Answer:
b.$20,000 ordinary income and $4,000 net long-term capital gain
.
Explanation:
For 2018, each shareholder should report:
180,000/9 = 20,000
36,000/9 = 4,000
b.$20,000 ordinary income and $4,000 net long-term capital gain
Answer:
Debit Cash and Interest Expense; Credit Notes Payable.
Explanation:
This Journal entry would increase Cash, Interest Expense; and Notes Payable. For example, a borrower would receive $9,901 (proceeds) for a $10,000 (face value) note discounted $101 the journal entry would be debit Cash $9,901, debit Interest Expense $101 and credit Notes Payable $10,000.
Answer:
Mr. Jackson will need to bring a check to closing in the amount of $14,470
Explanation:
The computation of the closing amount is shown below:
= Down payment + title insurance + recording fees + tax proportion fee - = earned money deposit
where,
Down payment = Purchase cost × remaining percentage (100% - 80%)
= $90,000 × 20%
= $18,000
The other values remain same
So, the value would equal to
= $18,000 + $250 + $60 + $430 - $4,000
= $14,470
Answer:
B. Inferior good
Explanation:
In this case, total income increased because of the promotion and a 16 percent raise. Because of this, the consumption of frozen hot dogs decreased. If the demand for a good or service decreases due to an increase in income, then this is an inferior good. This kind of goods are the opposite of normal goods, because the demand for those increase when there is an increase in income.
