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Svetach [21]
3 years ago
9

g sold their home (sales price $960,000; cost $260,000). All closing costs were paid by the buyer. Mitch and Michelle owned and

lived in their home for 18 months. Assuming no unusual or hardship circumstances apply, how much of the gain is included in gross income
Business
1 answer:
Llana [10]3 years ago
5 0

Answer:

$700,000

Explanation:

Data provided in the question

Sales price of the home = $960,000

Cost price of the home = $260,000

Based on the above information,

The computation of the amount of gain included in gross income is shown below:

= Selling price of the home - cost price of the home

= $960,000 - $260,000

= $700,000

Hence, the amount of gain i.e $700,000 is included in the gross income

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Nolan Dry Cleaners has determined the following about its​ costs: Total variable expenses are $40,000​, total fixed expenses are
blondinia [14]

Answer:

Operating income= 40,000

Explanation:

Giving the following information:

Total variable expenses are $40,000​, total fixed expenses are $30,000, and the sales revenue needed to break even is $40,000.

Sales= operating income + fixed costs + variable costs

Sales= 40,000 + 30,000 + 40,000= 110,000

Operating income:

Sales= 110,000

Variable costs= 40,000

Gross profit= 70,000

Fixed costs= 30,000

Operating income= 40,000

3 0
3 years ago
The concept "bureaucracy" refers to
Vera_Pavlovna [14]

Answer:

d. An organizational model rationally designed to perform task efficiently.

Explanation:

Bureaucacy is an organization plan that performs daily activities like division of labour, has standardize processes and responsibilities. In bureaucracy, there is relationship between employees, hierarchies and duties are clearly spelt.

An example of bureaucracy is car production department. The department involves so many processes, division of labour and interpersonal relationships among employees.

Thus, bureaucracy tends to perform tasks efficiently due to a number of inputs required to complete the process.

6 0
3 years ago
Capital gains may be preferred by investors over dividends even if dividends and capital gains are taxed at the same rate becaus
lawyer [7]

Answer: c. taxes on capital gains can be timed

Explanation:

Capital gains represent an appreciation in the value of a security therefore they bring in profit to the owners of that security. Capital gains are not taxed until the owner sells the security which means that these taxes can be timed by the owner who can decide to sell at specific times to reduce their tax bill.

This is different from dividends that are taxed as soon as the company declares them. The investors have no say as to the tax timing so they will prefer capital gains where they have some form of control.

6 0
3 years ago
During globalization 1.0 all important business functions were located in the home country, whereas during globalization 2.0 mul
Alex777 [14]

During globalization 1.0 all important business functions were located in the home country, whereas during globalization 2.0 multinationals began to copy themselves <u>in a few key countries.</u>

<u />

Globalization is a time period used to explain how change and era have made the arena into a more connected and interdependent location. Globalization additionally captures in its scope the economic and social adjustments which have come approximately as a result

Multinational businesses are a tangible instance of globalization. a few examples include the subsequent: McDonald's had 39,198 rapid-food eating places in 119 nations and territories, consistent with its Securities and alternate commission filing on the cease of 2020.

Learn more about globalization here: brainly.com/question/200850

#SPJ4

4 0
2 years ago
Happy​ Trails, Inc. manufactures railway coaches and uses the FIFO method of process costing to record costs. The Workminusinmin
sertanlavr [38]

Answer:

80 % of materials ;  43 % of conversion costs

Explanation:

The FIFO method traces equivalent units for materials and conversion costs for the following categories :

  1. Opening Work in Process units
  2. Units started and completed
  3. Ending Work in Process units

So the units not completed from last months are the first to be completed during the month (hence To finish Opening Work in Process). During the year there are units started and completed (hence Units Started and Completed) and units started that never gets completed (hence Ending Work in Process units).

All these physical units need to be expressed to the percentage of work done on them - equivalent units.

The question is focusing on Number 3 - Ending Work in Process units. So 80 % of materials and 43 % of conversion costs were added during October for these units.

4 0
3 years ago
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