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
Mashutka [201]
3 years ago
9

Perle, a dentist, billed Wood $600 for dental services. Wood paid Perle $200 cash and built a bookcase for Perle's office in ful

l settlement of the bill. Wood sells comparable bookcases for $350. What amount should Perle include in taxable income as a result of this transaction?
Business
1 answer:
patriot [66]3 years ago
4 0

Answer: $550

Explanation:

Taxable income could simply be explained as the total income made or received.

Cash received by Perle = $200

Worth of Bookcase received by Perle as part of the settlement amount = $350

Therefore, Total amount received by Perle = $350 +$200 = $550

Total income received by Perle for dental service rendered = $550

The total amount to be included in taxable income is $550.

$600 was the charged amount, but only $550 was received for the service rendered.

You might be interested in
For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statemen
blagie [28]

Answer:

Explanation:

The statement of income records all sales revenues general and expenditure incurred during a particular period.

The balance sheet reports the assets and the liabilities of the company

So, the classification is as follows

a. Net income  = income statement (I)

b. Retained earnings  = balance sheet (B)

c. Depreciation expense  = income statement (I)

d. Accumulated depreciation  = balance sheet (B). It is deducted from the value of the respective fixed assets

e. Wages expense  = income statement (I). It is shown on the debit side of the income statement

f. Wages payable   = balance sheet (B). It is a current liabilities

g. Interest expense  = income statement (I) It is shown on the debit side of the income statement

h. Interest payable   = balance sheet (B). It is a current liabilities

i. Sales = income statement (I)

8 0
3 years ago
An agent wants to sell a highly valuable unregistered, nonexempt security to a customer. The agent has the client sign a waiver
xxTIMURxx [149]

Answer:

D) illegal because provisions of the Uniform Securities Act cannot be waived

Explanation:

According to the Uniform Securities Act, it refers to that act in which there is a uniform law or the same law that is to be followed state to state

Since in the question it is mentioned that the agent wants to sell a highly valuable i.e not registered also there is a client sign so it would be sold as per the act but this scenario represents the illegal act and also it could not be waived off.

6 0
3 years ago
Please help solve: Suppose that initially the money supply is $1 trillion , the price level equals 3, the real GDP is $5 trillio
topjm [15]
The new price level after the increase in the money supply is 3.3. Therefore, the percentage increase in the money supply is 10%. The percentage change in the price level is 10%. Percentage change in the money supply is the same as the percentage change in the price level.
3 0
3 years ago
Lakeisha is a management assistant at the Fourth Bank and Trust Company of Pasadena. Wilson is a senior vice president of the ba
Mamont248 [21]

Answer:

d. Restate that under no circumstances shall Lakeisha adopt retaliatory conduct against Wilson in the future if their relationship ends in a bad manner

Explanation:

In such a situation, Wilson decides to send Lakeisha a letter that:

Restate that under no circumstances shall Lakeisha adopt retaliatory conduct against Wilson in the future if their relationship ends in a bad manner even though the romantic attraction between Lakeisha and Wilson was very strong and they have become lovers in which Wilson is concerned that the bank and he could be accused of sexual harassment which is why The director of human resources recommends that Wilson and Lakeisha sign a "lovecontract." Despite such arrangements was not a perfect solution to liability.

4 0
3 years ago
The process for motivating employee performance in which the manager and employee jointly set objectives for the employee, the m
antoniya [11.8K]

Answer:

The correct answer is: Management by Objectives (MBO).

Explanation:

Management by Objectives (<em>MBO</em>) is a process in which a manager an employees agree on specific performance goals and then develop a plan to reach those goals. First outlined in Peter Drucker's 1954 book "<em>The Practice of Management</em>", MBO ensures better employee participation and commitment while aligning objectives throughout an organization.

4 0
3 years ago
Other questions:
  • For franklin, inc., sales is $1,500,000, fixed expenses are $450,000, and the contribution margin ratio is 36%. what are the tot
    10·1 answer
  • What japanese delicacy can be deadly if not prepared correctly?
    9·2 answers
  • Suppose two companies own adjacent oil fields. under the two fields is a common pool of oil worth $60 million. for each well tha
    9·1 answer
  • Which of the following statements is CORRECT?
    13·1 answer
  • A business segment reports segment revenues of $1.2 million, segment costs of $1.0 million, and allocated corporate overhead cos
    5·1 answer
  • Nichols Fruits leased farm equipment from King Machinery on January 1, 2021. The present value of the lease payments discounted
    8·1 answer
  • Full from of WAN ........
    8·1 answer
  • The fiscal year-end 2016 financial statements for Walt Disney Co. report revenues of $55,632 million, net operating profit after
    5·1 answer
  • Compare the sources of consumer credit travel and entertainment credit revolving check credit closed-end credit
    13·1 answer
  • abuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations: S
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!