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
ollegr [7]
3 years ago
5

On December 30, 2019, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,2

00 in selling expenses. The buyer paid $5,000 down with the balance payable in $10,000 installments over the next eight years. In addition, the buyer assumed a $15,000 mortgage on the property. Round any division to four decimal places, and use in subsequent computations. Round your final answer to the nearest dollar.
Under the installment sales method, the total contract price is $____, the total gain on the sale is $____ and the amount of gain reported in 2018 is $____.
Business
1 answer:
vlabodo [156]3 years ago
6 0

Answer:

Under the installment sales method, the total contract price is $85,000

gain on the sale is $58,800 ( 85,000 + 15,000 - 40,000 - 1,200)

and the amount of gain reported in 2018 is $3,459.

You might be interested in
Competition among more shoe sellers will _____ the price of shoes. increase decrease not change
storchak [24]
Decrease is correct answer.
8 0
3 years ago
Read 2 more answers
The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before li
Travka [436]
The answers are the following:
a. 
Brandon:
$7,000 + [($10,000/4)×3¿= $8,500
Ryan:
$7,000 + [($10,000/4)×1¿= $7,500

b.
Brandon $7,000
Ryan <span>$7,000</span>
6 0
2 years ago
In order to offset the competitive disadvantage of FOB plant pricing, Texas Granite Company in Dallas could use _____ pricing to
ozzi

Answer:

Freight-absorption

Explanation:

Based on the information provided within the question it can be said that the Texas Granite Company in Dallas should use Freight-absorption pricing in this situation. This is a pricing strategy in which the seller takes responsibility for all the freight charges that the company incurs in order to attract the amount of business that they hope to achieve. Since company's that are looking to buy see 0 freight charges it becomes a deal since they are saving money as opposed to buying from another company that charges the freight charges to the buyer.

6 0
2 years ago
Bill heard, as part of the _____ curriculum in his school, that certain races were not as good as others, and that coolness was
Alik [6]
<span>Bill heard, as part of the corridor curriculum in his school, that certain races were not as good as others, and that coolness was the key to everything. corridor curriculum means what students teach one another outside of the class room,usually negative.</span>
7 0
3 years ago
Rosie's flowers company in tulips, ohio, uses an e-commerce software program on its website to allow customers to enter their ow
Anna71 [15]
<span>Rosie's Flowers Company follows a B2C model. This is also known as a business to consumer model. It is when a business has transactions that are directly between the company and the consumers. The consumers are the end users of the products or services.</span>
5 0
3 years ago
Other questions:
  • Gear Electronics used to buy all of its component parts from a local plant in Cleveland, Ohio, but this year it has decided to b
    5·1 answer
  • With a deadline approaching, all seven members of Sharon's product development team were working round-the-clock and still the w
    7·1 answer
  • During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost
    15·1 answer
  • A monopolistically competitive firm
    8·1 answer
  • Which value describes the desire to be one’s own boss?
    14·2 answers
  • In 2015, government spending was $3.80 trillion, tax revenue was $4.50 trillion, GDP was $14.12 trillion, and total consumer spe
    15·1 answer
  • Imagine that you and a friend have developed a new sneaker and would like to manufacture the sneaker and sell it to Foot Locker.
    13·1 answer
  • Critical Chain Project Management (CCPM) attempts to keep the most highly demanded resource busy on critical chain activities, b
    13·1 answer
  • Stoneside Inc. has provided you with the following information for its Manufacturing Overhead account at the end of the period.
    5·1 answer
  • Which statement(s) most directly apply to capitalism? i. there is heavy government regulation of industry. ii. individuals can s
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!