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MA_775_DIABLO [31]
2 years ago
7

Jose started renting a house to Bill for $600 per month beginning February 1, 2019. Bill paid $1,200 on January 15, 2019, which

included one month’s rent and one month’s security deposit. The rent is due by the 5th of the month. The lease specifies that the security deposit will also be used as the final month’s rent. Bill pays the rent on the 2nd of each month. Bill also paid $150 for repairs to the air-conditioning system in July and $80 for a roof repair in September. He deducted the amounts from the rent paid to Jose for those months. Bill was unable to pay December’s rent until January of the next year. How much should Jose report as rental income for 2019?
Business
1 answer:
rusak2 [61]2 years ago
3 0

Answer: $6,600

Explanation:

Income, although not typically in a taxpayer’s possession, is usually constructively received in the taxable year which is when it is credited to the person's account, or made available so that the person may draw upon it at any time, or could have drawn upon it in the taxable year when the notice of intention to withdraw has already been given.

However, income is not constructively received when the taxpayer’s control of receipt is subject to limitations or restrictions. In this case, the last month’s rent ($600 security deposit) has already been constructively received and is included; but, the rent that was received in January for the December rent has not been constructively received and is therefore not included for a total of $6,600 which was derived from the [$600 deposit which was last month rent + ($600 × 10 months Feb-Nov)].

= $600 + $6000

= $6600

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3 years ago
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Of the approximately 27.3 million small businesses in this country, ____ have no employees.
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<span>Approximately 90% of all small businesses have no employees. These would be the businesses run by a single person or a partnership, with no outside help having been hired to help with the duties of the job. This shows that a great percentage of these businesses are one- and two-person endeavors, while the larger small businesses are a distinct minority.</span>
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3 years ago
In 1931, President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 19
uranmaximum [27]

Answer:

B) $1,132,895

Explanation:

If the CPI = 15.2 in 1931, and in 2012 it was = 229.6, then President Hoover was making a fortune = (229.6 / 15.2) x $75,000 = $1,132,895, and he was a terrible president, one of the worst ones in all history.

In 2012 when President Obama was in office, he made around $400,000 and he was a much better president.

6 0
3 years ago
1. In a pure competition market, producers should produce and sell where P=MC. Why? Why couldn’t they price their product above
Travka [436]
In a pure competition market, all products that being sold in that market is EXACTLY the same. None is worse and none is better.

In that condition, Buyers will make their decision based on price ( since all product's quality is possible)

That's why producers should sell where p=MC, which mean they should sell in the lowest price possible to be able to compete with other competitors
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2 years ago
Project X1 Project X2 Initial investment $ (80,000 ) $ (120,000 ) Expected net cash flows in year: 1 25,000 60,000 2 35,500 50,0
nirvana33 [79]

Answer:

For project X1 : IRR = 20.34%

For Project X2 : IRR = 12.99%

Explanation:

The internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

The IRR can be calculated using a financial calculator.

For project X1 :

Cash flow in year 0 = $ (80,000 )

Cash flow for year 1 = 25,000

Cash flow in year 2 = 35,500

Cash flow in year 3 = 60,500

IRR = 20.34%

For Project X2 :

Cash flow in year 0 = $(120,000 )

Cash flow in year 1 = 60,000

Cash flow in year 2 = 50,000

Cash flow in year 3 = 40,000

IRR = 12.99%

To find the IRR using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.

I hope my answer helps you

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