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 appraised value of the house is after calculating interest and the value is $86,250.
<h3>What is appraised value?</h3>
A qualified appraiser or valuer's assessment of the assessed value of the real property is what is meant by an appraised value or mortgage valuation. It is typically utilized as a pre-qualification criterion and risk-based pricing component in connection with a financial institution's issuance of mortgage loans.
Calculation of appraised value of the house:
- First, calculate the yearly interest. $5,520 in interest total every year ($460 x 12).
- Take a loan for $69,000 at an interest rate of.08 on $5,520.
- Next, subtract $86,250 from $69,000 to get the appraised value.
Hence, the total appraisal value is $86,250.
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It would be letter C - <span>To state the reason for the existence of a business.
</span>A mission statement<span> of a company defines what an organization is, why it exists, its reason for being. It is a sentence that states the company's function and the business's goals and philosophies. </span>
Answer:
The question is missing below:
Eneri Company's inventory records show the following data:
Units Unit Cost
Inventory, January 1 10,000 $9.20
Purchases: June 8 9,000 $8.00
November 8 6,000 $7.00
Under FIFO method,the December 31 inventory is valued at $28,000
Explanation:
Under FIFO first-in first out ,the understanding is that inventory bought first is the first to be sold,hence the closing inventory is to be valuated at the price of the last purchase since the last purchase units is more than closing inventory.
As a result, the 4,000 closing inventory is to be valued at $7 each,which gives $28,000($7*4000).
Answer:
A) Operating break even point
Explanation:
Operating break even point:This is the point when a business sales revenue is able to cover both the fixed and variable cost leaving the business with no Profits.
The firm doesn't make profit in operating break even point but doesn't incur loss either.
Fixed cost are cost that doesn't change during production process such as buildings, machineries, furniture and fittings etc.
Variable cost are cost that changes during the production Process such as raw materials which is used up during production.