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taurus [48]
3 years ago
14

During 2020, Sam and Libby, a married couple, decided to sell their residence, which had a basis of $200,000. They had owned and

occupied the residence for 20 years. To make it more attractive to prospective buyers, they had the inside painted in April at a cost of $5,000 and paid for the work immediately. They sold the house in May for $800,000. Broker's commissions and other selling expenses amounted to $50,000. The couple purchased a new residence in July for $400,000. What is the recognized gain and the adjusted basis of the new residence
Business
1 answer:
baherus [9]3 years ago
6 0

Answer:

$50,000:$400,000

Explanation:

Based on the information given we were told that the Broker's commissions and other selling expenses was the amount of $50,000 in which They as well made purchased of a new residence in July for the amount of $400,000 which means that the recognized gain will be $50,000 the amount of Broker's commissions and other selling expenses and the adjusted basis of the new residence will be $400,000 which is the cost of purchasing a new residence.

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On July 1, 2021, an interest payment date, $153000 of Oriole Company bonds were converted into 3070 shares of Oriole Company com
Stolb23 [73]

Answer:

$17,900

Explanation:

= ($153,000-$5,900-(3070*45))*2

= ($153,000 - $5,900 - $138,150)*2

= ($8,950)*2

= $17,900 -  increase in paid-in capital in excess of par

NB - When a company issues bonds, it incurs a long-term liability on which periodic interest payments must be made, usually twice a year.

3 0
4 years ago
7. Which of the following would be the first step in braising meat?
statuscvo [17]

c season the main item

3 0
4 years ago
Read 2 more answers
When acting as a leader of a meeting, how can you best contribute to the progress of the meeting? Question 42 options: a) Insist
Zarrin [17]

Answer:

The correct answer is letter "E": Pay attention to interpersonal dynamics of the group.

Explanation:

Leaders can contribute to the progress of a meeting by keeping an agenda of the activities that should be covered. In such a way, there will be a direction of where the meeting should be led to. Though, for that scenario to arise, <em>leaders must be aware of how the team members interact with each other</em>. If there are attitudes that drag the team according to the path the meeting should follow, leaders must mitigate them and focus only on the behaviors and contributions that help the team to move forward.

5 0
4 years ago
Tony is most nervous about doing a good job delivering the information that he has, so his concerns relate to the
Leviafan [203]

Answer:

A. Message element of the communication model

Explanation:

The communication model basically consists of four factors namely; the sender, the message, the receiver, and the channel. The sender in this context is Tony. Since he is nervous about delivering the information that he has, his concerns relate to the message element in the communication model.

The information is the message Tony wants to pass. So his nervousness is about delivering the message well.

3 0
3 years ago
Journalize the following transactions for Griffin Company. Assume a perpetual inventory system. Also, assume a constant gross pr
joja [24]

Answer:

1) October 1:

1.1

Debit Cost of Goods sold $3,600

Credit Merchandise $3,600

1.2

Debit Cash $6,000

Credit Revenue $6,000

2) October 7

2.1.

Debit Revenue $670

Credit Cash $670

2.2.

Debit Merchandise $402

Credit Cost of Goods sold $402

Explanation:

1. October 1: when sold goods, the company recorded Cost of Goods sold and revenue:

1.1

Debit Cost of Goods sold $3,600

Credit Merchandise $3,600

1.2

Debit Cash $6,000

Credit Revenue $6,000

2. October 7

The percentage of revenue that merchandise returned = $670/$6,000 = 11.17%

Assume a constant gross profit ratio for all items sold.

Cost of returned merchandise = $3,600 x 11.17% = $402

2.1.

Debit Revenue $670

Credit Cash $670

2.2.

Debit Merchandise $402

Credit Cost of Goods sold $402

5 0
3 years ago
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