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Oksana_A [137]
3 years ago
6

This year, he received $7,000 revenue from the tenants and incurred $4,900 rental expenses. Mr. Moyer must include $7,000 in gro

ss income and is allowed $4,900 of itemized deductions for the expenses.
A. True
B. False
Business
1 answer:
cricket20 [7]3 years ago
4 0

Answer:

B. False

Explanation:

a) Data and Calculations:

The gross income from rent = $7,000

Rental expenses = $4,900

Net income from rent = $2,100

b) Rental expenses are business expenses.  They are not part of itemized deductions.  They are usually subtracted before arriving at the adjusted gross income (AGI) from which itemized deductions are then made.  Therefore, there is no requirement to itemize the rental expenses.

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Pollachek Co. purchased land as a factory site for $430000. The process of tearing down two old buildings on the site and constr
UkoKoshka [18]

<u>Solution and Explanation:</u>

Land = 430000 + 48000 - 6800 + 2050 + 1400 = $474650

Building = 2100 + 64000 + 700 + 1200000 + 1610000 + 220000 = $3096800

In the land, cost of land has been included and along with amount to raze old building is included. salvage value is subtracted and legal fees is included and insurance on property cost is also included in the calculation of land.

In the calculation of building, land survey fees is included, drawing of factory plans is included, insurance premium fess is included, instalments amounts is included and interest cost is also included.

8 0
3 years ago
Select the guidelines you should follow when creating a business letter
8090 [49]

Answer:

  • Write clearly and concisely  
  • Use a font, size, and style that is suitable
  • Eliminate mistakes.
  • Remain polite even when dealing with a dispute

Explanation:

Business letters are meant to use formal language because they are to serve as official communication between the parties involved. As such, writing should be clear and concise which means it should be straight to the point.

Use a font, size and style that is suitable and will be taken seriously for instance, Times New Roman and Arial are widely used as they project professionalism. There should be no mistakes which means the letter should be proofread and even when dealing with disputes, politeness should be maintained as emotive writing is not to be featured in formal writing.

5 0
4 years ago
Which of the following is most likely to be a primary data source:
love history [14]

Answer:

d. A customer survey

Explanation:

Data collected by researchers for the first time for a specific study is primary data.  A customer survey is a method of collecting primary data. A customer survey gathers information on the research topic directly from respondents.

Primary data like surveys are costly and consume time to collect, unlike secondary data. Other methods of collecting primary data include administering questionnaires, direct or indirect personal interviews, field observations, and experiments.

7 0
3 years ago
This question compares the effects of a tax cut on aggregate demand and aggregate supply. A tax cut of 150 is targeted to busine
salantis [7]

Answer:

Check the following explanation.

Explanation:

Ans a - Aggregate demand will increase by $150.

Ans b - Aggregate supply will increase by $50 in the first year.

Ans c - The aggregate demand impact is bigger.

Ans d - If the tax reduction is permanent then the aggregate demand and aggregate supply will be equal in 3 years.

Ans e - The aggregate demand increases by 120. The aggregate supply increases by 20. The aggregate demand impact is bigger. If the tax reduction is permanent then the aggregate demand and aggregate supply will be equal in 6 years.

6 0
3 years ago
Activity rates are calculated by a.dividing the budgeted activity cost by the total activity-base usage. b.dividing the total ac
Ierofanga [76]

Answer: The correct answer is option (A)

Explanation: Activity rates is calculated by dividing the budgeted activity cost by the total activity-base usage.

Activity Rate = (Budgeted Activity cost) ÷ ( total activity base usage)

6 0
3 years ago
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