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
-Dominant- [34]
3 years ago
12

Sally is a cash basis taxpayer and a member of the Valley Barter club. This year Sally provided 100 hours of sewing services to

the barter club in exchange for two football playoff tickets. Which of the following is a true statement?
a) Sally need not recognize any gross income unless she sells the football tickets.
b) Sally's exchange does not result in taxable income.
c) Sally is taxed on the value of the football tickets even if she cannot attend the game.
d) Sally is taxed on the value of her sewing services only if she is a professional seamstress.
e) All of these are true.
Business
1 answer:
Vaselesa [24]3 years ago
3 0

Answer:

c) Sally is taxed on the value of the football tickets even if she cannot attend the game.

Explanation:

In this situation Tickets are exchanged for services performed.

This is a payment in-kind. It uses a good or service instead of cash.

It is a form of compensation and so, the employee tax status is that the ticket is taxable income, as the ticket are equivalent to cash in this case.

You might be interested in
Which of the following is a brass instrument. a flute b french horn c piccolo. d English horn
Stells [14]
I think it is the french horn
3 0
3 years ago
Read 2 more answers
Why is it important to reconcile your bank statements?
densk [106]

Answer:

hen you reconcile your business bank account, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot inefficiencies.

Explanation:

5 0
2 years ago
Read 2 more answers
Entrepreneurs should base their market assessments, production schedules, inventory policies, and personnel decisions on
Law Incorporation [45]
It should be base on sales forecast because this will ensure or provide them sales in the future that they could estimate. This will help them to make business decisions for their company that will be of help for them to conclude the effect of these decisions. They are most likely using this forecast with the help of the assessment, policies or schedules in their business.
4 0
3 years ago
A country has constant opportunity cost of production. If they devote all of their resources to the production of blankets they
Zigmanuir [339]

Answer: 2.75 blankets.

Explanation:

The opportunity cost is the value of a good that is sacrificed by choosing some other alternative. So, there are certain costs associated with the consumption of some goods.

In our case,

Opportunity cost of producing 1 shirt = \frac{810}{294}

                                                              = 2.75 blankets

Opportunity cost of producing 1 shirt is 2.75 blankets which means that 2.75 blankets have to be foregone to produce 1 shirt.

7 0
3 years ago
Suppose someone borrows $552,000 today to buy a house in Davis, CA. If the annual interest rate is 4%, with monthly compounding,
galina1969 [7]

Answer:

Monthly Repayment on Loan  = $2634.06

Explanation:

given data

principal =  $552,000

annual interest rate = 4% = 0.333% monthly

solution

for get here fair value monthly mortgage payment we consider here time period is 30 year = 360 months

so now we apply here Monthly Repayment on Loan formula that is

Monthly Repayment on Loan  = principal ×  \frac{r(1+r)^t}{(1+r)^t -1}    .................1

put here value and we get

Monthly Repayment on Loan  = 552000 × \frac{r(1+0.333)^{360}}{(1+0.333)^{360} -1}    

Monthly Repayment on Loan  = $2634.06

4 0
3 years ago
Other questions:
  • 1. Gerald and Moira Johnson, are married taxpayers with two children, Michael and Oliver. Oliver lives with the Ryans and Michae
    9·1 answer
  • If a hurricane hits central florida, the marginal benefit from visiting disney world ______, which​ ______ the incentive to visi
    7·1 answer
  • In the presence of​ shortages, why would a​ firm, such as a restaurant with people waiting for a table or a theater with people
    11·1 answer
  • Why do you think the feudal system disappeared over the course of time? Best answer will be mark braniest
    12·1 answer
  • Which of the following was not a priority of Soviet planners?
    12·1 answer
  • when comparing companies in different industries a higher profit margin always indicates which company has better management
    10·1 answer
  • The stock of North American Dandruff Company is currently selling at $80 per share. The firm pays a dividend of $2.50 per share.
    15·1 answer
  • What organization or program interests you the most?
    7·2 answers
  • Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equ
    13·1 answer
  • what is the producer surplus if there is a $5 per unit transaction cost? (do not include the dollar sign $ in your answer)
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!