1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Pavlova-9 [17]
3 years ago
5

Rhett made his annual gambling trip to Uwin Casino. On this trip Rhett won $250 at the slots and $1.200 at poker. Also this year

, Rhett made several trips to the racetrack, but he lost $700 on his various wagers. What amount must Rhett include in his gross income? Multiple Choice
a. 08 Zero - gambling winnings are not included in gross income
b. $1,450
c. $250
d. $750
d. $1,200
Business
1 answer:
kogti [31]3 years ago
3 0

Answer:

b. $1,450

Explanation:

Data provided as per the question

Winnings in slot = $250

Winnings in poker = $1,200

The computation of gross income is shown below:-

Total amount in Gross Income = Winnings in slot +  Winnings in poker

= $250 + $1,200

= $1,450

Therefore for computing the total amount in gross income we simply add winning in slot with winning in poker.

You might be interested in
In an attempt to improve customer service, Alpha Toys Inc. decided to assign a team to investigate the kinds of services offered
saul85 [17]

Answer:

A

Explanation:

8 0
2 years ago
A _______ is a share of ownership in a company.
Dvinal [7]

Answer:

Partnership

Explanation:

When you share ownership of a company, you are partnering with someone.

8 0
3 years ago
Read 2 more answers
Typically, the firms' lowest cost source of financing is ____________ as its cost is tax deductible and it also tends to offer t
Finger [1]

Answer:

Debt

Explanation:

Debt is the lowest cost source of financing because the <em>interest</em> return given to holders of debt has a <em>tax shield</em> (tax deductible) that is provided by the Section 11j  of the Income tax Act.

The other sources of finance give a return in form of <em>dividends</em>. Dividends are are not tax deductible hence they attract a huge cost.

6 0
3 years ago
1. A company expects to sell 400 units of Product X in January and then expects sales to increase by 10% per month. If Product X
Len [333]

Answer:

1. $13,240

2. 16,000 units

3. 22,000 units.

Explanation:

The question is answered as follows

Part 1: Determine the total sales for the first quarter as follows

January Sales in Units = 400 Units

February Sales Units = 400 x 110% or 1.1= 440 units

March Sales Unites = 440 x 110% or 1.1. = 484 units

Total Sales = 1,324 x $10 = $13, 240

Part 2: Determine Production In August

Production in August making use of the relevant figures

= Expected units + (Expected units in september x 80%) - Inventory on August 1

= 12,000 + (0.8 x 15,000) - 8000= 16,000 Units

Part 3: Determine the Production Units as follows

Sales Units + Closing Inventory of finished goods - The Opening Inventory of finished goods

= 20,000 units + 5,000 units - 3000 units = 22,000 units

3 0
3 years ago
Read 2 more answers
Which type of investment involves lending money and charging interest on it?
Pavel [41]
C. Debit investment
6 0
3 years ago
Other questions:
  • Where would you be if the sun sets for six months, starting september 23?
    8·1 answer
  • An accountant has been engaged to compile the financial statements of a nonissuer. The financial statements contain many departu
    12·1 answer
  • Newspaper vending machines are often built so that customers can pay to lift a door and take a paper off a pile of daily newspap
    9·1 answer
  • What are the key choices a company must make before reaching the final decision to go global?
    12·1 answer
  • Venture capital required rate of return. Blue Angel Investors has a success ratio of with its venture funding. Blue Angel requir
    15·1 answer
  • Type the correct answer in the box. Spell all words correctly.
    5·1 answer
  • Denials can occur as a result of errors that occur at various points in the revenue cycle. Identify at least one error that can
    8·1 answer
  • The first decision you make involves your choice of employment. Which job did you choose? why?
    6·1 answer
  • A project screening criterion that allows the company to compare long-term versus short-term projects, projects with different t
    12·1 answer
  • anna's new business looks like it can grow quickly and become profitable in its first year. anna will likely find possible sourc
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!