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melisa1 [442]
2 years ago
9

Chris paid $100,000 for a single-family home on July 1, 2019, and immediately placed it in service as residential rental propert

y. At the time, the land was valued at $10,000. The property generated $6,000 in rental income for the year. His only expenses consisted of depreciation and $500 in real estate taxes. Chris is not a real estate professional, but he does actively participate in his rental real estate activity. He has no other passive income or losses. What amount does Chris report for his total rental real estate and royalty income
Business
1 answer:
alekssr [168]2 years ago
6 0

Answer:

Total Rental real estate and royalty income $4,000

Explanation:

The computation of the total rental real estate and the royalty income is as follows;

For rental income and royalty

Cost of single family home $100,000

Less: Valuation of the land -$10,000

Value allocated to property 90,000

Multiplied by  Depreciation rate  1.667%

Depreciation Expense for 2019 $1,500

Rental Income 6,000

Less: Depreciation expense for 2019  -$1,500

Less: Real Estates taxes  -$500

Total Rental real estate and royalty income $4,000

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An investor purchased 100 shares of stock X at \small 6\frac{1}{8} dollars per share and sold them all a year later at 24 dollar
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Answer:

option (C) 280%

Explanation:

Number of shares of stock X purchased = 100

Purchasing cost of share = \$6\frac{1}{8} =\frac{49}{8}

Selling cost of stocks = $24 per share

Brokerage paid = 2%

Now,

The total purchasing cost involved = 100\times\frac{49}{8} + 2% of 100\times\frac{49}{8}

= 612.5 + 0.02 × 612.5

= $624.75

also,

Total income from sales of stocks

= Total selling cost of shares - brokerage paid

= $24 × 100 - 2% of Total selling cost

= $2400 - ( 0.02 × $2400 )

= $2400 - $48

= $2,352

now,

The investor's percent gain on this investment = \frac{\textup{Income-invested amount}}{\textup{Invested amount}}\times100\%

= \frac{\textup{2,352 - 624.75}}{\textup{624.75}}\times100\%

= \frac{\textup{1727.25}}{\textup{624.75}}\times100\%

= 276.47% ≈ 280%

Hence, the correct answer is option (C) 280%

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3 years ago
which florida law requires owners and operators of motor vehicles to be financially responsible for damages and or injuries they
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Lina Co. uses the allowance method to account for bad debts. On January 28, Lina determines that a $200 balance from ZRT, Inc. i
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Answer:

c) credit to Accounts Receivable - ZRT.

f) debit to Allowance for Doubtful Accounts.

Explanation:

As for the information provided,

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