The amount of gain that will be recognized in 2021 under the installment method, is $27, 857 . 14
<h3>How to find the gain recognized?</h3>
First, find the profit margin on the land sold by Allen to Stan:
= ( Selling price of land - Allen's basis in the land) / Allen's basis in the land
= ( ( 300, 000 + 65, 000) - 255, 500) ) / 255, 500
= 109, 500 / 255, 500
= 42. 857 %
The gain to be recognized, using the installment method is:
= Profit margin x Amount paid by Allen in 2021
= 42. 857 % x $ 65, 000
= $27, 857 . 14
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Answer:
Revenues are the amounts a business charges its customers for services it provides or goods it sells to them.
Revenue is reported when the company fulfills its promise to transfer control of a good or service to a customer.
Explanation:
The accounting follows principles which state that revenue will be recognize based on conservatisim and only when it is earned. Thus, it will be recognize when the business transfer control of the good or perofrm the serviced to a customer. The payment of a customer do not represent revenue until the job is complete or the goods delivered.
Answer:
Multiple regression
Explanation:
With regards to the above, multiple regression can be used to determine one educational background, interest and gender so as to see if there is a variation in terms of individual's annual income as it relates to their educational background.
Multiple regression basically is a mathematical model, which is used when one value is matched with two or more variables. Here, the value is a stand alone, which is why we study, while the variables are dependent; hence are factors that required to be checked and why the whole analysis is being conducted.
In the above scenario, the value being represented is 'annual income' which is independent, while educational background, interest and gender are variables which are independent.
Answer:
Supplies Expense $ 950 Dr.
Supplies Account $ 950 Cr
To record supplies used .
Explanation:
Supplies are assets until they are used. When they are used up their costs are reported as expenses. The cost of unused supplies are recorded in a supplies asset account.
The entry above shows that supplies of $ 950 have been used up during the accounting period from the amount of $ 1385 leaving supplies of $ 435.
Not making an adjustment entry on 31 Dec would underestimate expenses and overstate net income.
Arthur is in the status of identity referred to as<u> identity foreclosure.</u>
<h3>What is Identity foreclosure?</h3>
Identity foreclosure can be defined as the stage of self or identity discovery in which a young person identify what they are capable of doing but they are yet to experience other available options.
Hence, he agreed to join the family business without thinking about his decision because he is in identity foreclosure stage.
Therefore Arthur is in the status of identity referred to as<u> identity foreclosure.</u>
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