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babunello [35]
3 years ago
13

With respect to income from services, which of the following is true?a. The income is always amortized over the period the servi

ces will be rendered by an accrual basis taxpayer.b. A cash basis taxpayer can spread the income from a 24-month service contract over the contract period.c. If an accrual basis taxpayer sells a 36-month service contract on July 1, 2017 for $3,600, the taxpayer's 2017 gross income from the contract is $600.d. If an accrual basis taxpayer sells a 24-month service contract on July 1, 2017, one-half (12/24) the income is recognized in 2018.e. None of these.
Business
1 answer:
shtirl [24]3 years ago
8 0

Answer:

C. If an accrual basis taxpayer sells a 36-month service contract on July 1, 2017 for $3,600, the taxpayer's 2017 gross income from the contract is $600.

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8.Kline and Salomon form the KS Partnership as 50/50 partners. Kline contributes equipment that has a fair market value of $60,0
mojhsa [17]

Answer: $40,000

Explanation:

Kline brings in equipment that is worth $60,000 but has a basis of $45,000.

The equipment however is subject to a loan of $10,000.

This loan will have to be deducted from the basis. The partnership however is assuming the loan and Kline is only 50% liable in the partnership so Kline's basis will only be affected by half of the loan.

Basis = 45,000 - 5,000

= $40,000

5 0
3 years ago
a property manager has just started working for a new property owner who owns a small apartment building. the property manager l
ivolga24 [154]

Competitive analysis includes investigation into competing properties.

A property manager's most obvious job is finding tenants for rental properties. Property managers are responsible for viewing prospective tenants, conducting credit and reference checks on applicants, and coordinating the move-in process.

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In the absence of an Agency Agreement, analysis of your obligations to Buyers includes honesty, fairness, and proper accounting of funds. You are under no obligation of loyalty or confidentiality and cannot represent the purchaser. To obtain the maximum benefit of the property as directed by the owner.

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4 0
1 year ago
Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.45 per pound. 15,700
Andru [333]

Answer:

A) Price       7,080     U

B) Quantity 4,630.5  U

C) Total        11.710,5‬ U

Explanation:

DIRECT MATERIALS VARIANCES

(standard\:cost-actual\:cost) \times actual \: quantity= DM \: price \: variance

std cost  $3.45

actual cost  $3.65

quantity 35,400

difference  $(0.20)

(0.2) \times 35,400 = DM \: price \: variance

price variance  $(7,080.00)

(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance

std quantity 36110.00

actual quantity 35400.00

std cost  $3.45

difference 710.00

(710) \times 3.45 = DM \: quantity \: variance

quantity variance  $2,449.50

Total Variance: 2,449.5 - 7,080 = -4.630,5‬

8 0
4 years ago
Who's better?<br> Chris Brown or Lil Tjay?
TEA [102]

Answer:

Lil Tjay and the song F.N or Mood Swings

Explanation:

8 0
3 years ago
Down payment assistance programs offer grants and affordable loans to help offset the upfront cost of homeownership
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Homebuyer programs provide access to down payment funds to help more families take advantage of these record low-interest rates now. 3. Helps offset FHA premiums and mortgage insurance. Over the years, FHA has been the primary place for many first-time homebuyers to get a low-cost, low down payment loan.
8 0
3 years ago
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