Answer:
the total maximum amount that excluded is $500,000
Explanation:
The computation of the maximum amount that could be excluded is as follows:
In the case of the gain on sale of personal residence of taxpayer the amount of $250,000 would be considered as an exclusion other than married filing
But in the case of married filling the above amount should be doubled
Therefore the total maximum amount that excluded is $500,000
No, because the manufacturing industries had a different set-up than the service sector. The manufacturing industries are driven to produce quality products with minimal regard to how their actions have an effect on the customers. They only had to produce good products. The service sector requires interpersonal skills that requires training and development.
The journal entry to record the first annual payment fot the loan to Shady Creek Resort is:
Date Account title Debit Credit
June, 30 Interest expense $27,000
Notes payable $24,421
Cash $51,421
<h3>How is the first annual payment recorded?</h3>
The interest expense is:
= 330,000 x 9%
= $27,000
Notes payable is:
= 51,421 - 27,000
= $24,421
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A sizable warehouse that Ralph rents out has 1,000 square feet. In addition to the amount he pays to lease the space, the lease requires him to contribute to the landlord's taxes, insurance, and maintenance costs. Ralph has Three-year net lease.
What is a lease example?
the length of the contract's term or duration. To lease anything is to provide someone a lease on it or to consent to renting someone else's property. When you rent out your apartment to a tenant, that is an example of a lease. When you choose to rent an apartment to live in, that is an instance of a lease.
A Net Lease:
What Is It?
The phrase "net lease" describes a legal arrangement in which, in addition to the rent, the lessee also pays some or all of the property's taxes, insurance premiums, and upkeep expenses. The commercial real estate industry frequently employs net leases.
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Answer:
2020 net income overstatement $5,000
2021 net income understatement $5,000
Explanation:
The lower of cost and net realizable method of valuing inventory is used in valuing closing inventory where cost is invoice and NRV is the estimated selling price less cost to sell
Product Cost selling price cost to sell NR unit value
X $37 $48 $15 $33 $33
The inventory should have been valued at $33 not at $38
This means that inventory in 2020 was overstated by $5,000 ($38-$33)*1000)), costs of good sold in year 2020 was understated by $5,000 hence net income was overstated by $5,000
The spillover effect in year 2021 is the reverse of 2020,hence understatement of net income by $5,000
