Answer:
$31,000
Explanation:
Given:
Net Proceeds of old house = $266,000
Adjusted basis amount = $235,000
Cost of new house = $198,000
Computation of Capital Gain:
Capital Gain = Selling Price of particular capital - Adjusted basis amount of capital
Capital gain = $266,000 - $235,000 = $31,000
Therefore, capital gain of Elizabeth from sold her home is $31,000
<span>When more than one of more of the central banks try to shift the exchange rates it is referred to as a market shift. These market shift occur periodically based on inflation and interest rates.</span>
2. Significant fluctuations in the market would actually be corrected
The report that is constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance is called : Adjusted trial balance
<h3>What is an adjusted trial balance?</h3>
Adjusted trial balance is an account prepared that shows the arithmetic accuracy of the ledger. This balance list the general ledger account balances after any adjustments have been made.
An adjusted trial balance include:
- Adjustment for prepaid and accrued expenses.
- Depreciation
Therefore, an adjusted trial balance is a report, constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance.
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