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Over [174]
4 years ago
13

Rhett made his annual gambling trip to uwin casino. on this trip rhett won $250 at the slots and $1,200 at poker. also this year

, rhett made several trips to the race track, but he lost $700 on his various wagers. what amount must rhett include in his gross income?
Business
1 answer:
SIZIF [17.4K]4 years ago
5 0

Answer:

Gross income=(1450-700)=$750

Explanation:

Gross income is the total earning before any taxes or deductions

In this case;

Gross income=Winnings-Losses

where;

Winnings=Slots+poker=(250+1200)=$1450

Losses=racetrack=$700

Replacing;

Gross income=(1450-700)=$750

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A _______ gives its holder the right to sell an asset for a specified exercise price on or before a specified expiration date. m
Alisiya [41]

A put option gives its holder the right to sell an asset for a specified exercise price on or before a specified expiration date.

<h3>What is an asset?</h3>

Assets are any resources that a company or other economic entity owns or has control over in financial accounting. Anything (tangible or intangible) that has the potential to generate positive economic value qualifies. When turned into money, assets indicate the worth of ownership (although cash itself is also considered an asset). A company's assets are valued in dollars and are listed on its balance sheet. Money and other valuables that belong to a person or a company are covered.

Both tangible and intangible assets can be categorized into major asset classes.

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5 0
2 years ago
suppose that the demand for shoes is elastic, but the supply is inelastic. in the market for belts, the demand and the supply of
-BARSIC- [3]

A change in the cost of inputs would have the greatest impact on the price in the market for belts

Demand is elastic if a small percentage change in price leads to greater percentage change in quantity demanded. For example, a 10% change in price leads to a 50% change in the quantity demanded.

Demand is inelastic if a small percentage change in price leads to little or no change in the percentage change in quantity demanded. For example, a 10% change in price leads to a 5% change in the quantity demanded.

Supply is elastic if a small percentage change in price leads to greater percentage change in quantity supplied. For example, a 10% change in price leads to a 50% change in the quantity supplied.

Supply is inelastic if a small percentage change in price leads to little or no change in the percentage change in quantity supplied. For example, a 10% change in price leads to a 5% change in the quantity supplied.

An increase in cost would lead to a fall in supply as it would be more expensive to produce. A decrease in supply would lead to an increase in price.

In markets where the demand is elastic, the change in price would lead to a greater decrease in demand when compared with a market where demand is inelastic.

In markets where supply is inelastic, when price increases, suppliers would not be able to reduce supply as much as the market where supply is inelastic

A similar question was answered here: brainly.com/question/8925610?referrer=searchResults

8 0
3 years ago
During a company's first year, the asset account, Office Supplies, was debited for $3,900 for the purchases of supplies. At year
fiasKO [112]

Answer:

The adjusting entry will be shown below:

Explanation:

The adjusting journal which is to be recorded in the following case will be:

Office Supplies expense A/c..............................Dr  $2,275

          Office Supplies A/c.........................................Cr   $2,275

As the amount $3,900 is already debited and at the year end, the remaining amount of office will be posted to the account of the office supplies expense against the office supplies account.

Working Note:

Amount = Debited amount of office supplies - Offices supplies on hand

= $3,900 - $1,625

= $2,275

5 0
3 years ago
What role does weak financial regulation and supervision play in causing financial crises?
asambeis [7]

Weak regulation and supervision mean that financial institutions are at risk, especially if market behavior is weakened by the existence of a government safety net.

<h3>What are the causes and effects of a financial crisis?</h3>

The factors contributing to the financial crisis include systemic failure, unforeseen or uncontrollable human behavior, high-risk incentives, lack of control or failure, or infections that can spread the spread of virus-like problems from one institution or country to another.

Thus, this is the way weak financial regulation and supervision play in causing financial crises.

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7 0
2 years ago
The price of gold increases by 200%. if the price elasticity of demand for gold is 0.4, what will happen in the market?
SCORPION-xisa [38]
I believe the answer will be that, the Gold sales will decrease by 80%. (200 × 0.4)
Price elasticity is a measure of the change in the quantity demanded or purchased of a product in relation to its price change. It is the percentage change in the quantity demanded of a good or a service divided by the percentage change in the price. 
That is; Price elasticity of demand = % change in quantity/% change in price
3 0
3 years ago
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