Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. womba company disposed of all of their class 8 ass

Womba Company disposed of all of their Class 8 assets during the year. They had...

80.2K

Verified Solution

Question

Accounting

Womba Company disposed of all of their Class 8 assets during the year. They had not replaced them as of December 31, 2021. The Class 8 UCC balance on January 1, 2021 was $52,000. The assets cost $99,000 when they were originally purchased and the company was able to sell them for $59,000. What is the amount of the recapture (+) or terminal loss (-) in 2021?

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

Biology
1.2K views

Cell Biology Short Answer Question: Describe some typical features of a restriction enzyme recognition sequence and how...

Biology
1.2K views

The digestion of wood by termites is done by flagellated protozoans found in their intestines...

Basic Math
1.2K views

During a certain year the national average price of regular gasoline was 2 17 or...

Basic Math
1.2K views

A random nationwide poll of several thousand gun owners shows that 80 of them are...

Statistics
1.2K views

Electricity 15 kwh 1 100 ft3 03 10 Gal Gas Water A 208 50 B...

Statistics
1.2K views

Suppose that prices of a gallon of milk at various stores in one town have...

Algebra
1.2K views

29 Replace the with the correct symbol or which will make a true statement from...

Accounting
1.2K views

brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000....

Accounting
1.2K views

When we treasury we report the difference between cost and the cash received as an...

Accounting
1.2K views

TB MC Qu. 5-86 Los costos fijos se expresan _____________ porque... Los costos fijos...

Accounting
1.2K views

14 Assume that Division Blue has achieved a yearly income from operations of $155,000 using...

Accounting
1.2K views

On October 1, 2020, Eastern Timber Inc. has available for issue $890,000 bonds due in...