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frez [133]
2 years ago
11

In 2000, Michael purchased land for $100,000. Over the years, economic conditions deteriorated, and the value of the land declin

ed to $60,000. Michael sells the property in this year, when it is subject to a $30,000 nonrecourse mortgage. The buyer pays Michael $34,000 cash and takes the property subject to the mortgage. Michael incurs $5,000 in real estate commissions. Michael's gain or loss on the sale is:_______
a. $4,000 gain.
b. $1,000 loss.
c. $36,000 loss.
d. $41,000 loss.
Business
1 answer:
PIT_PIT [208]2 years ago
3 0

Answer:

D) $41,000 loss.

Explanation:

You might be interested in
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income fo
kodGreya [7K]

Answer:

Cash flows from operating activities for 2016

Particulars                                                                                Amount

Net income                                                                            $1,269,000

<em>Adjustments</em>

Depreciation expense                                                          $159,000

Increase in accounts receivable                   -$152,000  

Decrease in inventories                                  $108,000

Decrease in prepaid expenses                      $62,000

Decrease in salaries payable                        -$30,000  

Increase in income taxes payable                  <u>$44,000   </u>    <u>$32,000</u>

Net cash inflow from operations                                        <u>$1,460,000</u>

7 0
3 years ago
Your text indicated that several groups were protected by federal equal opportunity legislation. In these examples, indicate whe
ehidna [41]

Answer:

a. A recently retired military veteran was not offered a job for which she was qualified.  Yes ( Veterans)

b. A Mormon says his religion forbids him to work on certain days.  Yes ( Religion)

c. A person who is hearing impaired claims she is disabled.  Yes (Disability)

d. A homosexual applicant wasn’t hired because of his sexual orientation. Yes (Sex: Sexual orientation)

e. A male wasn’t hired for a sales position in a retail store specializing in women’s shoes.  Yes (Sex)

f. A 24-year old woman wasn’t hired for a managerial position because she was too young.  No ( Age considerations begins from 40)

g. A Norwegian applicant claimed he wasn’t hired because a Chinese restaurant hired only Asians.  Yes (national origin)

h. A light-skinned African American would not hire a dark-skinned African American.  Yes (genetic discrimination)

i. A store wouldn’t hire anyone with a college degree because it thought they were snobs. No

j. A fast-food chain refused to hire any males with long hair. No

Explanation:

The federally protected class are a group of people whom the law in the United States protects from discrimination especially in the employment setting. They are grouped under race, religion, sex, pregnancy, familial, national origin, genetic discrimination, veterans, and disability. Options f, i, and j do not fall under these classes.

f. The age discrimination in Employment Act applies for people from the age of 40.

i. College degree is not a consideration among the federally protected class.

j. Gender or sex is not the issue here but a feature of the gender.

4 0
3 years ago
You’ve been working for a non-profit social services organization for the last year and you couldn’t be happier. The impact you’
mina [271]

Answer:

The question is incomplete, here is the full question:

You’ve been working for a non-profit social services organization for the last year and you couldn’t be happier. The impact you’re having on the organization’s clients is truly inspirational and you love the workplace culture. Although you went to business school and bring a wealth of operational knowledge and skills to organization, attracting employees with your background has been difficult. The HR administrator has asked you to head-up business school recruiting for the next year to fill some key positions with folks just like you. In developing your recruiting pitch, which of the following represents the next critical step in making your communication effective?

Select: 1

a) Ensuring that the materials do not oversell the organization.

b) Practicing the pitch to ensure a natural delivery.

c) Developing the core ideas that will communicate the benefits of working in the organization.

d) Making sure the materials have a consistent look and feel.

<u>The correct answer is c).</u>

Explanation:

The question is referring to some basic pillars of effective communication and the emphasis is to choose the critical element for a pitch.

Since the main problem lies in the peer perception of a non-profit organization workplace, the critical element for a successful pitch is related to the <em>benefits </em>one would get by working in the organization. That is the only way to get peers involved in the organization, given that they probably think a business school background is not appropriate for a on-profit social services organization.

Although answers <em>b)</em> and <em>d)</em> represent good practice regarding pitches in general, they are not critical for effective communication in this case.

3 0
3 years ago
Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both ha
nadya68 [22]

Answer:

The proceeds from the simple discount note is $16380 , while that of simple interest is $19500

Explanation:

Simple discount notes could likened to a bank loan where interest on the loan is taken from the borrowed funds before disbursement to the loan's beneficiary,hence proceeds from such notes is face value of the notes less interest taken in advance.

While on the other hand,the proceeds from simple interest note is par or face value.

The discount or interest  is =8%*$19500=$1560 for one year,but $3120  for two years($1560*2)

The proceeds on the simple discount note =$19500-$3120

                                                                         =$16380

The proceeds on the simple interest note is face value of $19500

3 0
3 years ago
Concord Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the fi
babunello [35]

Answer:

FEB 1

Dr Cash $2,782,500

Cr Preferred stock $2,625,000

Cr APIC $157,500

JUL 1

Dr Cash $3,710,000

Cr Preferred stock $3,500,000

Cr APIC $210,000

Explanation:

Preparation of the journal entries

FEB 1

Dr Cash $2,782,500

(52,500 shares* $53 per shares)

Cr Preferred stock $2,625,000

(52,500 shares*$50per shares)

Cr APIC $157,500

($2,782,500-$2,625,000)

JUL 1

Dr Cash $3,710,000

(70,000 shares* $53 per shares)

Cr Preferred stock $3,500,000

(70,000 shares*$50per shares)

Cr APIC $210,000

($3,710,000-$3,500,000)

6 0
3 years ago
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