When property is sold in the middle of year, both the buyer and seller can deduct their pro rated portion of the property tax.
The property taxes are based on the assessed value of the property. So when the property tax is pro rated at the time of the transfer, both the buyer and seller can deduct their pro rated portion of the property tax.
Buyer and seller prorations are often applied during real estate closing transactions to divide the cost of expenses like property taxes. Thus, the buyer gets a deduction for the prorated amount of property tax due after closing, and the seller gets the same deduction for the taxes.
Hence, both the buyer and seller receives the deduction for the real property tax.
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Answer:
app stores
Explanation:
An App Store refers to the digital storefront designed to enable the check and study of digitally offered software titles or other media for sale. Analytically, the storefront application itself offers a safe, standardized experience that simplifies the acquisition, decoding, and configuration of software packages or any other electronic media.
Usually, app stores arrange the applications they sell on the basis of: the function(s) offered by the app (including gaming, graphics or productivity), the platform the app was built for and the operating system upon which app will be working.
Answer:
The Journal entry is as follows:
Bad Debt Expense A/c Dr. $15,218
To allowance for doubtful accounts $15,218
(To record the bad debt expense in 2017)
Working notes:
Bad Debt Expense in 2017:
= (Sales revenue - allowances) × 2%
= ($801,000 - $40,100) × 2%
= $760,900 × 0.02
= $15,218
Answer:
The quantity that Sarah's Machinery Company is indifferent between two technologies is 5.
Explanation:
We are looking for the quantity that Sarah's Machinery Company is indifferent between two technologies, so we have to find the quantity that the total cost with technology A is the same to the total cost with technology B
Total cost technology A=500+50x
Total cost technology B=250+100x
500+50x=250+100x
500-250=100x-50x
250=50x
x=250/50=5