Answer:
$289000
Explanation:
Effective Gross Income (EGI): Effective Gross Income is calculated by deducting the Vacancy and collection (V&C) loss from Gross Potential Income (GPI).
First year gross potential income (PGI) is $340,000
Vacancy and collection (V&C) loss is 15% of gross potential income
Therefore, (V&C) allowance = [$340,000 15%]
= $51,000
Calculate Effective Gross Income (EGI) for the first year of operations:
Item
Amount
Potential gross income (PGI)
$340,000
Less: V&C allowance (at 15% of PGI)
($51,000)
Effective Gross Income ( EGI )
$289,000
Hence the EGI is $289,000
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Answer:
The beginning of the extraction activities is 14.7 million.
Explanation:
Please find the detailed answer as follows:
Present Value of Cash Flows Expected From the Project/Asset Retirement Obligation at the Beginning = (.60*10 + .40*30)*PVIF(7%,3 Years) = (.60*10 + .40*30)*.81630 = 14.7 million
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AICPA: <span>The national professional organization of practicing Certified Public Accountants (CPAs), whose various committees and boards have been an important contributor to the development of GAAP.
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