Answer:
Steve and Stephanie Pratt
a. The amount of gain on the sale of the home that the Pratts are required to include in their taxable income is:
= $352,500
b. The amount of gain on the sale of the home that the Pratts are required to include in their taxable income is:
= $352,500
c. The amount of gain on the sale of the home that the Pratts are required to include in their taxable income is:
= $352,500
d. The amount of gain on the sale of the home that the Pratts are required to include in their taxable income is:
= $352,500
Explanation:
a) Data and Calculations:
Initial purchase cost of a home in Spokane = $575,000
Selling price of the home on June 30 of Year 5 = $927,500
Recognized gains = Selling price of the home Minus Initial Purchase Cost
= $352,500 ($927,500 - $575,000)
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Answer:
d. Relies on prices and sales to communicate consumer wants to producers.
Explanation:
Market mechanism also known as free market economy is a market where there are no government control over what the buyers buy and what the sellers sells. Here, there are no regulations to prices of goods and services .
In a market mechanism, decisions on forces of demand and supply are made solely by individuals. Market mechanism are associated with capitalist economies unlike Government controlled markets which are associated with Socialist economies.
Examples of market mechanism are industries, companies, businesses which produces and sells goods and services at the price commensurate with what consumers want to pay . Also, companies are willing and able to pay highest wages and salaries in line with workers demand.
Answer:
Operating income= 40,000
Explanation:
Giving the following information:
Total variable expenses are $40,000, total fixed expenses are $30,000, and the sales revenue needed to break even is $40,000.
Sales= operating income + fixed costs + variable costs
Sales= 40,000 + 30,000 + 40,000= 110,000
Operating income:
Sales= 110,000
Variable costs= 40,000
Gross profit= 70,000
Fixed costs= 30,000
Operating income= 40,000
Answer:
I will follow all the code of conduct and discipline laid down by the CEO
