Answer:
$88,000
Explanation:
Jill's original house value = $175,000 house cost + $7,000 closing costs + $75,000 improvements = $257,000
Jill's revenue from house sale = $375,000 selling price - $30,000 sale cost
= $345,000
Jill's capital gain = $345,000 sales revenue - $257,000 house original value
= $88,000
Answer:
$1, 263. 75
Explanation:
If annual income is $8,425 and the tax rate is 15%,
Annual Tax would be 15% of $8,425
=15/100 x $ 8425
=0.15 x 8, 425
=$1, 263.75
Answer:
The answer to the following question is: (-9.34)
Explanation:
Given that:
p = -0.07 x^2 - 0.7x + 6
The price elasticity of demand = ( change in quality / change in price)
= (dp / dx) (x/p)
= d / dx (-0.07 x^2 - 0.7x + 6) x / p
= (-0.14x - 0.7) x/ (-0.07 x^2 - 0.7x + 6)
elasticity = (-0.14x^2 - 0.7x) / (-0.07 x^2 - 0.7x + 6)
at x=5;
elasticity = (-0.14(5)^2 - 0.7(5)) / (-0.07 (5)^2 - 0.7(5) + 6)
= (-3.5 - 3.5) / (-1.75 - 3.5 + 6)
= -7/ 0.75 = -9.333
= -9.34
Answer:
The gain is subtracted from net income in the operating activities section
Explanation:
Given that
Sale value of an equipment = $230,000
And, the gain on the sale = $45,000
So by considering the above information
We can say that the Sale value of an equipment is shown in the investing activities as a cash inflow while the gain on the sale is to be subtracted from the net income in the operating activities and if there is a loss than it would be added to the net income
Answer:
Answer for the question:
On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $54 million. Ameen uses straight-line depreciation for financial statement reporting and deducted 100% of the equipment’s cost for income tax reporting in 2018. At December 31, 2020, the book value of the equipment was $48 million. At December 31, 2021, the book value of the equipment was $40 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $68 million. Required: 1. Prepare the appropriate journal entry to record Ameen’s 2021 income taxes. Assume an income tax rate of 25%. 2. What is Ameen’s 2021 net income?
Is given in the attachment.
Explanation:
