Answer:
D) $40,000
Explanation:
The Joneses qualify for a Section 121 exemption since they lived at their house for 20 years. They are exempted from paying capital gains taxes on the first $500,000 ($250,000 if single) in realized gains from selling their home.
Joneses taxable gain = $750,000 (sales price) - $210,000 (basis) - $500,000 (section 121) = $40,000
They will have to recognize only $40,000 in gains.
The net asset would be $81,000 or $0 depending upon the policy of the Non-Profit Organization.
<h3><u>
What is a Non-Profit Organization?</u></h3>
- A non-profit organization is a group that was established with the intention of making a profit, and in which no part of the organization's revenue is given to its directors, officials, or members.
- "Non-stock corporations" are a common moniker for nonprofit organizations.
- They may be organized as a corporation, a sole proprietorship, an unincorporated association, a partnership, a foundation, a condominium, or another type of individual enterprise (for instance, individual charitable contributions) (joint ownership of common areas by owners of adjacent individual units incorporated under state condominium acts).
- When they are established, nonprofit organizations must declare themselves to be so and are only allowed to work on projects that fall under their legal definition.
The value of the equipment given by the donor = $90,000
The charge of depreciation = $9,000.
The total assets of a business less the total liabilities equals the entity's net assets. The sum of a company's net assets equals its stockholders' equity in whole. Net assets are divided into unrestricted and restricted net assets of a nonprofit organization.
The net asset would be either $81,000 or $0.
Know more about Non-Profit Organization with the help of the given link:
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Correct Answer : C; High employment and price level stability.
Answer:
b. list the average amount.
Explanation:
If your income varies, you should "list the average amount".
When a particular set of values vary, an average value is used. Average value is actually the estimated value which is found in two or more varying values. It gives an idea of what an expected value will be.
So, when income varies, the average amount is expected to be listed. This is done in order compensate even the lowest amount. So if two income varies, the average amount can be determined by adding the highest amount to the lowest amount, and dividing the outcome by 2.
Answer:
2190 ; 2560 ;
$778.2
Explanation:
Total worth of gasoline sold = 16003.50
Cost of regular = 3.30
Cost of premium = 3.45
Let :
premium Gallon sold = x
Regular gallon sold = 370 + x
Hence, mathematically;
(3.45*x) + (3.30 * (x + 370)) = 16003.50
3.45x + 3.30x + 1221 = 16003.50
6.75x = 16003.50 - 1221
6.75x = 14782.5
x = 14782.5 / 6.75
x = 2190
Premium Gallon sold = 2190 gallons
Regular gallon sold = 2190 + 370 = 2560 gallons
Profit per regular gallon sold = $0.15
Progit per premium Gallon sold = $0.18
Total profit = (2190 * 0.18) + (2560 * 0.15) = $778.2
