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andrew11 [14]
3 years ago
6

Out of state seller sold a property for $489,000. The property was highly leveraged resulting in cash proceeds to the seller of

$5,500. How much should be withheld subject to the Colorado Department of Revenue Income Tax?
a.$9780

b.$5500

c.$110

d.$978
Business
1 answer:
jek_recluse [69]3 years ago
8 0

Answer:

correct option is b.$5500

Explanation:

given data

sold property = $489,000

highly leveraged resulting  cash = $5,500

to find out

How much withheld  to the Colorado Department of Revenue Income Tax

solution

we know that when any seller out of state address then state direct close  withholding = 2 percentage of net proceeds or  purchase price

which is less we take that and here 2% is

2 percentage of sold price = 2% of $489,000

2 percentage of sold price = $9780

so we can say $9780 amount is higher than proceeds amount =  $5,500

so we take here lesser amount i.e. $5,500 as withheld potential tax liability

so correct option is b.$5500

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As a member of a task team at work, Faith feels her group has been successful in completing all its projects ahead of time. Its
Vlad1618 [11]

Answer:

A. the illusion of invulnerability

Explanation:

This group will most likely develop overconfidence in any future task assigned to them. This is based on the fact  that they have a repetitive history of successfully completing its project in time. By being overly optimistic , analytical thinking can be eliminated and these symptoms of groupthink are referred to as the illusion of invulnerability. The group therefore can end up taking too much risk as the members feel that no obstacle can hinder them from being successful in their projects.

3 0
3 years ago
The Talley Corporation had taxable operating income of $495,000 (i.e., earnings from operating revenues minus all operating cost
Ivahew [28]

Answer: $465,000

Explanation:

To calculate the Taxable income we would have to adjust the figure for dividends received as well as interest.

Now, 50% of dividends received are taxable so let's adjust for that first,

= 20,000 * 0.5

= $10,000

$10,000 of dividends are taxable.

To calculate the Taxable income we have to use the following formula,

Taxable income = Income after operating Costs - Interest Charges + Taxable dividends

= 495,000 - 40,000 + 10,000

= $465,000

That Taxable income is therefore $465,000

Note: The dividends paid are not included here because they are taxable and already included in the Taxable operating income so including it again would amount to Double Counting.

If you need any clarification do react or comment.

4 0
3 years ago
Read 2 more answers
Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been cl
denis23 [38]

Answer:

*** Cash $37,500

Explanation:

Optimum weight loss classified balance sheet .

Assets

Current assets

Cash $37,500

Account receivables $116,750

Prepaid insurance $7,200

Prepaid rent $21,000

Supplies $4,800

Total current assets $187,250

Non current assets

Equipment $474,150

Less

Accumulated depreciation $186,400

NBV $287,750

Land $300,000

Total non current assets

$587,750

Total assets

$775,000

Liabilities

Accounts payable $37,700

Salaries payable $9,000

Unearned fees $18,000

Total liabilities

$64,700

Equity

Common $75,000

Retained earnings $635,300

Total equity

$710,000

Total liabilities + equity

$710,300 + $64,700 = $775,000

6 0
3 years ago
Which of the following best describes a dividend? ​
iragen [17]

Answer:

The answer is C.

Explanation:

8 0
3 years ago
To test an herbal treatment for acid reflux disease, 100 volunteers who suffered from mild indigestion were randomly divided int
MAVERICK [17]

The correct answer is Only (A) and (C) are true

Explanation:

In a study or research, the control group is the one that does not receive a treatment. This means, in this case, the control group includes those who only drink the green tea without the herbs because they serve as a standard to measure the effects of the herbs. This makes statement A (The "only green tea" group serves as the control group) true; also, the group receiving the herbs is the experimental group.

On the other hand, a double-blind study is one in which the researchers and the participants ignore who is receiving the treatment, which guarantees there is objectivity. This occurs in the study presented because neither the researcher nor the subjects known who received the herbal mix. Thus, statement C (This study is double-blind) is true.

Finally, a study is classified as observational if there is not intervention but the researchers just observe participants to study a phenomenon. This does not occur in the study presented because there is an intervention through the herbal treatment, and therefore the study is not observational.

3 0
3 years ago
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