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sveticcg [70]
3 years ago
14

Bruno and Diana are trying to calculate their gross income. Which of the following items should they exclude from their gross in

come? 1. $15,000 gift from Diana’s mother for the down payment of their new house. 2. $20,000 borrowed by Bruno and Diana from First City Bank. 3. $12,000 increase in value of Delta stock, which they own in their brokerage account. 4. $53,000 worth of home repair work that was exchanged for tax work by Bruno.
Business
1 answer:
arsen [322]3 years ago
4 0

Answer: $15,000 gift from Diana’s mother for the down payment of their new house

Explanation: under the US code 102- Gifts and other inheritances. Gross income does not include the value of property acquired by gift. Money given as gifts to purchase a property are not taxable.

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Online auction sites that involve business transactions between users of products and services are categorized as consumer-to-consumer (C2C) e-commerce.

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1 year ago
Knowledge Check 01 Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount o
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Answer:

Journal Entry is as follows;

June 15

<em>DR</em> Accounts Payable <u>$1,000</u>

<em>CR</em> Cash <u>$400</u>

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2 years ago
a ___ is an organization that is formed when a person or group of persons uses resources to produce a good or service that meets
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If im right,

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6 0
3 years ago
The Boxwood Company sells blankets for $38.00 each. The following was taken from the inventory records during May. The company h
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Answer:

Gross Profit for May           798

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<u>under FIFO </u>

We need to use units from the beginning of the month first.

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May 20th sale 15 x $16 = 240

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Therefore, It is a true statement that the appearance of a résumé can change drastically after it has been scanned.

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