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frutty [35]
3 years ago
7

Abby sells real property for $300,000. The buyer pays $5,000 in property taxes that had accrued during the year while the proper

ty was still legally owned by Abby. In addition, Abby pays $15,000 in commissions and $3,000 in legal fees in connection with the sale. How much does Abby realize (the amount realized) from the sale of her property? a.$287,000 b.$300,000 c.$282,000 d.$277,000
Business
1 answer:
tamaranim1 [39]3 years ago
5 0

Answer:

a. $287,000

Explanation:

According to the given situation, the computation of the amount realized is shown below:-

Amount realized = Sale value consideration + Property taxes paid by the buyer - Commission - Legal fees

= $300,000 + $5,000 - $15,000 - $3,000

= $305,000 - $18,000

= $287,000

Therefore for computing the amount realized we simply above formula.

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Llana [10]

Answer:

(C) Bonds Payable for $150,000

Explanation:

the face value of the bonds will the value at which bonds payable account enter the accounting. Then, there is a discount which decrease the net value of the bonds:

Bonds Payable        150,000 credit

Discount on bonds   15,000  debit

When the bonds are converted, we will write-off these account against common stock and additional paid-in

To wirte-off the account we need to post them in the other side so we got:

Bonds payable debit 150,000 debit

       Discount on bonds         15,000 credit

      Common Stock                       xx credit

      Additional paid.in                    xx credit

These makes option C correct

5 0
3 years ago
A major airline sells an aggressively low priced ticket compared to a new low-fare airline, which is trying to enter the market.
ankoles [38]

Answer:

The correct option is is A, predatory pricing

Explanation:

Predatory pricing is an illegal approach to pricing where a firm fixes a very low price in order to send competitors out  of business.

This is very applicable to a firm that has economies of scale where its cost per unit reduces as more and more units are produced, making it possible to undercut competitors without feeling much impact in profitability.

This approach is against the anti-trust law as it paves for a monopoly market,where only one firm operating in the market determines the price which is not likely to be favorable to consumers

8 0
3 years ago
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If you notice that you’re spending too much in a certain budget category, what are some things you could do to fix the shortfall
koban [17]

Some of the things which a person can do to adjust his spendings on a budget are:

  • Reduce spending habits
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<h3>What is a Budget?</h3>

This refers to a financial plan where a person has made different allocations as to where certain monies would go to to avoid impulse spending.

With this in mind, we can see that if a person is spending too much, in a particular category, then he would have to either reduce spending or make more money.

Read more about budgeting here:
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5 0
2 years ago
The risks created by rapid changes in it have not affected which concepts of internal control?
Goryan [66]

Internal control objectives remain essentially the same although technology, risks, and control methods change. Thus, many concepts of control (management's responsibility, the role of the control environment, reasonable assurance, monitoring, and cost-benefit analysis) are relevant regardless of IT changes.

<h3>What is technology?</h3>
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  • Systems make up the technologies used in modern life.
<h3>Why is technology so important in today's world?</h3>
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Learn more about technology here:

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5 0
1 year ago
Crandle Manufacturers Inc. is approached by a potential customer to fulfill a one-time-only special order for a product similar
Kruka [31]

Answer:

$400

Explanation:

Calculation to determine the minimum acceptable price of this special order

Using this formula

Minimum acceptable price=Direct materials+ Direct labor+ Manufacturing support +Marketing costs

Let plug in the formula

Minimum acceptable price=$140 + $100 + $105 + $55

Minimum acceptable price=$400

Therefore the minimum acceptable price of this special order is $400

7 0
3 years ago
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