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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.

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Answer:

Explanation:

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Where

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And, the intangible assets include patents, copyrights, trademark, and other intellectual properties.  

The current liabilities include the wage payable, account payable, unearned rent, etc

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1. Accounts Payable = Balance sheet in a current liabilities side  

2. Depreciation Expense = Income statement in the debit side  

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It would be under-produced. <span />
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3 years ago
Shane, a sales manager, remarked that typically, her employees sincerely and positively overstate their job performance and abil
e-lub [12.9K]

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C) holier-than-thou

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