Determine the amount realized and the character by solar corporation on the sale of the following equipment: pv1 purchased in 2012 for $10,000 and sold for $8,000. pv1 has an adjusted basis of $5,000. pv2 purchased in 2013 for $25,000 and sold for $16,000. pv2 has an adjusted basis of $18,000. assume solar corporation had ordinary income of $35,000 from all other sources and no other asset sales or transactions. how does the sale of pv1 and pv2 affect ordinary income?

Ryan terlecki organized a new internet company, capuniverse, inc. the company specializes in baseball-type caps with logos printed on them. ryan, who is never without a cap, believes that his target market is college and high school students. you have been hired to record the transactions occurring in the first two weeks of operations. issued 2,900 shares of $0.01 par value common stock to investors for cash at $29 per share. borrowed $68,000 from the bank to provide additional funding to begin operations; the note is due in two years. paid $1,000 for the current month's rent of a warehouse and another $1,000 for next month's rent. paid $1,440 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense). purchased furniture and fixtures for the warehouse for $16,000, paying $3,200 cash and the rest on account. the amount is due within 30 days. purchased for $2,800 cash the university of pennsylvania, notre dame, the university of texas at austin, and michigan state university baseball caps as inventory to sell online. placed advertisements on google for a total of $340 cash. sold caps totaling $1,900, half of which was charged on account. the cost of the caps sold was $1,100. (hint: make two entries.) made full payment for the furniture and fixtures purchased on account in (e). received $280 from a customer on account.

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na

What is one counter argument to the premise that the wealth gap is a serious problem which needs to be addressed?