Answer: $107,500
Explanation:
There is an "Exclusion of gain on sale of home" provision by the IRS that allows for a single tax payer to exclude up to $250,000 from the sale of their primary home. A home qualifies as primary if the owner has lived in it for 2 years or more so Steve's home here is a primary home.
The gain he received was:
= 705,000 - 347,500
= $357,500
From this gain, $250,000 can be excluded so total gain recognized:
= 357,500 - 250,000
= $107,500
Answer:
3. Dividend distribution to shareholders
Explanation:
The type of transaction that would be reported on a company's Statement of Changes in Equity is Dividend distribution to shareholders. The Statement of Changes in Equity is not regarded as part of the Financial Statements of a company but it is usually presented annually as a separate statement.
The Statement of Changes in Equity shows the details about changes in a company's assets, liabilities, and the owner's equity. The Statement of Changes in Equity is necessary because it shows important details about equity reserves that are not usually stated in financial statements. It shows the details about changes in the share capital of the company and the total income and loss of the company and the impact of it on the company, additional money invested into the business and details of the investment done, the dividend distributed and/or paid to shareholders and if there is any change in accounting policy of the company. It will also show the proceeds from any sale made by the company, unlike the financial statements.
Some of the transactions that will be reported in the Statement of Changes in Equity will include
The Net/total profit or loss of the shareholders.
The changes in share capital reserves either increase or decrease.
The dividend distributed and/or paid to shareholders.
Whether there is a change in the accounting policy of the company.
Answer:
c. Current bank statements
Explanation:
The CSS Profile is an essential document/form which is required to gain financial aid for college tuition. In general, it needs to assess whether an individual (student) is eligible to get such a benefit.
Naturally, the documents needed to make progress with completing the profile are the ones related to <u>financial information</u> (tax, bond possession, W-2 parent forms).
Other items listed can be demanded by a particular college, but are not essential to complete the profile.
Answer:
An increase in aggregate demand in the economy will have what effect on macroeconomic equilibrium in the long run? A. The price level will rise, and the level of GDP will fall.
Answer: In this particular case where the manager needs to inform about the employees quarterly project management, it would be better to inform them<u><em> face-to-face</em></u>. Since , it'll help the manager to provide a better insight to the project management training.
<u><em>Therefore, the correct option in this case is (a)</em></u>
