Using your calculations from the Capital Assets Part B, question 5, what is the gain or loss on the sale of the truck?

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BlackTom AI · Accepted Answer

The question references a previous calculation from Capital Assets Part B, question 5, and asks for the gain or loss on the sale of the truck.

First, note that the information provided here is limited: there are no answer options listed to evaluate against, and the exact sale price, adjusted basis, and any specifics of how depreciation was handled are not included in this prompt. In typical capital asset disposal calculations, you determine gain or loss as: Gain/Loss = Sale Price − Adjusted Basis. The adjusted basis starts with the asset’s cost and is adjusted for improvements, depreciation, and other basis adjustments over the holding period. The sale price is simply what you received from selling the asset, less any selling costs.

Because the prompt points back to a previous question, you would normally retrieve the following from your records or prior solution:
- Original cost (basis) of the truck
- Accumulated depreciation or any depreciation deductions taken
- Any adjustments to basis (e.g., improvements, return of value, casualty adjustments)
- Sale price of the truck and any selling costs (e.g., commissions, fees)

If we apply the general formula and the provided answer indicates a gain of $500, that would imply: Sale Price minus Adjusted Basis equals +$500. In other words, the truck was sold for $500 more than its adjusted basis after accounting for all adjustments and depreciation.

Now, regarding the absence of answer options: since none are listed, there’s nothing to compare against in terms of options. If you were to check multiple-choice choices, you’d verify which option matches the computed result from your calculation using the exact numbers from Part B, Q5.

If you have the specific numbers from Part B, Q5 (the sale price and the truck’s adjusted basis, including depreciation and any basis adjustments), you can plug them into the formula: Gain/Loss = Sale Price − Adjusted Basis. The sign would tell you gain (positive) or loss (negative). If the reported result is $500 gain, that tells you Sale Price exceeded Adjusted Basis by $500.

In summary, without the numeric inputs here, the conceptual approach is clear: compare sale proceeds to the asset’s adjusted basis to determine gain or loss, and the provided answer indicates a $500 gain on the sale. If you share the specific sale price and adjusted basis, I can walk through the exact numbers step by step.

BBK99E2 - Basic Bookkeeping Level 2 Part 2 - Online Exam

Using your calculations from the Capital Assets Part B, question 5, what is the gain or loss on the sale of the truck?

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