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Ratling [72]
3 years ago
13

Sweetpea Corporation sold a tiller that it used in its landscaping business. The tiller cost $5,000 and Sweetpea had taken $2,00

0 of depreciation deductions up to the time of sale. The corporation sold the tiller for $4,000 two years after it was purchased. What is Sweetpea's gain or loss
Business
1 answer:
astraxan [27]3 years ago
6 0

Answer:

Sweetpea have a gain of $1,000

Explanation:

When the depreciable property is sold, then the gain or loss will be computed to the extent on the difference among the selling price and the adjusted basis.

So, the adjusted basis will be

= Cost of the basis - Depreciation

= $5,000 - $2,000

= $3.000

Therefore,

Gain or Loss = Selling Price - Adjusted basis

                     = $4,000 - $3,000

                     = $1,000

Hence, it is a gain of $1,000.

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Miguel is a new salesperson for Imperial Realty. Dissatisfied with the lack of mentoring he has received, he decides to work for
Mama L [17]

Answer:

Miguel cannot keep the listings; they belong to Imperial Realty.

Explanation:

Since Miguel decides to work for Millennium Real Estate instead and want to transferred his license but at the time of switching,  he listed two properties.

So as a salesperson he cannot keep the listing as it belongs to a broker not a salesperson and the broker should also be reassigned to the new salesperson plus it also belongs to the imperial realty which he has not part anymore

3 0
3 years ago
Housing subsidies for low-income households:__________.
Trava [24]

Answer:

D. represent a non-cash transfer.

Explanation:

Subsidized Housing is simply a form of housing where financial incentive is somehow given or provided in the form of a direct payment or tax relief to the housing developer, individual renter e.t.c.

Subsidy is said to be an incentive financial) give in the form of a direct payment or tax relief to the housing developer, property owner, or individual renter.

Low-Income Households are usually a households whose incomes do not surpass 80% of the median income for the area as stated by the department of housing and urban development.

8 0
3 years ago
Which of the following statements about the two alternative methods that may be used when preparing the statement of cash flows
Kipish [7]

Answer:

The following records won't be required in drawing up a cash flow statement:

a. Income statement (True)

b. Balance sheet (True)

c. Prospectus (False)

d. Financial statement notes (True)

e. Company news releases (False)

f. Statement of cash flows (True)

g. Stock price information and analysis (False)

h. Statement of shareholders' equity (True)

i. Management discussion and analysis of financial performance (False)

Explanation:

A cash flow statement is an element of the financial statement which helps investors identify the liquidity of the business.

It reveals in great details the sources and uses of the cash resources of the business, and gives true indication to the internal workings of management in wealth creation for the shareholders

Since its only concerned about the cash uses and sourcing, it means not all financial record of the business will be essential in drawing up a statement of cash flow.

8 0
4 years ago
Consumed to fuel day to day expenditure
olga55 [171]

Energy Expenditure can be expressed as a gross or net term. The total amount of energy expended for a specific activity including the resting energy expenditure. Gross energy expenditure is typically used for between person comparisons. Hope it helps

5 0
3 years ago
Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to c
ZanzabumX [31]

Answer:

B. Wisconsin gains 200, Illinois gains 300

Explanation:

Assuming that one state cleaning the lake does not interfere with the costs and social benefits of the other state (events are independent), Wisconsin will incur 1,200 in costs and receive 1,100 in benefits from its own cleaning and 300 from Illinois' cleaning. Illinois will incur costs of 900 and receive 600 in benefits from its own cleaning and 400 from Wisconsin's cleaning.

The payoff for each state is:

W = -1,200+1,100+300\\W=200\\I=-700+600+400\\I=300

Therefore, Wisconsin gains 200, Illinois gains 300.

3 0
3 years ago
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