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
Harlamova29_29 [7]
4 years ago
14

Janice bought her house in 2008 for $395,000. since then, she has deducted $70,000 in depreciation associated with her home offi

ce and has spent $45,000 replacing all the old pipes and plumbing. she sells the house on july 1, 2017. her realtor charged $34,700 in commissions. prior to listing the house with the realtor, she spent $300 advertising in the local newspaper. don buys the house for $500,000 in cash and assumes her mortgage of $194,000. what is janice's adjusted basis at the date of the sale and the amount realized
Business
2 answers:
Flauer [41]4 years ago
6 0

Answer:

Janice's adjusted basis = $370,000

Janice's amount realized = $659,000

Explanation:

Janice's adjusted basis = $395,000 (purchase price) - $70,000 (depreciation) + $45,000 (repairs) = $370,000

Janice's amount realized = $500,000 (cash) + $194,000 (mortgage) - $34,700 (realtor fee) - $300 (advertising expenses) = $659,000

bonufazy [111]4 years ago
5 0
At the time of sale, Janice's adjusted basis is $405,000 computed as follows: $405,000 = $395,000 (original price) + $45,000 (for replacing old pipes and plumbing) + $34,700 (realtor's commission) + $300 (advertising) - $70,000 (depreciated amount). The amount realized is $694,000 computed as: $694,000 = $500,000 (cash paid) + $194,000 (mortgage assumed by the buyer).
You might be interested in
The "act" part of the PDCA cycle for project meetings is: ​ a. perform in-between meeting tasks b. prepare an advanced agenda to
Lelu [443]

Answer: perform in-between meeting tasks(A)

Explanation:

The plan-do-check-act (PDCA) is a four-step method that is used in business and organizations for the control and improvement of the processes and products

A in PDCA stands for Act and it means to take action based on what one has learned in the study. In a case whereby the change does not work, own should go through the cycle again using a different plan.

In cases were one is successful, the person should incorporate what has been learned from the test into broader changes.

The "act" part of the PDCA cycle is used to perform in-between meeting tasks.

3 0
3 years ago
This business pays income taxes on the sales of its products each year.<br> This is:
coldgirl [10]

Explanation:

what is the question??

5 0
3 years ago
Read 2 more answers
Joe works for a life insurance company that funds commercial investment projects and often insures these projects by insisting o
Mademuasel [1]

Answer: Participation

Explanation:

Participation financing is a firm of financing whereby a loan is shared by several parties because such loans are too huge and a party cannot take the loan alone.

Since we are informed that works for a life insurance company that funds commercial investment projects and often insures these projects by insisting on an equity position, this means that participation financing is being practiced.

7 0
3 years ago
A. property rights are closely linked to the degree with which individuals use their entrepreneurial skills.
skad [1K]

What exactly is the question?

6 0
3 years ago
Costs that change directly with the level of production are referred to as ________ costs
Elodia [21]
The answer to this question is Variable cost.
As the level of production increase , the total variable cost is increased and vice versa.
Examples of variable cost are the cost of sugar in condensed milk factory, the cost of leather in bag manufacturing, the cost of coffee beans in starbucks, etc.
6 0
4 years ago
Other questions:
  • When a salesperson in the computer store asks a customer who is deliberating over a purchase, "Will that be cash or charge?" he
    6·2 answers
  • Firms using the __________ approach during the decline stage of the product life cycle will gradually reduce marketing expenditu
    6·1 answer
  • Rising prices for raw materials, the increasing availability of recycling facilities, and a move toward increased environmental
    11·2 answers
  • Ace Products has a bond issue outstanding with 15 years remaining to maturity, a coupon rate of 7.4% with semiannual payments of
    11·1 answer
  • Which benefit is shared by both Monopolies and Oligopolies?
    9·1 answer
  • Dom, an EZ Baked Goods salesperson, follows Flora, a salesperson for Goody Pastries, Inc, as she attempts to make sales to food
    7·1 answer
  • Writing in the new york times on the technology boom of the late​ 1990s, michael lewis​ argues, 'the sad​ truth, for​ investors,
    14·1 answer
  • Tara and her parents want to save at least $40,000 for college in 8 years. Which statement describes the most effective savings
    15·2 answers
  • A Birmingham, Alabama, foundries produces cast-iron ingots according to a 3-month capacity plan. The cost of labor averages $100
    10·1 answer
  • list four strategies that individuals, families, businesses, and government apply when making financial decisions.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!