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kirza4 [7]
3 years ago
15

Mr. and Mrs. Jones sold their principal residence for $750,000. They had lived in their residence for 20 years, and it had an ad

justed basis of $210,000. The Joneses have decided not to purchase a new home and will instead rent a condominium on the beach. What amount of gain must they recognize on this transaction?
a. $0b. $540,000c. $750,000d. $40,000
Business
1 answer:
IceJOKER [234]3 years ago
7 0

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.

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When a company uses the allowance method to measure bad? debts, ________?
ale4655 [162]
When a company uses the allowance method to measure bad? debts, Bad Debts Expense. 
<span>"The Bad Debts Expense account is facing a difficulty for achieving the objective, and when a certain or some account is written off".

This is Bad Debts Expense.</span>
5 0
3 years ago
On January 1, 2020 (the date of grant), Concord Corporation issues 2,300 shares of restricted stock to its executives. The fair
ioda

Answer:

Explanation:

Date. Description/Account. Debit. Credit.

1/1/2020. Unearned Compensation. $69,000

Paid - in Capital in Excess of Par. $69,000

Common stock. $10,000

12/31/2020 Compensation Expense. $23,000

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5 0
3 years ago
Four hospitals are located within a city at coordinate points P1=(10,20), P2=(14,12), P3=(8,4) and P4=(32,6). The hospitals are
Illusion [34]

Answer:

The coordinates of the location of the Blood bank = ( 20.7826, 9.73913 )

Explanation:

Coordinates of the Four(4) hospitals are

P1=(10,20),   P2=(14,12),   P3=(8,4) and   P4=(32,6)

Number of deliveries to be made each year for each hospital respectively:

450,   1200,    300, and 1500

conditions :

(i) if travel is rectilinear in the city

(ii) if travel is measured in Euclidean distance.

<u>Determine where the Blood bank is to located to minimize weighted distance travelled each year </u>

find the values of the below variables :

Total load of the Hospitals( ∑load ) = 450 + 1200 + 300 + 1500 = 3450

Lx = ∑x * load = ∑ 10*450 + -------- + 32*1500 = 71700

Ly = ∑y * load = ∑ 20*450 +--------- + 6*1500 = 33600

The coordinates of the Blood bank = [ ( Lx / ( ∑load ) ) ,  Ly /  ( ∑load ) ]

                                                          =[ (71700/3450) , (33600/3450) ]

Hence The coordinates of the  location of the Blood bank = ( 20.7826, 9.73913 )

6 0
3 years ago
Please list five words to describe your dominant culture. Please list five words to describe a culture with which you are not a
Karolina [17]
Dominant culture: male, white, middle-class, English speaking, heterosexual

Not a member of: Chinese, transgender, poverty, etc.
6 0
3 years ago
Lindell sells $100 of goods to a customer. The customer pays with a personal check. Recording this transaction will include a
Dafna1 [17]

If the customer pays with a personal check. Recording this transaction will include a Debit Cash $100.

<h3>
Journal entry</h3>

Based on the information given since Lindell sells good of the amount of $100 to a customer in which the customer pays with a personal check the appropriate journal entry to record this transaction will includes;

Lindell journal entry

Debit Cash $100

Credit Check receivable $100

Inconclusion if the customer pays with a personal check. Recording this transaction will include a Debit Cash $100.

Learn more about journal entry here:brainly.com/question/14279491

6 0
2 years ago
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