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3 years ago

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An individual client purchased his residence 5 years ago for $200,000. For 3 of the last 5 years, the client rented out the prop

erty for income, and lived in the house of 2 of those years. The client sells the house for $500,000. How much of the gain is taxable

1 answer:

AlladinOne [14]3 years ago

7 0

Yes the answer is 500,000 dollrs

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The owners of a local business are making a rational decision about how many workers to hire. How many workers would cause the m

Gekata [30.6K]

<h2>10 workers would cause the marginal to exceed the marginal benefits.</h2>

Explanation:

Let us understand the term "Marginal benefits".
It is the additional amount that the consumer "willing to pay" for an additional goods or a service.
In terms of producers, the marginal benefit is termed as marginal revenue.
Here according to the situation given in the question as to how many workers to hire could be answered by the number 10.
Marginal revenue always falls below marginal cost.
It is the revenue that the organization receives for selling one additional unit.

8 0

3 years ago

Read 2 more answers

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepa

Vesna [10]

Question Completion:

Prepare income statement, statement of owners' equity, and a balance sheet.

Answer:

Elliptical Consulting

1. ELlIPTICAL CONSULTING

Income Statement for the year ended June 30, 2076:

Fees Earned $71,580

Salary Expense 28,670

Supplies Expense 3,340

Depreciation Exp. 1,990

Miscellaneous Exp. 3,010 37,010

Net Income $34,570

Statement of Owners' Equity for the year ended June 30, 20Y6:

Jayson Neese, Capital $38,320

Net Income 34,570

Jayson Neese, Drawing (4,880)

Jayson Neese, Equity $68,010

Balance Sheet as of June 30, 20Y6:

Assets:

Cash $15,780

Accounts Receivable 37,570

Supplies 640 $53,990

Office Equipment 30,810

Accumulated Depreciation 6,160 $24,650

Total assets $78,640

Liabilities + Equity:

Accounts Payable $10,140

Salaries Payable 490

Total liabilities $10,630

Jayson Neese, Capital $68,010

Total liabilities and equity $78,640

Explanation:

a) Data and Calculations:

Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 20Y6

Unadjusted Adjusted

Trial Balance Adjustments Trial Balance

Account Title Dr. Cr. Dr. Cr. Dr. Cr.

Cash 15,780 15,780

Accounts Receivable 37,570 37,570

Supplies 3,980 (a) 3,340 640

Office Equipment 30,810 30,810

Accumulated Depreciation 4,170 (b) 1,990 6,160

Accounts Payable 10,140 10,140

Salaries Payable (c) 490 490

Jayson Neese, Capital 38,320 38,320

Jayson Neese, Drawing 4,880 4,880

Fees Earned 71,580 71,580

Salary Expense 28,180 (c) 490 28,670

Supplies Expense (a) 3,340 3,340

Depreciation Exp. (b) 1,990 1,990

Miscellaneous Exp. 3,010 3,010

Totals 124,210 124,210 5,820 5,820 126,690 126,690

Adjusted

Trial Balance

Account Title Dr. Cr.

Cash 15,780

Accounts Receivable 37,570

Supplies 640

Office Equipment 30,810

Accumulated Depreciation 6,160

Accounts Payable 10,140

Salaries Payable 490

Jayson Neese, Capital 38,320

Jayson Neese, Drawing 4,880

Fees Earned 71,580

Salary Expense 28,670

Supplies Expense 3,340

Depreciation Exp. 1,990

Miscellaneous Exp. 3,010

Totals 126,690 126,690

6 0

2 years ago

Which of the following statements is false regarding audit reporting?

Mnenie [13.5K]

Answer:

None

Explanation:

In simple words, audit reporting or auditing refers to the process under which an independent third part, licensed by the regulatory body, examines the financial statements of an organisation to check if such statements depicts fair information and are made as per the regulatory standards.

The auditor if satisfied gives the positive assurance and if not then he or she can ask for further information or can directly report the statements to the regulatory bodies.

8 0

3 years ago

The risk-free rate is 5% and the tangency portfolio has 20% expected return and 40% return standard deviation. A risk-loving inv

marissa [1.9K]

Answer:

B. 500

Explanation:

Portfolio return = Weighted average return

Let the amount invested in portfolio is x and amount invested in risk free = 1000 - x

27.5% = 20%*x + 5%*(1000-x)

27.5% * 1,000 = 20%x + 50 – 5%x

0.275 * 1,000 = 15%x + 50

275 - 50 = 15%x

225 = 15%x

x = 225 / 0.15

x = $1,500

Hence, the amount of money borrowed = $1,500 - $1000

= $500

6 0

3 years ago

Despite recent pressure from stockholders to increase profits, World Extraction Corp., a global petroleum organization, has main

Harrizon [31]

Answer:

The answer is True.

Explanation:

From the description, it seems that World Extraction Corp is behaving in a socially responsible way – even though its stakeholders might not have the same view. Though in the long run, a company which behaves in socially responsible manner might accumulate enough goodwill from the society around it to be perceived with a good reputation, stakeholders who do not fit the company’s vision might end up being detrimental to the company’s business.

7 0

3 years ago