Answer:
Gain recognized by Ben = $10,000
Explanation:
Given Data:
Adjusted basis of property=$40000
Cash received = $15000
Additional stock received = $35000
Total received = Cash received + Additional stock received
= $35000
+ $15000
= $50000
Gain recognized by Ben = Total received - Adjusted basis of property
=$50,000 -$40,000
= $10,000
Therefore, gain recognized by Ben = $10,000
A credit union is owned and operated by the people who have accounts in it. In a traditional bank, the bank is run by a president and a board of higher people. In a credit union, all members of the union own a stake of the company and the board is made up of members of the credit union.
Answer:
Explanation:
Basically there are three types of activities:
1. Operating activities: It includes those transactions which affect the working capital, and it records transactions of cash receipts and cash payments.
2. Investing activities: It records those activities which include purchase and sale of the fixed assets
3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance.
So, the items reported or not reported is shown below:
1. $75,000 cost of office equipment - not reported
2. $58,000 accumulated depreciation - not reported
3. $20,200 sales price - investing activities - added
4. $3,200 gain on sale of equipment - operating activities - deducted
True, you don’t want to spend more money on wants instead of needs because if you do you won’t have enough money for things that you really need.
Answer:
Net Pay = Gross Pay - Federal Income Tax - FICA-SS Tax - FICA-Medicare Tax
Net Pay = $8,260.00 - $1,325.17- $512.12 - $119.77* = $6,302.94
Explanation:
