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Ket [755]
3 years ago
12

Sandy earned a salary of $50,000 last year. Her parents gave her a car valued at $23,000 for her birthday. In addition, she earn

ed $1,200 in interest income on a savings account and inherited $75,000 from her grandmother's estate. What is the amount of Sandy's gross income?
Business
1 answer:
IgorLugansk [536]3 years ago
5 0

Answer:

$51,200

Explanation:

Gross income computation includes all forms of income such as wages, rents, royalties, dividend etc. However, gifts and inheritances are not considered as a part of the gross income.

Therefore, Sandy's gross income consist of her salary, and the interest income

Sandy's Gross income = 50000 + 1200

                       = $51,200

The inheritance of her grandmother's estate and car gift are not included as a part of Sandy's gross income.

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Journalize the following selected transactions of Miramax Rentals. Omit explanations.
alexandr1967 [171]

Answer and Explanation:

The journal entries are shown below:

On Aug 1

Inventory  Dr     $850

      To Accounts payable $850

(Being inventory purchased on account)

On Aug 8

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      To Advance deposit a/c $125

(Being cash receipts is recorded)

On Aug 20

Accounts Receivable Dr $1250

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(Being revenue is recorded)

On Aug 31

Utility expense Dr $180

       To Cash $180

(Being cash paid is recorded)

On Aug 31

Cash Dr $600

      To Accounts Receivable a/c $600

(Being cash received is recorded)

8 0
3 years ago
The leontief paradox describes evidence ________. in support of the predictions of the mercantilist theory that the assumptions
Bond [772]

The Leontief paradox describes evidence contrary to the predictions of the factor proportions theory. Factor proportions theory on the other hand, states that a country will produce and export those goods that require resources that is abundantly available within the country.





7 0
3 years ago
Case precedent is: a. always followed. b. followed if it is within the state. c. examined in each case and is always followed. d
Yuliya22 [10]

Answer:

The correct answer is letter "D": part of the doctrine of stare decisis.

Explanation:

Stare decisis is a practice in Law by which courts must follow similar past cases -called precedents- when making the final decision of the case they have in front. Those cases are typically complicated to rule out, then, Courts consider past similar decisions to adapt the previous criteria determined to their cases.

7 0
3 years ago
Nessca corp. manufactures electronic gadgets. it instructs its marketing team to competitively advertise and promote its gadgets
Natasha2012 [34]

I guess the correct answer is be inward looking, focusing on selling what the firm makes.

Nessca Corp. manufactures electronic gadgets. It instructs its marketing team to competitively advertise and promote its gadgets. The company, instead of believing in market research, believes that the market will absorb more products if customers are made aware of the products. The workforce of Nessca Corp. is most likely to be inward looking, focusing on selling what the firm makes.

4 0
3 years ago
Read 2 more answers
1. The most common definition of appraisal is:
german

Answer:

development of an opinion of market value.

Explanation:

As defined in USPAP, an appraisal is the act or process of developing an opinion of value. The valuation process is a systematic procedure the appraiser follows to answer a client's question about real property value. The most common type of appraisal assignment is the development of an opinion of market value.

5 0
3 years ago
Read 2 more answers
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