Answer:
correct option is C. $250,000
Explanation:
given data
sold the home and gain = $300,000
to find out
amount of the gain allowed to exclude from gross income
solution
we know that Michael owned the property for the 10 years
so here Michael is not allowed to exclude the gain = 10 % that is $30,000
and The maximum gain exclusion permitted = $250000
so here Michael will recognize $50,000 because amount exceed $250,000 for a single taxpayer and exclusion of gain on sales of property tax payer need to own and occupy the property as principle residence for the 2 out of 5 year immediately preceding the sales
so here correct option is C. $250,000
Answer:
Nancy Tercek
Income Statement for the month ended June 30 2019
$ $
Service Revenue 6300
Less: Expenses
Rent Expense 600
Gas Expense 300
Utilities Expense 300
Salaries Expense 1190 (<u>2390)</u>
Net Income <u>3910
</u>
Explanation:
- These are the only transactions relating to income statement. We calculated the revenue by adding the service revenue earned on 5 june (4700) and on 20 June (1600).
- In service business there are no Cost of Goods Sold.
- We deduct the Expenses relating to operations.
- There are only four expenses and the finance cost relating to notes payable cannot be calculated as the interest rate is not provided.
Answer:
31.21%
Explanation:
The balance last month was $785
The new balance is $540
It means a payment of $785- $540 was made
=$785 - $540
=$245
As a percentage
=$245/$785 x 100
=0.3121 x 100
=31.21%
The phase of the business cycle at which real domestic output is at a minimum during a cycle is called the trough
This is further explained below.
<h3>What is
the business cycle?</h3>
Generally, The term "business cycle" refers to the persistent upswings and downswings in broad indices of economic activity, such as production, employment, income, and sales.
Business cycles may last for a number of years. The expansionary and contractive stages of the business cycle are the phases that alternate with the other.
In conclusion, The trough is the point in the economic cycle that marks the point at which real domestic production has fallen to its lowest point during that particular cycle.
Read more about the business cycle
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complete question
The phase of the business cycle where real domestic output is at a minimum is called:
A. the peak.
B. a recession.
C. the trough.
D. the pits.
Answer:
E. Quantitative easing and Buying short-term U.S. Treasury securities
Explanation:
