Answer:
$31,000
Explanation:
Before the sale of the investment property, the book value is calculated as follows.
Book Value = beginning basis + capital improvements - depreciation
= 77,000 + 4,000 - 15,000
= book value = $66,000.
Therefore, capital gain on the sale
= sales value - book value
= 97,000 - 66,000
= $31,000.
Answer:
Certified Financial Statements including: Two-year audited Balance Sheet, audited Statement of Income and Audited Statement of Cash Flows both for Three-years.
Explanation:
Generally, the report expected from a public traded company (listed on the stock exchange and sells shares to the public) is called a 10-k.
A 10-K represents an annually filed comprehensive report showing the financial performance of an organisation as specified by the Security and Exchange Commission (SEC). The report which is prepared by the Management of the company should contain the following sub sections:
- Overview of the Business; Ownership etc.
- Risk Factors of the Business
- 5 years selected financial data
- Management Discussion and their analyses based on yearly operations
- Financial Statement and Supplementary Data: This must contain the Balance Sheet, The Statement of Income, Statement of Cashflow and then Supplmentary notes to the account. All audited and cetified true and fair by an independent external auditor
I believe the missing word is actual.
Great question!
Fiat money deries it's value from law or regulation. However representative money derives its value either from a claim on a commodity (gold for example).
However sometimes representative money means it has value higher than what it is made of, ie if you melt it down it is worth less than before it is melted down. In this sense fiat money is a type of representative money
