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Why land is called fixed asset?
fixed assets are those assets which are not intended to sale. If we sell those assets then our business will not survive.
What is the journal entry to record sale of donated assets?
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
Does gain on sale of equipment appear on a balance sheet?
yes in the credit side of the balace sheet as By Assets Sales
What is the difference between a Stock sale or an asset sale?
In a stock sale, the buyer purchases all or a portion of the stock (or membership interest in the case of an LLC) of a business entity. In most cases, the purchase would be at least for a controlling (majority) interest. The business entity itself continues to exist as before, there is simply a change of ownership. Notably, if the business entity owed people money before the stock sale, it will continue to owe that money after the stock sale, so the new owner effectively assumes all of the obligations of the business.In an asset sale, the buyer only purchases assets from the business. Unless the buyer agrees to assume specific liabilities (or, in some instances, if there are specific liabilities that follow the assets, by law), the buyer is not responsible for paying the debts of the selling company. After the sale of the assets, the old company continues to have the responsibility to pay its creditors.
How much taxes do you pay if i sale a car in NC?
If it is a private sale between two individuals then you shouldn't have to report it on your income taxes at all. If you have used it in business or taken business mileage deductions then you probably will have to report the sale on your tax return. You will use the Sale of Business Assets Form and calculate the basis and sale price based on information you did not provide here.
What is sale of fixed assets?
Fixed assets are the assets of business concern. The value of these assets, except land, gets depreciated year by year and the allowance of such depreciation is availed for tax exemption purposes on a regular basis. When such the assets are sold for a consideration, it is called the "sale of fixed assets" and the gain / loss on sale of such assets is assessed based on the written down value as on the date of such transaction.
What is recoupment on sale of fixed assets?
annual provision made for the replacement of assets
What are proceeds from disposal of assets?
Proceeds from disposal of assets is equal to = Total cost of disposed assets- Accumulated depreciation related to assets disposed+ Profit on sale of fixed assets
Can you take a loss on a sale of a business asset?
Yes loss on sale of business assets is a normal things and mostly for obsolete business assets are sold on loss.
In a judicial sale of a house are you still responsible for any mortgage left on the property or is that foregone with the sale?
no
Why land is called fixed asset?
fixed assets are those assets which are not intended to sale. If we sell those assets then our business will not survive.
What is sales of asset?
Fixed assets are the assets of business concern. The value of these assets, except land, gets depreciated year by year and the allowance of such depreciation is availed for tax exemption purposes on a regular basis. When such the assets are sold for a consideration, it is called the "sale of fixed assets" and the gain / loss on sale of such assets is assessed based on the written down value as on the date of such transaction.
Are assets in a 401k in Florida protected from a foreclosure sale?
Yes
What is asset holdings?
non current assets held for sale
What is the main distinction between inventory and plant assets?
In accounting, inventory is considered a "for sale" asset, plant assets are not.
What are the Journal entries for a sale of subsidiary?
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.
Is the sale of a company's assets taxable for city income taxes to the business selling the assets?
Depends on the city's tax code.
