1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
xenn [34]
3 years ago
12

Mr. James purchased a vacation house in Los Angeles on July 1, 2017. The purchase price was $1,000,000, and Mr. James spent $10,

000 on capital additions. As of January 1, 2019, the house was worth $1,200,000. Mr. James was not entitled to depreciate thehouse as it was a personal-use asset.Assume Mr. James still owned the house as of December 31, 2019. On December 31,2019, the house was valued at $1,300,000. For tax purposes, how much income did Mr.James realize in 2019
Business
1 answer:
dedylja [7]3 years ago
4 0

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

You might be interested in
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $40,000 in cash and giving a short-term n
Norma-Jean [14]

Answer:

See below

Explanation:

The cost of land to be included in the balance sheet would not only include the price paid to acquire the land but also include cost or revenue received in the process while also include all activities required to bring the land to the stage in which it may be ready for usage.

With regards to the foregoing, the cost of land to be included in the balance is is

= Cash paid + short term note + legal fee + delinquent taxes + Fees paid to remove old building from the land - sales of materials salvaged from demolition of the building

= $40,000 + $306,000 + $1,665 + $13,100 + $22,500 - $5,200

= $378,065

Therefore, cost of land to be included in the balance sheet is $378,065

3 0
3 years ago
Two voters, al and bill, are each choosing between one of three candidates—1, 2, and 3—who are running for city council. an expe
morpeh [17]
Part A:

The number of outcomes that each of them will have to choose anyone at random is calculated below.
    n = 3 x 3 = 9
This is because, Al will have 3 choices and similarly, Bill will also have three choices. These outcomes are as written below.
   S = (1,1), (1,2), (1,3), (2, 1), (2,2), (2, 3), (3, 1), (3, 2), and (3,3)

Part B: To make the same choice, there will only be three outcomes. These are:
  S = (1, 1), (2, 2) and (3, 3)

Part C: If neither of them will vote for 2, there will only be four outcomes. This is because each of them will only have two choices. These are:
 S = (1, 1), (1, 3), (3, 1), and (3,3)
3 0
3 years ago
On November 1, 2021, Sandhill Co. places a new asset into service. The cost of the asset is $84000 with an estimated 10-year lif
Aneli [31]

Answer:

$7,200

Explanation:

According to the scenario, computation of the given data are as follows,

Total cost = $84,000

Salvage value = $12,000

Estimated life = 10 years

So, we can calculate depreciation expense by using following formula,

Depreciation yearly = (Total cost - Salvage value) ÷ Estimated life

= ($84,000 - $12,000) ÷ 10

= $72,000 ÷ 10

= $7,200

7 0
3 years ago
Write an essay about unemployment/retrenchment and globalisation
galina1969 [7]
I can help you write your essay.

Unemployment

- define unemployment

- What results because of unemployment

- why does unemployment happen?

- when does unemployment happen?

- Who are the most unemployed people? Why?

- research information about unemployment

retrenchment

- define retrenchment

- what causes retrenchment to happen?

- How does retrenchment affect society


Globalisation

- define globalisation

- What happens during globalisation?

- Is globalisation a good or bad things? What does it impact?

Please vote my answer branliest! Thanks.
8 0
3 years ago
Leona bought two different brands of wine from vineyards in Australia. When asked for her opinion about the wines, she said that
liraira [26]

Answer:

Post-Purchase Evaluation.

Explanation:

There are five stages of purchase decision making process as given below

  1.    Problem Recognition.
  2.    Information Search.
  3.    Evaluation of Alternatives.
  4.    Purchase Decision.
  5.    Post-Purchase Evaluation.

Since Leona has bought the product it will be post purchase act and also she is examining the taste of product, she is in the evaluation process of the product and hence she is in post purchase evaluation stage of buyer decision process.

3 0
3 years ago
Other questions:
  • Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest expense was $16,000; research and
    15·1 answer
  • Shondra’s family’s monthly net income is $6,654. The family’s budget is shown in the circle graph below. The family decides to i
    14·1 answer
  • true or false: a supply curve describes how much a producer of services are willing to sell at different prices
    5·1 answer
  • A marketing consultant uses the job costing system and has a pre-determined overhead rate of $15 per direct labor hour. This amo
    15·1 answer
  • As discussed in your textbook, the list of calls for police service in long beach, california, shows which type of call for serv
    9·1 answer
  • In the united states, federal, state, and local legislative actions that require the consideration of environmental and cultural
    6·1 answer
  • The city pays $4 million to a contractor for work on a new bridge. a) Special Revenue Fund b) Capital Projects Fund c) General F
    11·1 answer
  • f the government put a price floor of $ 11.75 $11.75 on both of the markets, which market would have a greater surplus or shorta
    14·1 answer
  • True or False:
    11·1 answer
  • n the theory of perfect competition, the assumptions of many buyers and sellers, the production of a homogeneous product, and th
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!