Answer:
Partnership
Explanation:
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
Answer:
loss = $150 personal use it cannot be offset and not deductible
gain = $300 seller have option to chose capital gain tax or include gain with income paying proper amount tax as per tax bracket
Explanation:
given data
sells scooter = $550
3 year ago purchased scooter = $700
sells a painting = $1,200
five years ago acquired = $900
solution
we know that here sale of scooter is results in loss that is
loss = $700 − $550
loss = $150
and we know loss from sale of property undertaken for personal use is not recognized so for personal use it cannot be offset and not deductible here
and
for painting sale it results in gain that is
gain = $1,200 − $900
gain = $300
and selling painting is acquire more than 1 year
and here sale cost is more than acquire cost
so seller have option to chose capital gain tax or include gain with income paying proper amount tax as per tax bracket
A balance sheet gives an idea as to what the company owns and owes, as well as the amount invested.
So you must know what each amout is.
Answer:
The preliminary cash balance at the end of August before any loan activity is $3,500
Explanation:
For calculating the borrowed amount, first we have to compute the cash available for use and cash payment.
So,
Cash available for use is equals to
= Beginning balance + Cash receipts
= $17,100 + $121,000
= $138,100
And, the cash disbursement is $134,600
So the preliminary cash balance is equals to
= Cash available for use - cash disbursement
= $138,100 - $134,600
= $3,500
Hence, The preliminary cash balance at the end of August before any loan activity is $3,500