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geniusboy [140]

3 years ago

7

which of the following would be the best example of a total institution? a. a mental hospital b. a private university c. a paroc

hial school d. a baseball team

1 answer:

wel3 years ago

6 0

Amental hospital is a best example of total institution.

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Eric and Katie, who are married, jointly own a house in which they have resided for the past 17 years. They sell the house for $

Elodia [21]

Answer:

C) $0 $285,000

Explanation:

The §121 exclusion establishes that homeowners can exclude from their capital gains taxes the sale of their property for a maximum of $250,000 gain (or $500,000 for joint filers) if they meet two criteria:

they owned the property for at last 5 years
they use the property as main residence for at least 2 years (they can aggregate time periods).

So if Eric and Katie use the §121 exclusion they wouldn't pay any capital gains tax ($500,000 is higher than $375,000).

If they decide to forgo the §121 exclusion, then they will have to pay taxes for a gain of:

capital gain = net sale price - asst basis

capital gain = ($375,000 - $10,000) - $80,000 = $365,000 - $80,000 = $285,000

8 0

2 years ago

What is the difference between a sole proprietorship and an LLC?

kotegsom [21]

Sole proprietorship is owned by one person. Why LLC is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation

7 0

3 years ago

When you lease a car, you never have to worry about the number of miles you drive

vivado [14]

Answer:

False

Explanation:

Generally, a lease limits the number of miles allowable to drive in a year, which is between 12,000 and 15,000 miles. Exceeding the lease limit will result in large charges that may be up to several thousands of dollars

Therefore, it is important to be cautious on the amount of driving done when a car is leased and if needed, more miles can be pre-purchased before the lease agreement is signed

6 0

2 years ago

One advantage of having an ATM card is that it can be used to

Katarina [22]

Answer:

It can be used to buy stocks

5 0

2 years ago

Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72

vlada-n [284]

Answer:

Working capital is $113,000

Explanation:

Working capital is the funds made available for day to day operation of a business.

The capital is used in paying creditors,purchasing stock as well as other short term obligations such as payment of salaries.

Working =Current assets-current liabilities

currents assets=accounts receivable+cash+inventory+marketable securities+prepaid expenses

current assets=$35,000+$25,000+$72,000+$36,000+$2,000=$170,000

current liabilities=account payables+accrued liabilities+notes payable

current liabilities=$30,000+$7000+$20,000=$57,000

working capital=$170,000-$57,000=$113,000

4 0

2 years ago

Read 2 more answers