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bekas [8.4K]
3 years ago
5

Tom, an art history professor owned and lived in a home in Dubuque, Iowa, for the past four years. He spends a year in Italy aft

er which he decides to sell his home in Dubuque and live in Rome. If Tom is single, he can claim _______.
Business
1 answer:
photoshop1234 [79]3 years ago
4 0

Answer:

If Tom is single, he can claim THE $250,000 CAPITAL GAINS EXEMPTION.

Explanation:

Capital gain taxes are taxes on any profit you make from the sale of something, such as a house. These taxes apply unless you upgraded to a home with a more expensive purchase price.

With the passage of the taxpayer relief act, individuals can exclude up to $250,000 of capital gains from taxation and married couples can exclude up to $500,000.

To qualify for the home sale capital gains tax exemption, one must pass the use test (looking at whether one used/lived in one's home). One must have owned and lived in the residence for at least two out of the last five years before the sale.

Therefore, since Tom is single and has lived in his home for the past four years and wants to sell, he qualifies for the exemption and can claim THE $250,000 CAPITAL GAINS EXEMPTION.

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3 years ago
Unit Test
ad-work [718]

The work value that Ramona feels the strongest is that the work with people

Explanation:

Work values are the values that are employed in a work place and there are many kinds of work values that develop the inter personal relationship between peoples

In the given statement she loves to work with the people in the after school program she loves to interact with the people talk with them and gain some personal experience and she feels them the strongest

4 0
2 years ago
Prepaid expenses require what type of adjusting entry? Question options: Matched Accumulated Accrued Deferral
yanalaym [24]

Answer:

deferral

Explanation:

Adjusting entries are when changes are made to already recorded journal entries.

Categories of adjusting entries :

  1. accrued revenues
  2. accrued expenses
  3. unearned revenues
  4. prepaid expenses
  5. depreciation.

Prepaid expenses are payments made for services yet to be delivered.

For example, paying for a year's worth of subscription on your streaming service

Prepaid expenses is an example of deferred payment, so the adjustment should be a deferral

7 0
3 years ago
Tiger Trade has the following cash transactions for the period.
Valentin [98]

Answer:

1. Ending balance of cash is $31400

Explanation:

<u>1.</u>

Balance of cash at the beginning of the period is $4,300

+Cash received from sale of products to customers $ 36,500  

+Cash received from the bank for long-term loan 41,500

-Cash paid to purchase factory equipment (46,500 )  

-Cash paid to merchandise suppliers (11,300 )  

+Cash received from the sale of an unused warehouse 12,300  

-Cash paid to workers (23,300 )  

-Cash paid for advertisement (3,300 )  

+Cash received for sale of services to customers 26,500  

-Cash paid for dividends to stockholders (5,300 )  

Balance of cash at the beginning of the period is $31,400

<u>2.</u>

Cash Flow Statement

Cash flow from Operating Activities

Cash received from sale of products to customers $ 36,500  

Cash received for sale of services to customers 26,500  

Cash paid to merchandise suppliers (11,300 )

Cash paid to workers (23,300 )

<u>Cash paid for advertisement (3,300 )</u>

Total Cash Inflow / outflow from Operating Activity                               25,100

Cash flow from Investing Activities

Cash paid to purchase factory equipment (46,500 )

Cash received from the sale of an unused warehouse 12,300

<u>Cash paid for dividends to stockholders (5,300 )</u>

Total Cash Inflow / outflow from Investing Activity                             (39,500 )

Cash flow from Financing Activities

<u>Cash received from the bank for long-term loan 41,500</u>

Total Cash Inflow / outflow from Financing Activity                                41,500

Net cash Inflow / Outflow                                                                         27,100

Balance of cash at the beginning of the period is                                   <u>4,300</u>

Balance of cash at the beginning of the period is                                 <u>31,400</u>

8 0
3 years ago
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QveST [7]

Answer:

The principle of quality states that the experiences that engage us in the most critical components of an activity are most likely to increase our capacity to perform that activity. Critical components are the elements of an activity that are most important for performing it at a high level. To be really good at an activity, you must focus on what factor you need most and improve that area.The principle of quantity states that when all other factors are equal, increasing the frequency of our engagement with the critical components of an activity usually  

results in the largest performance improvement in that activity. Generally, the performer whose experiences have engaged her most often in the critical components of an activity usually becomes the most competent in that activity.A physical activity professional asked to create a plan to decrease the time in a marathoner’s performance would begin by conducting a analysis. The critical components in this activity relate to physical performance capacity more than skill.  

Explanation:

4 0
3 years ago
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