On december 30 2015 whitney sold a piece of property for, Ask an Expert

Management Studies

On December 30, 2015, Whitney sold a piece of property for $85,000. Her ba- sis in the property was $40,000, and she incurred $1,200 in selling expenses.

The buyer paid $5,000 down with the balance payable in $10,000 installments over the next eight years. In addition, the buyer assumed a $15,000 mortgage on the property. Round any division to four decimal places, and use in subsequent computations. Under the installment sales method, what is the total contract price, the total gain on the sale, and the amount of gain reported in 2015?

View complete question

Business Management, Management Studies

Category:- Business Management
Reference No.:- M91867243

Have any Question?Write your Review or question?

Related Questions in Business Management

What is the different between product attributes production

What is the different between product attributes, production capabilities, marketing capabilities and cash requirements that are needed to appeal to a) early buyers and b) the mass market.

What strategies can the teacher implement to build positive

What strategies can the teacher implement to build positive rapport with students in the learning environment?

There are many channels of communication within the

There are many channels of communication within the workplace. How would you determine which channel(s) to use to disseminate all of the various types of information that need to be communicated within any given day at y ...

An array a1 n is said to have a majority element if more

An array A[1 . . . n] is said to have a majority element if more than half of its entries are the same. Given an array, the task is to design an efficient algorithm to tell whether the array has a majority element, and, ...

You toss a fair coin until a head appears x is the count of

You toss a fair coin until a head appears. X is the count of the number of tosses that you make. Is it reasonable to use a binomial distribution for the random variable X? If a binomial distribution applies, give the val ...

Explain the relationship between managing diversity and

Explain the relationship between "managing diversity and inclusion" and "diversity training." Which is most effective? Why?

How are psychographics utilized in targeting a consumer

How are psychographics utilized in targeting a consumer through social media.

Leadership theories can differ from one department to

Leadership theories can differ from one department to another, as well as from one specific team to another. How might this directly affect the staff within the department or team?

Problem 1 modify class account to provide a method called

Problem 1. Modify class Account to provide a method called debit that withdraws money from an Account. Ensure that the debit amount does not exceed the Account's balance. If it does, the balance should be left unchanged ...

Jayden johnson a production manager at akc has successfully

Jayden Johnson, a production manager at AKC, has successfully developed a cost-effective nebulizer that has made a lasting contribution to the firm. Which of the following terminal values most likely helped Jayden develo ...

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

Recent Questions

Ask Business Management Expert