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Maslowich
2 years ago
14

Oliver, a widower who does not live in a community property state, sold 50 acres of land he and his wife had paid $10,000 for in

1999. She died in 2009. As of the date of her death, the land was valued at $50,000 for estate tax purposes. Oliver sold the land for $100,000 on an installment basis. What is his gross profit percentage?
Business
1 answer:
aivan3 [116]2 years ago
8 0

Answer:

The options are given below:

A. 50%

B. 60%

C. 70%

D. 80%

The correct option is C.

Explanation:

From the question above, we are asked to calculate Oliver's gross profit percentage.

  • Gross profit percentage is calculated by dividing the gross profit made from the sale by the contract price.
  • Gross profit is calculated by subtracting the installment sale basis from the selling price.
  • Contract price refers to the total of all the principal payments that are to be received on the installment sale.

Oliver's adjusted basis at the time of sale is:

$30,000 ($5,000 + .50 ($50,000))

His gross profit percentage is:

70% [($100,000 - $30,000) ÷ $100,000].

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Answer:

The statement is true

Explanation:

Booster club is the organization which is formed in order to support the organization, associated club and sports team. The club support through coordinating events or raising the funds.

So, yes, the coaches are legally could receive the bonus from the booster club at the season conclusion as the booster clubs are not state funded, so they are intended to use the money for the school resources.

And there is no legal matter is involves with giving the coaches bonuses as the booster club raise the fund from the extra circular activities.

 

4 0
2 years ago
At the beginning of her current tax year, Angela purchased a zero-coupon corporate bond at original issue for $30,000 with a yie
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Answer:

She will report an interest income of $1,827 for this year.

Explanation:

The yield to maturity is 6%. However, the interest on the bond is compounded semi-annually. Therefore, we need to calculate the interest income for either semi-annual period and then sum the two incomes.  

Interest income for first semi-annual period

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= $900

Interest income for second semi-annual period

= ($30,000 + $900) x 0.06 x 6/12

= $30,900 x 0.06 x 6/12

= $927

Interest income for the year

= $900 + $927

= $ 1,827

4 0
3 years ago
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Answer:

At will employment

Explanation:

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Surplus is the amount of an asset or resource that exceeds the amount used. To calculate consumer surplus, simply divide the consumer's actual price by the amount they were willing to pay.

When you have more of something than you need or intend to use, you have a surplus. For example, if you cook a meal and there is food left over after everyone has eaten, you have a surplus of food.

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6 0
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