What is the effect of loss of the thing or object in a contract of sale?

Q: Which of the following elements represents a residual claim? A . Asset.

A: residual claim :

Q: Explain Quitclaim Deed?

A: Quitclaim Deed: Quitclaim Deed is also called as non-warranty deed. A quitclaim deed is considered…

Q: The amount of gain (loss) on sale and leaseback transaction is: Group of answer choices The…

A: Sales and lease back transaction refers to the transaction where an asset is sold by the seller to a…

Q: What entry is made when selling a fixed asset?

A: Following entry is passed when selling the fixed assets:

Q: Why is consignment not a sale?

A: The companies derived revenue by selling goods or delivering services. The companies main objective…

Q: Would the sale be on an underwritten or bestefforts basis?

A: It is one of the most significant capacities in the money related world wherein an individual or a…

Q: If the residual value of a leased asset is guaranteed by a third party:

A: A lease is an arrangement under which a lessor agrees to allow a lessee to control the use of…

Q: What are the differences between the cost and sales comparison approaches to appraising property?

A: If the cost approach is used, the appraiser set up an value for the location on which the…

Q: What is the concept of sale-leaseback agreement?

A:

Q: What is Sal's basis at the sale date What is the gain realized by Sal_ What is the gain recognized…

A: As per Bartleby guidelines, in case of multi-part questions, we are only allowed to answer the first…

Q: "Depreciation is a valuation process that results in the reporting of the fair value of the asset.”…

A: Fixed assets: These are the assets which were used in the business for more than one year. These…

Q: Explain the term Right of Entry: Lender in Possession?

A: The question is based on the concept of giving right of entry in case of mortgage arrangement in…

Q: lessee

A: Lease is a financial arrangement where the right to use the asset is given by the owner to another…

Q: If the down payment is non-refundable, how much is the contract liability to be initially recorded?

A: Contract liability that is to be recorded initially can be calculated by adding the down payment…

Q: When does a consignor typically recognize revenue for a consignment sale?

A: Meaning of Consignment Sale Consignment Sale is refer as the arrangement of trade where the seller…

Q: The gain/loss related to a sale and leaseback transaction not recognized by the seller-lessee in its…

A: Rights retained .. The gain or the loss relating to a sale and leaseback transaction not recognized…

Q: What are the types of agreement related to sale-leaseback agreement?

A: Sale and Leaseback Agreement is a kind of financial transaction. This is a situation that arises…

Q: an impairment of a non current asset held for sale:

A: Impairment means generally calculated as Carrying amount minus recoverable value. Any impairment…

Q: seller agrees or obliges

A: TRUE defines a contract of sale as a contract whereby one in all the catching parties obligates…

Q: What are the requirements of depreciating an asset?

A: Depreciation is a non-cash expense which is charged against the use of the fixed assets of the…

Q: Is the nature of the gainor loss considered ordinary or long-term?

A: Ordinary gain or loss means any income which doesn't result as Capital gain or loss. Capital Gain or…

Q: How does the analysis of a sale-leaseback differ from the analysis of owning versus leasing?

A: A sale lease back is very beneficial for the company because it helps the company to sell the asset…

Q: How does a seller financing differ from a land contract ?

A: In the real estate context, seller financing means the seller transfer the title to the buyer of the…

Q: Determine an asset's depreciable life?

A: A tangible asset is a substantial resource. Tangible resources incorporate fixed resources including…

Q: What is law of Indemnity? Explain the rights and duties of indemnifier and indemnity holder with…

A: The law of indemnity specifies that a person takes the guarantee of any act of the party that causes…

Q: The amount of gain (loss) on sale and leaseback transaction is: A. The difference of fair value and…

A: Gain is booked when money is received on the sale of the asset. leasing back can be assumed to be…

Q: What must a contract include for the contract to exist for purposes of revenue recognition?

A: Step 1: An accounting principle that has outlined certain conditions for the treatment of the…

Q: What are the two things that happened in the sale-leaseback agreement?

A: Sale and Leaseback Agreement is a kind of financial transaction. This is a situation that arises…

Q: What are the definition criteria of an asset and a liability

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: The contract in which the buyer has the right but not an obligation to buy or sell and underlying…

A: Option contract refers to the contract in which buyer or seller is having right but not an…

Q: Which are the terms and condition on CONTRACT FOR FUTURE DEED?

A: Contract for future deed is an agreement which provides for the finance by the seller for the sale…

Q: What is the nature of a sale on consignment?

A: Consignment is a business sale transaction between a consignor and a consignee. Under consignment…

Q: How do you determine the basis of acquired property in a like-kind exchange?  Give an example

A: Exchange of like-kind business/investment real property - The gain or loss on exchange of kind" real…

Q: Define the term the depreciable life of the asset?

A: Depreciation  is an accounting process through which allocation of an asset’s cost during its useful…

Q: Under what circumstances should a loss contingency be accrued?

A: Loss contingency: Loss contingency is contingency where existing situation or circumstances where…