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4 years ago

Do Public schools, charities and government agencies seek for profit

1 answer:

7 0

Well in order to run the business no matter which type it is there is a need for revenue, not profit, unless it is private. For public school revenue comes from the State and when a local shop sponsor.

Read more about Profit or Loss

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3 0

2 years ago

g sold their home (sales price $960,000; cost $260,000). All closing costs were paid by the buyer. Mitch and Michelle owned and

Llana [10]

Answer:

$700,000

Explanation:

Data provided in the question

Sales price of the home = $960,000

Cost price of the home = $260,000

Based on the above information,

The computation of the amount of gain included in gross income is shown below:

= Selling price of the home - cost price of the home

= $960,000 - $260,000

= $700,000

Hence, the amount of gain i.e $700,000 is included in the gross income

5 0

4 years ago

Questions for managing quality

WITCHER [35]

Answer:

be cool

Explanation:

stay cool

8 0

3 years ago

Marquette purchased 7% of RST stock for $50,000 on 1/1/21. Data regarding these securities follow: Year-end Date Market Value De

MariettaO [177]

Answer:

The security at December 31th 2023 will be listed for 68,000 under current assets.

Explanation:

The securities will be listed at their fair balance.

But, as the gain is unrealized until sale the company will record it within the concept of other comprehensive income.

The dividend will be considered gain of the period thus, they will be recognized ither cash or shares are received.

3 0

4 years ago

On January 1, 2019, Woodstock, Inc. purchased a machine costing $40,000. Woodstock also paid $1,000 for transportation and insta

irinina [24]

Answer:

annual depreciation expense = $6000

so correct option is d. $6,000

Explanation:

given data

machine costing = $40,000

transportation and installation = $1,000

useful life = 6 years

residual value = $5,000

to find out

How much is the annual depreciation expense

solution

we get here first Cost of machine that is

Cost = $40,000 + $1000

cost = $41000

so depreciable base will be here

Depreciable base = cost - residual value

Depreciable base = 41000 - 5000

Depreciable base = $36,000

so annual depreciation expense is

annual depreciation expense = $\frac{36000}{6}$

annual depreciation expense = $6000

so correct option is d. $6,000

3 0

3 years ago