Answer:
Melody's net income for may is $ 1,075.
Explanation:
New income in cash basis = collection from instruction - piano rental bill
= $ 1,575 - $ 500
= $ 1,075
Therefore, Melody's net income for may is $ 1,075.
Answer:
Chapter 1 introduces the study of accounting. Accounting is defined as a set of concepts and techniques that are used to measure and report financial information about an economic entity. Accounting consists of both external reporting issues known as “financial accounting,” and internal reporting issues related to “managerial accounting.”
Explanation:
Answer: Harry tax basis = $33500
Hermione tax basis = $33500
Ron tax basis = $22400
Explanation:
Harry and Hermione both contributed cash of $33,500 to get things started. Therefore,
Harry tax basis = $33500
Hermione tax basis = $33500
Ron tax basis will be the difference between the basis of the land and the mortgage.
= $67000 - $44600 = $22400
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