find j(x) - k(x).j(x)=x- xk(x) = 2x +...

Statistics
1.2K views

The accompanying table shows the wait times minutes from six rides located in three different...

Accounting
1.2K views

Which of the following statements is true: Straight line interest method on bonds gives...

Accounting
1.2K views

Describe unit-level, batch-level, product-level, and organizational sustaininglevel activities and how they differ. Give two or...

Accounting
1.2K views

True or false? The main purpose of the cash flow statement is to reveal how...

Accounting
1.2K views

Pharoah Company is preparing its master budget for 2022. Relevant data pertaining to its sales,...