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MA_775_DIABLO [31]
3 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]3 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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loss at the short run

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3 years ago
Sapien Corporation has provided the following data for the most recent year: Sales $1,340,000 Gross margin $460,000 Net operatin
natima [27]

Answer:

Option (d) is correct.

Explanation:

Given that,

Sales = $1,340,000

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Net income = $27,200

Gross margin percentage is calculated by dividing the gross margin with sales.

Gross margin percentage:

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3 years ago
The 80/20 principle holds that 20 percent of all customers generate 80 percent of the demand. Although the percentages usually a
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Answer: usage-rate segmentation

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5 0
3 years ago
When Time, Inc. publishes a kid's version of its Sports Illustrated publication it is attempting to influence today's children t
olasank [31]

This process of attempting to influence today's children to purchase SI when they become adults is an example of : Consumer perception.

<h3>What is consumer perception?</h3>

Consumer perception is a marketing concept aimed at creating customer's impression, awareness and consciousness about a company product offerings.

Customer perception is typically affected by the following:

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Therefore, the process where Sports Illustrated its publication and attempt to influence today's children to purchase SI when they become adults is an example of consumer perception.

Learn more about consumer perception here : brainly.com/question/6772250

5 0
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During September 2022, Carla Vista Diner’s total liabilities decreased by $69000 and its stockholders’ equity increased by $1000
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assets reduced by $59,000

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3 0
3 years ago
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