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3 years ago

So what is economics?

2 answers:

8 0

Economics has a lot to do with money it’s how we basically study politics and other things in our government like production distribution and consumption of good

pishuonlain [190]3 years ago

6 0

Answer: Economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services.

Explanation:

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A piece of property bought by XYZ Corporation a few years ago was sold for $5 M. The cost basis for this property was $2.75 M. T

Tanzania [10]

Answer:

True

Explanation:

Data given in the question

Sale value of the property = $5,000,000

Cost basis of property = $2,750,000

And, the taxable income is $12,150,000

So, based on the above information, the capital gain on the property is

= (Sale value of the property - Cost basis of property) × capital gain tax rate

= ($5,000,000 - $2,750,000) × 15%

= $337,500

We assume the capital gain tax rate is 15%

Hence, the given statement is true

8 0

3 years ago

Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received

Olegator [25]

Answer:

The after-tax cost is $23,940

Explanation:

For computing the after-tax cost, first we have to compute the present value which is shown below:

Present value = Bill payment × marginal tax rate

= $38,000 × 37%

= $14,060

So, after tax value would equal to

= Bill payment or Pre tax value - Present value

= $38,000 - $14,060

= $23,940

8 0

3 years ago

A tip of $10 is best for which kind of service?

lara31 [8.8K]

waiters and people who serve your food

4 0

3 years ago

Read 2 more answers

Which of the following accounts would not be included in the closing process at year-end?a) Rent expense.b) Additional paid-in c

hammer [34]

Answer:

b) Additional paid-in capital.

Explanation:

Closing process in accounting is a period end activities which involves

the movement or transfer of temporary accounts to permanent accounts.

Temporary accounts are all income statement accounts like sales account, rent account, depreciation expense account, telephone expense account e.t.c.

This exercise is to prepare temporary accounts for the next period. since temporary accounts are measured as at period end, the transaction of a period must not be allowed to mix with another, hence the need to always close or bring to zero all temporary accounts.

In the question, all are income accounts except additional paid-in capital

3 0

3 years ago

A business will construct its financial statements in a particular order because they are interrelated. This means that items fo

Blizzard [7]

Answer: d. Net income is part of the computation for ending retained earnings.

Explanation:

In the statement of owner's equity, Retained earnings are calculated and it is done with the Net Income. This is why when the net income is calculated from the Income Statement it is transfered to the SOE and used to calculate Retained Earnings.

Retained Earnings are calculated by the formula,

Ending Retained = Opening Retained Earnings + Net Income (losses) - Dividends

Net income is added to (or subtracted from if it is a Net loss) the Opening Retained earnings balance. Net dividends are also subtracted.

7 0

3 years ago