Answer: b
Explanation: i just did it on my test and got B
Answer:
At the start of the year their accounts receivables were 50,000. During the year they earned revenues of 180,000 which means that they are entitle to get 230,000 (180,000+50,000) from the customers. But because the accounts receivables at the end of the year are 30,000 this means that their customers still owe them 30,000. This means that they collected a total of $200,000 cash from their customers.
Another way of looking it is that at the beginning of the year they had receivables of 50,000, they made sales of 180,000 in the current year and had ending receivables of 30,000 so cash collected will be equal to,
Year start receivables + current sales - Year end receivables
50,000+ 180,000 - 30,000
=$200,000
Explanation:
to have food in case imports are cut off. ... What is one reason European government protect the growing of food with subsides even though food would be cheaper? ... What to do if your finches build a nest in the food dish even though they already made one ... What are some reasons that healthy food should be cheaper? -A
Answer:
The amount of gain or loss that DUNN should report is $0.
Explanation:
Here we have to take out what would be the gain or loss for Dunn when he sells the stock given to him as a gift by his grandparents. Here we have to clear out what would be the Dunn basis for gain or loss, so that we can tell whether he earned a gain or loss.
For Dunn to take out the basis for gain would be similar to the donors ( in this case his grandparents ) basis for gain which is $32,000 AND Dunn has sold the stock for $29,000, so he definitely hasn't made the gain.
For Dunn to take out the basis for loss , he will suffer loss when if the amount at which he sells the stock is less than the amount which was at the date of transfer of stock $27,000, and as it is given he sells the stock at $29,000 , which is more than $27,000, so he definitely hasn't suffered loss also.
Thus we can say that he has neither suffered loss nor earn a gain.
