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
vredina [299]
3 years ago
10

Joe Hall owns a limousine for use in his personal service business of transporting passengers to airports. The limousine’s adjus

ted basis is $40,000. In addition, Hall owns his personal residence and furnishings, that together cost him $280,000. Hall’s capital assets amount to A. $320,000 B. $280,000 C. $40,000 D. $0
Business
1 answer:
tino4ka555 [31]3 years ago
6 0

Answer:

B. $280,000

Explanation:

The capital assets are those assets which are used for the personal purpose, not for the business purpose. The examples of capital assets include personal property, stocks, bonds, clothing, dwelling, etc.

It excludes that property which is used for trade or business purpose like - limousine.

In the given situation, the capital asset would be $280,000 as it owns for personal residence and furnishings.

You might be interested in
Uncle Fred recently died and left $280,000 to his 45-year-old favorite niece. She immediately spent $80,000 on a town home but d
Marrrta [24]

Answer:

6.06%

Explanation:

The computation of the rate of return is shown below:

Given that

NPER = 20 years

PV = ($280,000 - $80,000) = $200,000

PMT = $0

FV = $75,000 × PVIFA factor at 10% for 21 years

= $75,000 × 8.6487

= $648,652.50

The following formula should be applied

= RATE(NPER;PMT;-PV;FV;TYPE)

The present value comes in negative

After applying the above formula, the rate of return is 6.06%

7 0
3 years ago
Suppose a ten firm industry has total sales of​ $35 million per year. The largest firm have sales of​ $10 million, the third lar
lyudmila [28]

Answer:

0.66

Explanation:

the fourfirm concentration ratio is the sum of the concentration ratio of the four largest firms in the industry.

The sales of the second largest firm = $35 million - ( $10 million + $4 million+ $2 million + $12 million ) = $7 million

concentration ratio of firm 1 = $10 million / $35 million = 0.29

concentration ratio of firm 2  = $7 million / $35 million = 0.2

concentration ratio of firm 3 = $4 million / $35 million = 0.11

concentration ratio of firm 4 = $2 million / $35 million = 0.06

Adding the ratios together = 0.66

3 0
2 years ago
Brad Essary owned a small company that sold garden equipment. The equipment was expensive, and a perpetual system was maintained
olga_2 [115]

Answer:

Total= $77,300

Explanation:

Giving the following information:

lost, damaged, and stolen merchandise normally amounted to 5 percent of the inventory balance. On June 14, Essary's warehouse was destroyed by fire. Just before the fire, the accounting records contained a $136,000 balance in the Inventory account. However, inventory costing $16,900 had been sold and delivered to customers but had not been recorded in the books at the time of the fire. The fire did not affect the showroom, which contained inventory that cost $35,000.

Accounting record= 136,000

Normal Damaged merchandise= 136,000*0.05= 6,800 (-)

Sold inventory= 16,900 (-)

Showroom= 35,000 (-)

Total= $77,300

3 0
3 years ago
Jerry, a partner with 30% capital and profit interest, received his Schedule K-1 from Plush Pillows, LP. At the beginning of the
Kisachek [45]

Answer:

The Jerry's adjusted basis in his partnership interest at the end of the year is $45,500

Explanation:

The adjusted basis of Jerry in his partnership is shown below:

= Partnership interest - Ordinary loss + long term capital gain + dividend - non deductible expense + cash contribution - share reduction

= $50,000 -$15,000 + $3,000 + $2,000 - $500 + $10,000 -$4,000

= $45,500

The ordinary loss, share reduction, and non deductible expense would decrease the Jerry interest in partnership firm while all other cost would increase his interest. That's why the amount is added and subtracted.

Hence, the Jerry's adjusted basis in his partnership interest at the end of the year is $45,500

5 0
3 years ago
Employees who record and are paid for the exact of amount of time spent working are paid on a(n) _____ basis.
Greeley [361]
Hourly basis.  Salaried employees are paid a flat fee to get the job done.  
6 0
2 years ago
Other questions:
  • Garcia Ltd. is trying to estimate its cost of common equity, and it has the following information. The firm has a beta of 0.90,
    8·1 answer
  • A firm that has recently experienced an enormous growth rate is seeking to lease a small plant in Memphis, TN; Biloxi, MS; or Bi
    7·1 answer
  • The logistics/operations manager of a mail order house purchases two products for resale: king beds (K) and queen beds (Q). Each
    13·1 answer
  • Hudson Co. reports the contribution margin income statement for 2019.
    13·1 answer
  • Which act prohibits an employer from paying an employee of one gender less money than an employee of the opposite gender where t
    15·1 answer
  • Initech has 7 million shares of common stock outstanding and 50,000 bonds outstanding. The bonds pay semi-annual coupons at an a
    14·1 answer
  • Walker was gathering information on plasma and LCD TVs because he wanted to purchase one for his household. He bought several el
    11·1 answer
  • Which statement describes the effect of taxes on a traditional 401(k) retirement account?
    7·2 answers
  • Can somone awnse r my math question in my questions on my profile caus im low in math
    11·1 answer
  • List three things to compare when getting a car loan.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!