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Citrus2011 [14]
3 years ago
9

Andrew sold IBM stock to his sister Susan for $6,000. Andrew purchased the stock two years ago for $8,000. Susan sold the stock

through her broker for $7,300. How much gain or loss did Susan recognize on the sale?
a. $700 loss
b. No gain or loss
c. $1,300 gain
Business
1 answer:
klasskru [66]3 years ago
6 0

Answer:

c. $1,300 gain

Explanation:

In this scenario, Susan recognized a $1,300 gain on this sale. This is because Susan originally purchased the stock for a total price of $6,000. When she sold the stock, she sold it for a higher price than what she originally paid for it therefore recognizing a gain. To calculate this gain we simply subtract her initial purchase price from her selling price of the stock which would give us a $1,300 gain.

$7,300 - $6,000 = $1,300

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Marginal analysis studies how individuals decide: a. whether to go to college. b. whether to live on the margin of society. c. h
Andreas93 [3]

Answer:

Correct option is (d)

Explanation:

Marginal analysis is a decision making tool used by managers to identify if an additional effort on an activity or incurring additional cost would be beneficial or yield more profits.

In other words, individuals decide on the basis of marginal analysis whether to work more or a activity or not based on the outcome. If the outcome is profitable, then the individual would choose to work harder and vice versa.

8 0
3 years ago
Phillis and Trey are married and file a joint tax return. For 2019, they have $4,800 of nonbusiness capital gains, $2,300 of non
andreev551 [17]

Answer:

Based on these transactions, to arrive at the NOL, Phillis and Trey's taxable income must be adjusted by $21,000.

Explanation:

From the provided data we have;

nonbusiness capital gains = $4,800

nonbusiness capital losses = $2,300

interest income, and no itemized deductions = $500

The standard deduction for married filing jointly = $24,000

To arrive at Net Operating Loss = standard deduction for married - (interest income + (nonbusiness capital gains - nonbusiness capital losses))

NOL = $24,000 - [500 + (4800 -2300)]

= 24000 - (500 + 2500)

= 24000 - 3000

= $21,000

Based on these transactions, to arrive at the NOL, Phillis and Trey's taxable income must be adjusted by $21,000.

7 0
3 years ago
Becky asks her friend Maggie to walk her dog for her, and Maggie agrees. While out walking, the dog gets away from Maggie and ru
mezya [45]

Answer:A. Becky is liable for the damages to Mr. Edwards' garden, because she exercised control over her agent, Maggie.

Explanation:This is a situation where a person is working under the instructions of another, Becky will take the full responsibility for the damage done by the Dog to Mr. Edwards garden.

This can be seen also in conditions where a principal gives instructions or job to an Agent, the actions of the agent will directly impact the Principal as the Agent is working according to the directives of the principal.

7 0
3 years ago
Cash $ 8,600 Accounts receivable 16,500 Office supplies 2,000 Trucks 173,000 Accumulated depreciation—Trucks $ 35,638 Land 75,00
True [87]

Answer:

Net Income $23,588

Retained Earnings $140,088

Explanation:

To calculate the value of the retained earning at the end of the next year it's necessary to find the income of the current year and then deduct the dividends paid during the year, the remaining value adds to the retained earnings.

This value that we get of retained earnings at the end of the year, it's the value missing at the end of the year to explain the accounting equation of Assets = Liabilitites + Equity

Income Statement Blink

Trucking fees earned $ 135,000

Depreciation expenses -$ 22,987

Salaries expenses -$ 63,315

Office Supllies expenses -$ 13,500

Repair expenses -$ 11,610

Income $ 23,588

Retained Earnings Report  

Opening retained earnings $ 135,500

Add: Net Income $ 23,588

Subtotal $ 159,088

Less: Dividens -$ 19,000

Total $ 140,088

BALANCE SHEETS Dec 31

Cash  $ 8,600

Accounts Receivable  $ 16,500

Office Supplies  $ 2,000

TOTAL CURRENT ASSETS  $ 27,100

Equipment  $ 173,000

Accum Depreciation Truck  -$ 35,638

Land  $ 75,000

TOTAL NONCURRENT ASSETS  $ 212,362

TOTAL ASSETS  $ 239,462

Accounts Payable  $ 12,600

Interest Payable  $ 3,000

TOTAL CURRENT LIABILITIES  $ 15,600

Long Term Notes Payable  $ 52,000

TOTAL NONCURRENT LIABILITIES  $ 52,000

TOTAL LIABILITIES  $ 67,600

Common Stock  $ 31,774

<u>Retained Earnings  $ 140,088 </u>

TOTAL EQUITY  $ 171,862

7 0
3 years ago
Theoretically high taxes slow the economy because
Vlad1618 [11]

High taxes in theory would slow the economy because they redirect money from the private sector to the government and reduce consumption.

<h3>How do high taxes slow the economy?</h3>

The economy grows when the private sector produces more and grows. High taxes will take money from this sector which would leave less cash for growth investment.

High taxes also reduce the amount that people have for consumption which would reduce Aggregate demand.

Find out more on Aggregate Demand at brainly.com/question/1490249.

#SPJ12

4 0
1 year ago
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