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
stich3 [128]
3 years ago
15

Kate is an accrual basis, calendar-year taxpayer. On November 1, 2019, Kate leased out a building for $4,500 a month. On that da

y Kate received 7 months rental income on the building, a total of $31,500 ($4,500 × 7 months). How much income must Kate include on her 2019 tax return as a result of this transaction?
Business
1 answer:
katrin2010 [14]3 years ago
4 0

Answer:

$31,500

Explanation:

On November 1, 2019, Kate leased out a buliding for $4,500 per month.

On the same day( November 1, 2019) she received seven months payment for the building. Which means she received $31,500 (4,500* 7 months).

Accural taxpayers must be able to include all amount they are to receive for payments of services, once they earn it.

Since Kate is an accural taxpayer, and she receive the $31,500 payment on November 1, 2019, she must include the whole $31,500 on her 2019 tax return as a result of this transaction.

You might be interested in
A company started the year with "$185,000 of goods finished" and ready for sale. During the year, a total of $700,000 of goods w
gulaghasi [49]

Answer:

$110,000

Explanation:

The closing balance in the finished goods inventory account is a function of the opening balance and the net movement that occurred during the year.

As such, the closing balance

= opening balance + purchases/production - sales

Given;

opening balance = $185,000

purchases/production = $550,000

sales = $625,000

Therefore,

closing balance in the finished goods = $185,000 + $550,000 - $625,000

= $110,000

6 0
3 years ago
The advantage of having many potential suppliers is their willingness to A. provide technical expertise. B. participate in JIT.
Stolb23 [73]

Answer:

d

Explanation:

the more the suppliers the more the competition would be among suppliers to gain customers. As a result, they would offer lower prices in the short run to customers to gain them.

In the long run, suppliers would leave the oversaturated industry and equilibrium would be restored.

6 0
2 years ago
Usually a company is classified as a single business firm when revenues generated by the dominant business are greater than ____
hammer [34]

Answer: A company is classified as simple business when revenues generated by the dominant business are greater than 95%.

Explanation: The advantage of having a company where its profits come from a single type of activity, is that they concentrate all their forces and can have a better competitive advantage than in the opposite case, activities are diversified. Example: A company dedicated to the manufacture of private vehicles would be simple if it only executes the manufacture of vehicles and diversified when it sells in addition to private vehicles, trucks and motorcycles.

4 0
3 years ago
Why does the kyoto protocol allow a less-developed nation such as china to be exempt from some limits on emissions of greenhouse
OLga [1]
Economic development depends on industrial growth, which may increase greenhouse gas emissions. Hope this was helpful (:
5 0
2 years ago
What is the main advantage of using e-mail to complain about a service or product?
anzhelika [568]

Unlike conventional mail, email can send your complaint within minutes or seconds to the company.  This is the reason why use of email has become popular.  The reaction to act on the complaint will depend on the company.  Sending an email does not guarantee that they will act on it right away. 

4 0
3 years ago
Other questions:
  • The following information is available for Waterway Industries: Sales $640000 Total fixed expenses $150000 Cost of goods sold 44
    13·1 answer
  • A _____ refers to a control system combining four sets of performance measures: financial, customer, business process, and learn
    14·1 answer
  • Answer this question on the basis of the given information for an economy in 2016. dollar value of resource extraction activity
    15·1 answer
  • How does economic efficiency relate to the gains of consumers and producers? a. It a market economy, when the demand for a good
    12·1 answer
  • Stan is a real estate broker in Colorado. He has identified a property for a fast food outlet and has asked four friends to cont
    6·2 answers
  • A proportion of membership of a group?
    10·1 answer
  • Select all the correct answers.
    14·1 answer
  • Is anyone feeling like they can be a King or Queen in the world today? If so comment below®
    10·1 answer
  • While everyone's personal financial goal will be to their situation, the means for achieving them will be similar. what is one o
    15·1 answer
  • Paddle fans & more has a marginal tax rate of 34 percent and an average tax rate of 23.7 percent. if the firm earns $138,500
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!