Kong originally sold his home for $96,000. At that time, his adjusted basis in the home was $99,000. Five years later, he repossessed the home when the balance of the note was $91,000. He resold it within one year for $105,000. Original sale expenses were $1,250, and resale expenses were $1,550. Repossession costs were $3,000. He incurred $1,000 for improvements prior to the resale. What is Kong's recomputed gain? a. $4,200 b. $6,800 c. $11,000 d. $14,000

A: Definition: Balance sheet: To Know the financial position of the business balance sheet is prepared.…

A: Equivalent units: This is one of the processes costing methods, under this method the uncompleted…

A: The cost function  Y = a+bX a = fixed cost b = variable cost Y = total cost X = the quantum of…

A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…

A: Inventory valuation method includes: First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted…

A: Direct labor cost budget shows the total direct labor cost and number of direct labor hours needed…

A: Solution:-                               Morning Brew Coffee Company…

A: Given Information: Lester Capital = $48,630 Torres Capital = $65,630 Hearst Capital = $26,190…

A: As posted multiple independent questions we are answering only first question kindly repost the…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…

A: Yes the answer is writtern in own words. Please find a alternate answer below

A: Financial Statement:   A financial statement is the complete record of financial transactions that…

A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

A: Present value:Present value is popularly known in short as PV. It is a concept of accounting that…

A: Answer:-  Difference meaning:- Difference is an important notion in philosophy, referring to the…

A: Solution- We have bought portfolio Z and sold portfolio P Weights should be Portfolio Z=Borrowed…

A:

A: Given: Beginning of the Year Common Stock = $8 Additional Paid in Surplus = $138 End of the Year…

A: Molding FabricationMachine Hours 2,500.00 1,500.00Fixed Manufacturing Overhead cost  $    13,000.00…

A: A payroll journal is a written record of accounting transactions pertaining to payroll. Payroll…

A: The following computations are done for Nakashima Gallery.

A: a) If LAB is organized LLCAnnual return before taxes = $660,000 x 13%…

A: We shall answer the first question since the exact one was not specified. Please resubmit a new…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

A: Medical expenses add up for Self, spouse, or dependent's medical expenses cost receipts these could…

A: The debtors issues an instrument instead of cash said to be note receivable. In case note is paid…

A: Compute the budgets as follows: Result:

A: Differential analysis or incremental analysis is an accounting technique used by management. In…

A: Petty Cash is the small sum of money maintained by the organisation seperate from Cash to meet small…

A: Comment- Multiple Questions Asked. Utilization Rate- It refers to the performance pointer which is…

A: Solution- Knowledge something that can open many doors, knowledge gives you more opportunities in…

A: Solution: Adjusting Entries are the journal entries that are made at the end of a given accounting…

A: Rate caps :3/2/6 means 3% on first adjustment 2% on each subsequent adjustment 6%  life time cap