Answer:
= $210,000
Explanation:
The question is to determine the income realized by Mr. James in 2019
The income is calculated as follows:
First, the basic information for calculation:
The Purchase price for the vacation house = $1,000,000
Spent Capital additions = $10,000
2019 worth of the house = $1,200,000
Secondly, based on the extracted figures, the income is calculated as follows
Income realised in 2019 = 2019 worth of the house - (Purchase Price - capital addition)
= $1,200,000 - ($1,000,000 - $10,000)
= $1,200,000 - $990,000
= $210,000
Mr. James did not realize any income from the increase in value of his house in 2019 for tax purposes as the house was not sold.
For tax purposes, income is normally the amount of money received for goods or services during a certain time period. However, any increase in the value of personal assets such as a house, also known as appreciation, is not counted as income until the asset is sold. So, in 2019, even though the value of Mr. James' house increased by $100,000, from $1,200,000 on January 1 to $1,300,000 on December 31, 2019, Mr. James would not have realized, or officially 'made,' any income from his home in 2019 unless he sold it. Therefore, for tax purposes, the answer is $0.
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Answer:
Cleans current ratio is = 2.71
Explanation:
The current ratio is a liquidity ratio that measures whether a firm has enough resources to meet its short-term obligations.
Current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle.
Current liabilities are often understood as all liabilities of the business that are to be settled in cash within the fiscal year or the operating cycle of a given firm, whichever period is longer.
Current ratio = current assets ÷ current liabilities.
From the question above;
Current assets;
Cash $600
Account receivable $900
Office supplies $400
Total $1900
Current liabilities;
Account payable $500
Salaries payable $200
Total $700
Current ratio = 1900 ÷ 700
Current ratio = 2.71
b. stereotype
c. halo bias
d. fundamental attribution error
Answer:
Option A: Prototype
Explanation:
culture is basically the way of life of people in a place. It is a system of beliefs, values, and ways of life that are shared or common with(by) a group of people.migration in the world today has made people with different cultures to be intertwined. Understanding your cultures is good but to foster growth, peace and love wherever we are among other cultures and traditions, one must learn to understand other people cultures around is as it will help in building faith, love and peace. Cultural differences appear in a number of important areas, including nonverbal signals, gender. Religion and attitudes toward work and success.
Focus on the original, early model,/sample(prototype), central tendencies and patterns within a culture will help us to recognize that there are a lot of difference in the beliefs, behavior and values within that culture.
Answer:
$10,680
Explanation:
Bad debt expense can be seen as an account receivables which are uncollectible during a period of time because of the customers inability to fulfill his /her financial obligations which therefore result into bad debt.
(Bad Debt Expense = Net credit sales × Bad debt loss rate )
= $178,000 × 0.06 = $10,680
Therefore the estimated amount of Bad Debt Expense for the year is $10,680
How much money will the owners invest in the business start-up?
How will the salespeople for this business be compensated?
What are the unique features of this business’s merchandise?
Answer:
Hence,
The money which the owners invest in the business start-up is by Financial statements.
The salespeople for this business be compensated is by Marketing & sales management.
The unique features of this business’s merchandise are by Service or product line.
Explanation:
Financial statements show how much money will the owners invest in the business start-up.
Marketing & sales management shows how will the salespeople for this business be compensated.
Service or product line shows What are the unique features of this business’s merchandise
In a business plan, the 'Financial Statements' section provides information about the owner's start-up investment, compensation of salespeople is detailed in the 'Marketing & Sales Management' section, and unique merchandise features could be found in the 'Service or Product Line' section.
In a business plan, you would typically find the answers to your questions in the following sections:
Learn more about Business Plan here:
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Answer:
normal good
elastic demand
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income.
Income elasticity = percentage change in quantity demanded / percentage change in income
percentage change in quantity demanded = (7/2) - 1 = 250%
percentage change in income = (52,000 / 45,000) - 1 = 15.6%
250 / 15.6 = 16.07
If the absolute value of income elasticity of demand is greater than one, it means demand is elastic.
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls
Inferior goods are goods whose demand falls when income rises and increases when income falls.
b. $20,600 favorable.
c. $26,000 favorable.
d. $3,200 unfavorable.
e. $52,600 unfavorable.
Answer:
a. $32,000 unfavorable
Explanation:
The computation of the direct labor efficiency variance for October is shown below:-
Direct labor efficiency variance = (Standard hours for actual production - Actual hrs) × Standard rate per hour
= (5,700 × 2 - $234,000 ÷ $18.00) × $20
= (11,400 - $13,000) × $20
= $1,600 × $20
= $32,000 unfavorable
Therefore for computing the direct labor efficiency variance for October we simply applied the above formula.