1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
saveliy_v [14]
3 years ago
12

This year, Barney and Betty sold their home (sales price $660,000; cost $180,000). All closing costs were paid by the buyer. Bar

ney and Betty 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:
Contact [7]3 years ago
8 0

Answer:

The whole of the $480,000 gained

Explanation:

Barney and Betty are selling their home for $660,000 and the cost incurred is $180,000. Their net profit is 660,000-180,000= $480,000.

However Barney and Beth have lived in the house for 18 months, they have not stated for up to two years, so they do not meet the two year ownership and use test.

All of the gain on the sale will be included as gross income. That is the whole $480,000 gained.

You might be interested in
Why are economic systems needed? Respond to the question below with a minimum of 5 sentences.
harina [27]

Answer:

Explanation:Since economic resources are scarce, they must be used efficiently. We want to produce as much goods and services as we can, and in the process, produce the goods and services needed the most.  There are five functions an economic system performs in producing goods and services for consumption.

6 0
3 years ago
Longstreet inc. has fixed operating costs of $470,000, variable costs of $2.80 per unit produced, and its product sells for $4.0
vovangra [49]
The answer is 391 667 
I think it is right so be sure to check just in case
good luck
3 0
3 years ago
According to the video, what are some decisions that Architects make? Select four options.
Elza [17]

The decisions that Architects make include:

  • how much money a building will be worth when finished.
  • how people will feel when they enter or leave a building.
  • where to put doors, walls, and windows.
  • what building materials to use.

<h3>Who is an architect?</h3>

It should be noted that an architect simply means an individual who plans, designs and also oversees the construction of a building.

In this case, some of the decisions that Architects make include how much money a building will be worth when finished, how people will feel when they enter or leave a building, etc.

Learn more about architect on:

brainly.com/question/7472215

3 0
2 years ago
Which of the following is true of variances? a.Unfavorable variances occur whenever actual prices or actual usage of inputs are
Marysya12 [62]

Answer:

B) Favourable Variances occur whenever actual prices or actual usage of inputs are greater than standard prices or standard usage.

Explanation:

Variances refer to the difference between actual and standard or budgeted costs. Standard cost is also referred to as budgeted cost. Budgeted costinh can be used by a food nutritionist to determine the food quantity he can cook as well as the ingredient amount which consists of the budgeted costs and the actual cost of preparing the food. Budgeted costchas a major advantage which is its ability to determine the pricing policy even before the product or service is delivered. When favourable or unfavourable variances are mentioned, it refers to the greater of budgeted or actual price or quantity. Favourable goes with a greater actual price or quantity while unfavorable or adverse goes with a greater standard price or quantity.

5 0
3 years ago
Read 2 more answers
Which skills will be most beneficial for computer help desk technician
tester [92]
Here are five of the most advantageous soft skills for IT help desk technicians:<span>Critical Thinking. Oftentimes, help desk technicians have flow charts or predefined procedures they can follow to resolve known problems. ...Written Communication. ...Active Listening. ...Verbal Communication. ...Conflict Resolution.</span>
7 0
3 years ago
Other questions:
  • The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash
    8·2 answers
  • Jim manages a small factory that produces circuit boards. Jim operates from the belief that a good product creates demand. He fo
    14·1 answer
  • Ewing Marion Kauffman built his successful pharmaceutical company around targeting a _____ the larger pharmaceutical companies a
    7·1 answer
  • Alaskan foodstuffs just announced the annual dividend for this coming year will be $0.36 a share and all future dividends are ex
    13·1 answer
  • Squeaky Clean produces commercial strength cleansing supplies. Two of its main products are window cleanser that uses​ ammonia,
    5·1 answer
  • Dothan Inc.'s stock has a 25% chance of producing a 30% return, a 50% chance of producing a 12% return, and a 25% chance of prod
    14·1 answer
  • Which of the following statements is true of globalization? Group of answer choices It has curbed the growth of the middle class
    5·1 answer
  • I GIVE BRAINLIEST! ASAP!!!!
    13·1 answer
  • As the manager in an insurance company, Emanuel is responsible for reviewing the following two plans that he will offer to the p
    11·1 answer
  • Explain the differences and similarities between compound interest (for money saved) and compound growth (for money invested).
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!