Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

John Smith is an art collector with a large and valuable collection of ancient Greek pottery. In June 2009 he loans his collection to the Metropolitan Art Museum, which includes it in an exhibit on ancient art. One of the pieces, a particularly beautiful ancient amphora, is damaged while being moved in December 2009.Smith had purchased the amphora in 1997 for $50,000. 00. At the time the amphora was placed on display it had an appraised fair market value of $2,700,000.00. Although the amphora was repaired after being damaged, its value was reduced to $500,000.00. The repair had cost $100,000.00. The museum recognizes its responsibilities, and after negotiations, agrees to pay Smith $2,000,000, which it does in January 2010. The entire collection is returned to Smith, including the repaired amphora, in June 2010, when the exhibit ends.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939092

Have any Question? 


Related Questions in Accounting Basics

Accounting provide referencesresearch the company via the

Accounting Provide References Research the company via the website and download the Income Statement, Statement of Shareholders' Equity, Balance Sheet, and Statement of Cash Flows. Develop a 700-word examination of the f ...

Assessment by the sports exports company of factors that

Assessment by the Sports Exports Company of Factors That Affect the British Pound's Value Because the Sports Exports Company (a U.S. ?rm) re- ceives payments in British pounds every month and converts those pounds into d ...

Pat sajork has two drawers one drawer contains three gold

Pat Sajork has two drawers. One drawer contains three gold coins, and the other contains one gold coin and two silver coins. We are allowed to choose one drawer, and we will be paid $500 for each gold coin and $100 for e ...

Ecampus accounting cycle paperaccounting cycle paper-

eCampus Accounting Cycle Paper Accounting Cycle Paper- Assessment Activity- Write a 700- 1,050-word paper including the following: · The purpose of accounting and financial reporting within your organization or an organi ...

You are managing a systems development team for a company

You are managing a systems development team for a company who wants to implement a new accounting information system. Your team has been asked to review the process prior to implementation. Produce a 700-to 1,050 word pa ...

Please read the following instructions carefully- this

Please read the following instructions carefully - This assessment is to be completed according to the instructions given by your assessor. - This assessment can be taken home. - If you are not sure about any aspect of t ...

Assignment- fraud in the accounting information systemfor

Assignment- Fraud in the Accounting Information System For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's acco ...

Common-size balance sheet of michael hill international ltd

Common-size Balance Sheet of Michael Hill International Ltd for the years 2014 and 2015: Particulars 2015   $000 % of total 2014    $000 % of total ASSETS         Current assets         Cash and cash equivalents 6797 1.9 ...

Cablevision has been approached by the city of mirada to

CableVision has been approached by the City of Mirada to run its cable operations in 2016. After negotiating with key parties, CableVision has made the following agreements: - It will offer Mirada residents a basic set o ...

Use the following transactions and additional information

Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal Entries, Ledger, Worksheet and Financial Statements for the first of the month of operations for The Golf Club. PERPETUAL INVENTOR ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate