Savings accounts . . .
interest rates are most determined by the state of
the national economy.
Mutual funds . . .
Treasury bills . . .
traded on nationwide exchanges; prices and returns
are pretty uniform nationwide.
Real estate . . .
rests directly on local conditions in each city, and sometimes even in
different parts of the same city;
affected by things like local unemployment, local bad weather,
local price of gas, local tourism, local special events, etc.
Answer:
correct option is C. $250,000
Explanation:
given data
sold the home and gain = $300,000
to find out
amount of the gain allowed to exclude from gross income
solution
we know that Michael owned the property for the 10 years
so here Michael is not allowed to exclude the gain = 10 % that is $30,000
and The maximum gain exclusion permitted = $250000
so here Michael will recognize $50,000 because amount exceed $250,000 for a single taxpayer and exclusion of gain on sales of property tax payer need to own and occupy the property as principle residence for the 2 out of 5 year immediately preceding the sales
so here correct option is C. $250,000
Answer:
1. Once a month, the sales department sends sales invoices to the accounting department to be recorded.
⇒ documentation procedures
Unless all of the company's sales take place only once a month, sales should be recorded as soon as possible. Accounting records must be as precise and accurate as possible, and they must be processed on time. Stacking invoices makes no sense, since sales might be on cash or the collection period might be very short. Who holds the money until the sales records are made?
2. Leah Hutcherson orders merchandise for Rice Lake Company; she also receives merchandise and authorizes payment for merchandise.
⇒ segregation of duties
One single person cannot be responsible for the whole process, since this creates a huge opportunity for fraud. Imagine if the person in charge of the inventory is also in charge of making new purchases, paying for them and reporting ending inventory. No company would be able survive one year, while the person in charge would get rich.
3. Several clerks at Great Foods use the same cash register drawer
⇒ establishment of responsibility
If everyone is allowed to collect money, no one can be responsible for any loss.
Answer:
Therefore government purchases is $300 million
Explanation:
In this case, GDP is the sum of consumption, investment, and government purchases. To calculate the value of consumption we use the formula:
CC + II + GG = Y
GG = Y - CC - II
Where:
government purchases = GG
taxes minus transfer payments (TT) = $260 million
consumption (CC) = $300 million
investment (II) = $300 million
Y = country GDP = $800 million
GG = Y - CC - II
Substituting:
GG = $800 million - $300 milllion - $300 million
GG = $200 million
Therefore government purchases is $300 million
Suppose a market basket of goods and services costs $400 in the base year and the consumer price index (cpi) is currently 125. This indicates the price of the market basket of goods is now <u>$275</u>.
Inflation is a boom within the standard fee stage. The respectable inflation price is tracked with the aid of calculating changes in a degree called the consumer price index (CPI). The CPI tracks modifications in the cost of residing through the years. Like different financial measures it does a quite precise job of this.
The consumer price index is referred to as that index that is utilized in calculating the retail inflation within the economic system by monitoring the modifications in costs of most normally used goods and services. In other words, the patron charge index calculates the changes in the rate of a common basket of products and offerings.
The CPI tracks the change in retail fees of products and offerings which families buy for or their daily intake. To degree inflation, we estimate how a great deal CPI has accelerated in terms of percentage change over the identical length of the preceding 12 months. If expenses have fallen, it is referred to as deflation (negative inflation).
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